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USAA CD Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Variety of Terms: 5.0 Star Icon
  • Opening Required Amount: 5.0 Star Icon
1.74%APY
1 Year CD

Pros:

  • Good variety of CD terms
  • Low opening required amounts
  • Competitive interest rates on CDs
  • Can open accounts online

Cons:

  • Jumbo CDs have high opening amount
  • Link another account to CDs
  • Membership required to open accounts
  • Does not offer interest rate guarantee

What You Need to Know

USAA provides a good variety of CD terms. The terms range from three-months to seven-years. They offer fixed-rate CDs, jumbo and super jumbo CDs, and variable-rate CD terms. Each of these types of CDs offers different term lengths.

The standard fixed-rate CDs have low opening required amounts. Each of those CD terms requires $1,000 to open and earn interest. The standard CD terms range from 91-days to seven years. The variable-rate CDs only require $250 to open.

The USAA standard fixed-rate CDs offer competitive interest rates. The rates are competitive with other online CDs. They are much higher than the typical bank rates. These CD interest rates are not tiered. Any amount above the required opening amount earns competitive rates.

Everything for your USAA accounts can be done online. You can apply to become a member online. Once you are approved, you can open their CDs and other accounts online. They also offer a mobile app.

The jumbo and super jumbo CDs with USAA have high opening required amounts. The jumbo CDs require $95,000 to open. Super jumbo CDs require $175,000 to open. Standard CDs require $1,000 to open.

To transfer money electronically into your USAA CD, you must link another account. This linked account can be an external account or another account with USAA. Once the account is verified, you can transfer money electronically.

To open accounts with USAA, you must first become a member of the bank. Those who are eligible to join include active military and former military members. Eligible family members of those serving, cadets, and midshipmen are also able to join.

USAA CDs offer competitive rates, but not an interest rate guarantee. If the interest rates increase shortly after you open your CD, your USAA rates will not increase. Each of the CD terms offers competitive rates.

Cool Things

Financial Advice

The USAA website offers financial advice. The topics include finances after marriage, buying a car, and retirement. You can read articles about purchasing a home. There are topics covering disasters and how to navigate the financial side of divorce. Financial calculators are also available on the USAA website.

History

USAA started in 1922 in San Antonio, Texas. Army officers met together to insure each other’s vehicles. In 1952, they opened their first location outside of San Antonio, in Germany. By 1969 they had 1 million members.

In 1983 the USAA Federal Savings Bank opened. By 1991, electronic funds transfers were available to members. Members could now pay their USAA insurance premiums through EFT. In 2006 the bank offered ATM fee reimbursements to members. This year they were also the first company to allow check deposits from home. In 2009 they launched the USAA mobile app. By 2017, USAA had over 12 million members. Their net worth is over $31 billion and they employ over 32,000 people.

Awards and Recognition

  • ”Most Reputable U.S. Bank” by American Banker Magazine in 2018 and 2019
  • ”Best Companies to Work For” by FORTUNE 100 from 2010-2018
  • Ranked 100 on 2018 list of banks with more than $155 billion in assets and net income over $2.4 billion by FORTUNE

Giving Back

USAA commits to helping the environment. In 2017 they recycled 8 million pounds. They used green containers to keep 6 million Styrofoam containers out of landfills. They sent over 8 billion electronic pages, saving over 650,000 trees. These are just a few ways they help the environment.

Frequently Asked Questions

Is USAA FDIC insured?

Yes. USAA is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How many different terms does USAA offer?

They offer 13 standard fixed-rate CDs. Jumbo and super jumbo CDs also include a 30, 120, and 150-day terms. The variable-rate CDs only provide a one-year and a 182-day CD.

What is the required amount to open a CD with USAA?

The variable-rate CDs require $250 to open. Standard fixed-rate CDs require $1,000. The jumbo CDs require $95,000 and super jumbo CDs require $175,000 to open.

How do I deposit money into USAA CDs?

Through electronic transfers, mailing in a check, or by visiting a branch location. You can upload checks through the mobile app.

How do I access my money?

Through electronic transfers or by visiting a local branch location. To avoid a fee, do not access your money before the CD reaches maturity.

Do I have to open other USAA accounts before I can open a CD?

You do not have to open specific accounts, but you must first become a member of USAA.

Do USAA CDs offer competitive interest rates?

Yes. Each of the CD terms offered through USAA offer competitive interest rates. The rates are competitive with other online CDs.

Can I choose how to receive my interest payments from USAA CDs?

Contact customer service to learn more about receiving interest payments.

What percentage am I charged if I withdraw money before the maturity date?

USAA early withdrawal fees range from 30 to 365-days of interest, depending on the term length.

How do I make changes during the grace period?

Contact customer service to learn how to make changes to your CDs effectively.

How will I know my USAA CD is nearing maturity?

Contact customer service.

How long is the grace period between renewal?

The grace period is ten days immediately after the CD matures.

Are USAA CD rates guaranteed for the entire term?

USAA offers fixed-rate CDs. These rates are guaranteed for the life of the term. They also offer variable-rate CDs. These rates change during the CD term.

Does USAA offer mobile banking?

Yes. USAA offers online banking and a mobile app. You can see account balances, account history, or deposit a check through mobile upload.

Is USAA a good bank?

USAA offers a good variety of CD terms. The standard fixed-rate CDs have low opening required amounts. The interest rates for the CD terms are competitive. You can open these accounts online. To open a USAA account, you must first become a member. Membership is available to military members and their families.

Is USAA secure online?

They offer onsite security along with virus and intrusion detection software. Employees keep customers information secure. Their security measures comply with federal law.

What is the shortest USAA CD term offered?

The shortest standard fixed-rate CD with USAA is a 91-day CD. The shortest variable-rate is a 30-day CD.

What is the longest USAA CD term offered?

The longest CD available is a seven-year CD term.

Does USAA offer accounts other than CDs?

Yes. They offer checking, savings, and money market accounts. They offer insurance, investment, and retirement opportunities. Members receive discounts through select businesses.

Can I use USAA CDs for my business accounts?

USAA offers personal accounts for those who serve our country and their families.

How do I reach customer service?

Through phone, email, mail, or by visiting a local branch location. USAA online offers a virtual agent through online chat. You can follow USAA on Facebook, Instagram, Twitter, or YouTube.

Bank Contact Information

USAA Federal Savings Bank
10750 McDermott Freeway
San Antonio, TX 78288
210-531-8722

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