USAA is not in the brokerage or asset-management business anymore — and hasn't been since 2019-2020. USAA sold its mutual funds, ETFs, and 529 college savings plan to Victory Capital, and sold the brokerage and managed-portfolio side of its Investment Management Company to Charles Schwab. If you're a USAA member wondering why your statements now show a Schwab or Victory Capital logo, here is what actually happened and what it means for you today.
What USAA sold, and to whom
| Business line | Went to | What it covers |
|---|---|---|
| Mutual funds, ETFs, 529 plan | Victory Capital | USAA-branded mutual funds and the USAA 529 College Savings Plan were rebranded and are now managed by Victory Capital. |
| Brokerage accounts, managed portfolios | Charles Schwab | Individual brokerage accounts, managed portfolios, and the underlying custody of those assets moved to Schwab. |
The deals closed in 2019 (Victory Capital) and mid-2020 (Schwab), for a combined price of roughly $2.65 billion. As part of the agreement, Schwab became the exclusive provider of brokerage and wealth-management services referred to USAA's 13+ million members going forward.
What this means for USAA members today
If you opened a USAA brokerage or mutual fund account before 2019, your account itself didn't disappear — it moved. Legacy USAA mutual fund and 529 accounts are now serviced under the Victory Capital umbrella; brokerage and managed-portfolio accounts transitioned to Schwab, with USAA branding retained on some Schwab-serviced products for members. If you open a new investment account today, you'll be opening it directly with Schwab or Victory Capital rather than "USAA Investment Management Company," which no longer exists as an operating brokerage.
Is USAA still a bank?
Yes. USAA kept its core banking (checking, savings, CDs), auto and homeowners insurance, and VA home loans — the sale only affected the investment/brokerage side of the business. USAA Federal Savings Bank deposits remain FDIC-insured up to $250,000 per depositor, per ownership category, the same standard limit that applies at any FDIC bank.
USAA vs. other military-focused institutions
If you're evaluating where to bank or invest as a military family, USAA's insurance and banking products still compete directly with credit unions like Navy Federal. See our full Navy Federal vs USAA comparison for eligibility rules, VA loan terms, and where each institution is stronger.