Does USAA Offer a Gold IRA? What Members Have Instead

USAA does not offer a gold IRA. The company exited investment management and brokerage services in 2019, transferring those accounts to Charles Schwab and Victory Capital Management. Neither USAA nor Schwab provides self-directed IRAs that hold physical gold or silver. Members of the military community who want physical precious metals in a retirement account open a separate self-directed IRA with a specialized custodian, keeping their USAA banking and insurance products entirely intact.

What USAA Offers Today

USAA (United Services Automobile Association) is a financial services company founded in 1922 that restricts membership to active duty military members, veterans, and their immediate families. The company built its reputation on serving a community that relocates frequently, faces deployment cycles, and often has difficulty accessing the same financial infrastructure as civilian populations.

As of 2026, USAA’s core product lines are:

• Banking: Checking accounts, savings accounts, certificates of deposit, and personal loans through USAA Federal Savings Bank, which is regulated by the Office of the Comptroller of the Currency and insured by the FDIC.
• Insurance: Auto, homeowners, renters, life, and health coverage. Insurance remains the foundational business and is where USAA has the deepest expertise and competitive differentiation for military families.
• Credit cards: Several card products with benefits oriented toward military households, including SCRA (Servicemembers Civil Relief Act) rate protections.
• Loans: VA home loans and auto loans are among the most used products for eligible members.

Investment management and brokerage services are no longer part of USAA’s direct offerings. Readers should verify the current product lineup at usaa.com, as the company’s portfolio has continued to evolve.

Where USAA Investment Accounts Went

In November 2019, USAA announced two transactions that fundamentally changed its investment services. Victory Capital Management acquired USAA’s mutual fund and ETF business. Charles Schwab acquired USAA’s brokerage accounts, managed portfolio accounts, and related advisory services. The Schwab transfer completed in 2020.

If you held a USAA brokerage account, traditional IRA, Roth IRA, or managed portfolio through USAA at that time, those assets migrated to Charles Schwab. Schwab is now the custodian of record for those accounts. Members who had USAA mutual funds through Victory Capital hold those fund shares directly with Victory Capital.

One clarification worth making: USAA banking products (checking, savings, certificates of deposit, loans) and all USAA insurance policies were not part of these transfers. If you bank with USAA, your accounts remain at USAA Federal Savings Bank. Only investment accounts moved.

What Charles Schwab Provides and Does Not

Charles Schwab is one of the largest brokerage firms in the United States. Following its acquisition of USAA’s brokerage business and TD Ameritrade, Schwab holds trillions in client assets. For former USAA members, Schwab provides a full-featured standard brokerage experience.

Schwab IRAs support:

• Individual stocks and bonds
• Exchange-traded funds (ETFs), including sector and commodity-tracking funds
• Mutual funds from thousands of providers
• Treasury securities and certificates of deposit
• Options trading in eligible accounts

Schwab does offer gold-related ETFs, including SPDR Gold Shares (GLD) and iShares Gold Trust (IAU). Both funds hold physical gold in trust and track the spot price. They are tradable within a standard Schwab IRA at any time during market hours. However, these are securities, not physical metal in your name.

What Schwab does not offer: self-directed IRAs (SDIRAs) for physical assets. An SDIRA is a specialized account type that allows an IRA to hold alternative assets such as physical precious metals, real estate, private equity, or tax liens. Standard brokerage firms including Schwab are not custodians for these account types. SDIRAs require a custodian that is specifically authorized by the IRS to hold physical assets in trust.

What an IRS-Approved Gold IRA Actually Requires

The phrase “gold IRA” is commonly used but often misunderstood. Legally, there is no special IRS account type called a “gold IRA.” What people mean is a self-directed traditional or Roth IRA that holds IRS-eligible physical precious metals as its assets. The governing rules are in IRS Publication 590-A (contributions) and Publication 590-B (distributions), and the asset eligibility rules are in IRC Section 408(m).

Under IRC Section 408(m), an IRA generally cannot hold collectibles. Precious metals fall into this prohibition unless they meet specific exceptions:

• Gold bullion: Must be .995 fine or better. Common qualifying products include gold bars from LBMA-approved refiners meeting this standard.
• American Gold Eagle coins: Specifically exempt by statute despite their .9167 fineness, because they are U.S. legal tender coins under the eligible coin provision of IRC Section 408(m)(3)(A).
• American Gold Buffalo coins: .9999 fine, eligible as bullion under the fineness standard.
• Other eligible coins: Certain proof and bullion coins issued by government mints. Verify eligibility with your custodian before purchasing any specific product.

