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You are here: Home / CD Rates / USAA Bank CD Rates – Now up to 3.71% APY!

USAA Bank CD Rates – Now up to 3.71% APY!

editorial staff
January 11, 2023

The USAA (United Services Automobile Association) got its start back in 1922 as a mechanism for self-insurance by and for military officers.

Oddly enough the perception of military officers during this time was that they were a “high risk” group and were thus unable to secure auto insurance.

The USAA was initially created to solve this unique problem, but over time they outgrew their original mission.

They have evolved into a diverse set of companies all in the financial services sector with a range of products that includes property, casualty and life insurance, banking, investing and financial planning. They service over 12.4 million members and just shy of $130 billion in assets under management (AUM).

In our review below we will be focusing on the certificate of deposit rates offered by the banking division of USAA.

In this post you'll learn:

  • USAA Bank CD Rates + Account Details
  • CD Rates
  • Variable Rate CDs
  • Adjustable Rate CDs
  • Minimum Deposit Requirements
  • Early Withdrawal Fees
  • How to Open a USAA CD Account
  • Final Thoughts

USAA Bank CD Rates + Account Details

image credit: usaa.com

USAA Bank CDs are federally insured by the FDIC up to $250,000 per depositor or $500,000 on joint accounts.

USAA offers 3 types of CDs (certificates of deposit). These are:

  1. Fixed rate CDs with terms ranging from 30 days to 7 years.
  2. Variable Rate CDs with terms of 182 days or 1 year.
  3. Adjustable Rate CDs with terms from 3 to 7 years.

All USAA Bank CDs require a minimum deposit of $1,000 to open them. They offer Jumbo CDs with deposits of $95,000 or more and Super Jumbo CDs with deposits of $175,000 or more. All of their CDs currently come with the same APY (annual percentage yield) per the time of this writing.

CD Rates

TermStandard APYJumbo APY
30 daysna0.01%
91 days0.01%0.01%
120 daysna0.01%
150 daysna0.01%
182 days0.01%0.01%
7 months0.01%0.01%
270 days3.56%3.56%
1 year0.03%0.03%
15 months1.41%1.41%
18 months3.61%3.61%
2 years3.66%3.66%
30 months2.02%2.02%
3 years3.71%3.71%
4 years2.02%2.02%
5 years2.02%2.02%
7 years2.02%2.02%
APY = Annual Percentage Yield

To put these offers in perspective, the current national average for a 12 month CD and a 60 month CD sit at 1.07% APY and 1.09% APY, respectively, according to FDIC data.

That said, some online banks and credit unions with nationwide acceptance are starting to offer yields above 4.50% and 4.75% APY for the same respective terms.

Variable Rate CDs

USAA’s variable rate CDs are not competitive at this time. As their name indicates, these rates are variable and can change at any time even after opening and funding them.

TermAPY
1 year0.01%
182 days0.01%
APY = Annual Percentage Yield

Adjustable Rate CDs

USAA’s adjustable rate CDs are also not competitive at this time. They give you the option to request a rate change one time during the term to whatever the newly listed rate is by USAA at that time.

TermAPY
3 years0.01%
4 years0.01%
5 years0.01%
7 years0.01%
APY = Annual Percentage Yield

Minimum Deposit Requirements

CD typeMinimum Deposit Required
Standard$1,000
Jumbo$95,000
Super Jumbo$175,000

Interest on USAA Bank CDs is compounded daily and credited monthly either back into the CD (for further compounding) or into another connected account. This is a nice feature for those using interest payments as income.

If you need any or all of your funds prior to your CD maturing you will have to pay an early withdrawal fee.

Early Withdrawal Fees

CD TermFee
30 days or less30 days’ interest
30 to 364 days90 days’ interest
365 days to 5 years180 days’ interest
5 years +365 days’ interest

How to Open a USAA CD Account

You can open a CD account with USAA in one of the following 3 ways:

  1. Online, through their website. This is the quickest way. Steps outlined below.
  2. By downloading their app for either IOS or Android.
  3. Stopping by one of their local branches. Locate them here.

If you choose to open the CD online. Here are the steps to open and fund your account:

Open a USAA CD online in minutes! Be sure to have your personal ID and current bank information handy.
  1. Navigate to the USAA CD landing page here. Click “Open a CD.”
  2. From here you’ll have an option on the left to login if you’re already a member. On the right, you can click the green “Join Online” button to become a member.
  3. Fill out the required personal information. They may ask about employment and citizenship information. Have your drivers’ license or state issued ID handy.
  4. Follow the next prompts to fund your account. For this you’ll need the bank account number you’re funding the CD with as well as the routing number for the bank.

Final Thoughts

While we appreciate the range of terms and products within USAA Bank’s certificate of deposit suite, better yields can be found through online banks and nationally available credit unions for the vast majority of USAA’s term CDs.

That said, as of January 2023, USAA is finally starting to offer a handful of competitive CDs – namely their 270 day (9 month CD).

ABOUT THE AUTHOR

editorial staff: A group of savers, investors, side-hustlers and entrepreneurs serve the editorial team with a combined 20 years experience in entrepreneurship, banking and blogging.
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Filed Under: CD Rates

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