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You are here: Home / CD Rates / USAA CD Rates – Up to 0.47% APY

USAA CD Rates – Up to 0.47% APY

editorial staff
December 29, 2020

image credit: usaa.com

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.

USAA CD Rates + Account Details

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

USAA offers sixteen, standard term certificates of deposit with terms ranging from 30 days to 7 years. Some of the term lengths are a bit unusual compared to other banks and credit unions, but USAA has regularly offered promotional CDs with these oddball terms in the past – sometimes with exceptional APYs.

USAA CD Rates

TermStandard APYJumbo APY
30 daysna0.05%
91 days0.05%0.05%
120 daysna0.05%
150 daysna0.05%
182 days0.05%0.05%
7 months0.05%0.05%
270 days0.05%0.05%
1 year0.17%0.17%
15 months0.15%0.15%
18 months0.18%0.18%
2 years0.20%0.20%
30 months0.22%0.22%
3 years0.25%0.25%
4 years0.28%0.28%
5 years0.39%0.39%
7 years0.47%0.47%

To put these offers in perspective, the current national average for a 12 month CD and a 60 month CD sit at 0.22% APY and 0.47% APY, respectively.

Along with their fixed rate deposits, USAA also offers “variable rate CDs” and “adjustable rate CDs.”

Their variable rate CDs consist of two terms – a 182 day term and a 1 year term. They feature the same APY as listed above for those respective terms. The main difference with these CDs is that the rate is variable and can change at any time without notice.

Their adjustable rate CDs are simply their 3 to 7 year CDs. These products allow for you to call in and receive a one-time interest rate hike if/when interest rates rise during the lifespan of your deposit. This one-time adjustment has a maximum increase of 2 percent from its original yield.

As you can see Jumbo CDs and standard CDs both come with the same annual percentage yield currently. They also have “Super Jumbo CDs” that come with an even higher minimum deposit requirement but the same yields as listed above.

Minimum Deposit Requirements

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

Interest on USAA 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’s certificate of deposit suite, better yields can be found through online banks and nationally available credit unions.

Check back often though as USAA is known for offering promotional CDs with higher rates than their standard term products.

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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