Beyond asset type, three structural requirements apply to every precious metals IRA:

First, the account must be custodied by an IRS-approved trustee or custodian, specifically one that is authorized to hold physical alternative assets. Schwab and similar brokers are not in this category.

Second, physical metals must be stored at an IRS-approved depository, not at home, in a personal safe, or in a bank safe deposit box rented in your name. IRS Revenue Ruling 2023-02 confirmed that home storage constitutes a prohibited transaction under IRC Section 4975, triggering immediate distribution of the full account value. This is a firm rule with no exception regardless of what any promoter claims.

Third, the account owner cannot take physical possession of the metals during the IRA period without it being treated as a taxable distribution. Required Minimum Distributions can be taken as cash or as an in-kind distribution of metal, but the RMD mechanics involve working closely with your custodian to arrange the logistics correctly. Consult your tax advisor for your specific situation before taking any distribution from a precious metals IRA.

How USAA Members Open a Separate Gold IRA

Opening a physical gold IRA is a parallel process to your USAA relationship, not a replacement of it. Here is how the process works for most members:

• 1
  Choose an SDIRA custodian that handles precious metals.

  Specialized custodians are distinct from standard brokers. They hold physical assets on behalf of IRA owners, coordinate storage at approved depositories, and file required IRS reports. Review our gold IRA custodian comparison guide for an overview of what to evaluate. Key factors include fee structure, minimum account size, storage options, and IRS track record. Ask any custodian for their published fee schedule before opening an account.

• 2
  Fund the account through a rollover or contribution.

  Most members fund a new precious metals SDIRA by rolling over assets from an existing traditional IRA (such as your former USAA IRA now held at Schwab), a 401(k) from a prior employer, or other eligible retirement accounts. A direct rollover: funds transfer custodian-to-custodian and the money never passes through your hands. This is the cleanest approach because it avoids the 60-day redeposit deadline that applies to indirect rollovers and eliminates the risk of triggering mandatory withholding on employer plan distributions. For 401(k) distributions taken directly to you, mandatory 20 percent federal withholding applies. Consult your tax advisor before initiating any rollover.

• 3
  Select IRS-eligible metals through the custodian’s dealer network.

  Your custodian or their affiliated precious metals dealer will present eligible products. Common choices include American Gold Eagle coins, American Gold Buffalo coins, and .9999 gold bars from approved refiners. You do not take possession. The custodian places the order, pays the dealer, and the metal ships directly to the storage depository.

• 4
  Metals are stored at an IRS-approved depository.

  The depository issues a storage confirmation showing your specific holdings. Your custodian provides account statements reflecting the current market value of your metal. Annual custodian and storage fees apply (verify the current schedule with your custodian before committing). You can view our step-by-step account opening guide at how to open a gold IRA account for a full walkthrough of what to expect.

• 5
  Your USAA accounts remain completely separate and unchanged.

  The SDIRA is an independent account with a separate custodian. USAA banking, insurance, and credit products are unaffected. Many members hold a Schwab IRA (from the USAA transfer) alongside an SDIRA at a precious metals custodian, keeping both as part of their broader retirement picture. We are not financial advisors. Consult a licensed advisor before making retirement account decisions.

For a deeper explanation of how self-directed IRAs work at the structural level, including the custodian role and the prohibited transaction rules, see our guide to how a self-directed IRA works.

Who This Makes Sense For, and Who Should Consider ETFs

TSP and Active-Duty Considerations

Active duty service members and federal civilian employees participate in the Thrift Savings Plan, which is a defined-contribution retirement plan administered by the Federal Retirement Thrift Investment Board, a US government agency. The TSP is separate from any USAA product. USAA does not administer the TSP and has no role in TSP accounts.

TSP participants cannot roll over their balance into an IRA while still actively contributing in most circumstances. Exceptions include age-based in-service withdrawals (available to participants who have reached age 59 and a half), separation from federal service, and certain hardship provisions. After separating from the military or leaving federal service, participants can roll their TSP balance to an IRA, including a self-directed IRA at a precious metals custodian.

If you are a veteran with TSP funds from prior federal service and are now in the private sector, you likely have more flexibility. Our guide to TSP rollover options for federal employees and veterans walks through the eligibility rules and mechanics in detail.

Separately, for veterans navigating the broader landscape of physical gold options, our guide to gold IRAs for military veterans covers SDIRA options, eligible rollover sources, and specific considerations relevant to the military community.

One thing applies universally: USAA banking and insurance have nothing to do with TSP or SDIRA eligibility. These are parallel but independent financial relationships.

Frequently Asked Questions