Yes, USAA Bank (also referred to as USAA Federal Savings Bank) is a legitimate financial institution. Bank products provided by USAA Federal Savings Bank, Member FDIC are secure up to $250,000 per depositor, per category. FDIC insurance protects consumers in the event of a bank failure.

Yes. Funds in a USAA FSB savings account are insured up to the limits that the Federal Deposit Insurance Corp. (FDIC) set. That means that the FDIC protects the money against loss in the unlikely event that the bank fails.