Did you know that USAA stands for United Services Automobile Association? It was founded in 1922 by 25 U.S. Army officers who couldn’t get auto insurance and is now one of the largest financial organizations in the United States and they serve the military community.
They also have one of the most convenient and generous new account bonuses if you are eligible.
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Who is Eligible to Join?
USAA is not a credit union but they do have requirement when it comes to new members. You must be active duty, National Guard, reserves, veterans who served honorably, Cadets or Midshipmen.
You can also gain eligibility if you are married to a USAA member as well as be born to a member. If your parents are members, you can become one too.
USAA Classic Checking – $250
USAA is offering a $250 bonus when you open your first USAA Classic Checking account and get a qualifying direct deposit of $100 or more within the first 90 days.
According to the terms and conditions, this deposit is “a single Automated Clearing House, also known as ACH, electronic deposit of $100 or more.” This implies that you could just use an ACH transfer from another bank (initiated by the other bank), it doesn’t have to be payroll or government benefits.
You must not have had a USAA checking account in the last 12 months.
The account has a $25 minimum opening deposit and there are no monthly service fees. They also refund up to $10 in ATM fees per statement cycle, a nice little perk.
(Offer expires 9/3/2025)
USAA Savings – $200
USAA also has a generous savings bonus that does not require a direct deposit. Open a new USAA Performance First Savings account before 9/3/2025 and deposit at least $15,000 of new money within 30 days of account opening and maintain a $15,000 daily ledger balance for 90 additional days from the 30th day after account opening.
Much like other non-direct deposit bonus requirements (typical of savings accounts though), it is a high balance but you get a nice $200 bonus afterwards.
I would not get this offer though as the interest rate on this account is extremely low.
(Offer expires 9/3/2025)
How Does This Bonus Compare?
If you are eligible, this is a great offer. You can get $250 for a single transfer of $100 or more from another bank account, it doesn’t get any better or easier than that.
The savings bonus is not appealing because the interest rate on the account is quite low.
Also, USAA is widely regarded as one of the best financial institutions out there with great products and services. I’ve never used them but as someone who used to work in the defense industry alongside many USAA members, I’ve never heard a negative thing about USAA.
As a comparison, here are some of what we see as bonuses from commercial banks:
U.S. Bank – up to $400
Earn up to $400 when you open a new U.S. Bank Smartly® Checking account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through May 6, 2025. Member FDIC.
Get started with an initial deposit of $25 within 30 days. Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
BMO Checking – $400
BMO is offering a $400 bonus* when you open a BMO Checking account and you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening between 5/5/25 - 9/8/25. It is a very straightforward offer that is available nationwide.
*Conditions apply
Bank of America – $300 Bonus Offer
Bank of America offers a $300 Bonus Offer cash bonus if you open a new account and Set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer. It has a monthly fee that is easy to have waived.
Chase Total Checking® – $300
Chase Bank will give you $300 when you open a Total Checking account and set up and receive direct deposits totaling $500 or more within 90 days. There is a $12 monthly fee that is waivable with a monthly direct deposit of just $500, so no gotchas on this deal!
