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 is offering a $200 bonus when you open your first USAA Classic Checking account and get a qualifying direct deposit of $100 or more within the first 180 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 12/10/2024)
How Does This Bonus Compare?
If you are eligible, this is a great offer. You can get $200 for a single transfer of $100 or more from another bank account, it doesn’t get any better or easier than that.
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 $450
Earn up to $450 when you open a new U.S. Bank Smartly® Checking account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through December 31, 2024. Member FDIC.
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 – $300
BMO is offering a $300 bonus* when you open a BMO Checking account and have $4,000 in direct deposits within 90 days of opening. 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!
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About Jim Wang
Jim Wang is a forty-something father of four who is a frequent contributor to Forbes and Vanguard’s Blog. He has also been fortunate to have appeared in the New York Times, Baltimore Sun, Entrepreneur, and Marketplace Money.
Jim has a B.S. in Computer Science and Economics from Carnegie Mellon University, an M.S. in Information Technology – Software Engineering from Carnegie Mellon University, as well as a Masters in Business Administration from Johns Hopkins University. His approach to personal finance is that of an engineer, breaking down complex subjects into bite-sized easily understood concepts that you can use in your daily life.
One of his favorite tools (here’s my treasure chest of tools, everything I use) is Empower Personal Dashboard, which enables him to manage his finances in just 15-minutes each month. They also offer financial planning, such as a Retirement Planning Tool that can tell you if you’re on track to retire when you want. It’s free.
Opinions expressed here are the author’s alone, not those of any bank or financial institution. This content has not been reviewed, approved or otherwise endorsed by any of these entities.
