USAA Federal Savings Bank CDs review: Standard, Jumbo and more
- 1-year APY
- 4.50%
- 3-year APY
- N/A
- 5-year APY
- 4.00%
Our verdict
USAA offers CDs with decent rates and a variety of terms to choose from — if you’re a service member.
USAA’s rates aren’t the best in the biz, but the bank makes up for that with flexibility. It caters to savers looking for fixed CDs with terms ranging from 30 days to 7 years — longer than most banks.
If you’re a USAA member who wants to stash your cash in one bank, you can earn solid returns with a higher initial deposit. If not, you may find more competitive rates elsewhere.
USAA Federal Savings Bank offers multiple terms for its certificates of deposit (CD), ranging from 30 days to seven years. However, their products and services are only open to military members and their families. If you’re eligible, you can choose between a variety of CDs with APYs much higher than the national averages.
How to become a USAA member
You must meet one of these eligibility requirements to join USAA:
- US military members and veterans
- Pre-commissioned officers
- Spouses of veteran, as well as former spouses and widows of veterans
- Children of USAA members
Overview of USAA CD rates
Interest on USAA CDs accrues daily and is compounded monthly.
USAA CD rates
USAA standard CDs all require a minimum deposit of at least $1,000, with the highest APY offered being 5.00% on the 15-month term.
| CD term | APY | Minimum deposit |
|---|---|---|
| 91 days | 0.05% | $1,000 |
| 182 days | 0.05% | $1,000 |
| 7 months | 0.05% | $1,000 |
| 9 months | 4.5% | $1,000 |
| 1 year | 4.5% | $1,000 |
| 15 months | 5% | $1,000 |
| 18 months | 4% | $1,000 |
| 24 months | 4% | $1,000 |
| 30 months | 4% | $1,000 |
| 48 months | 4% | $1,000 |
| 60 months | 4% | $1,000 |
| 84 months | 2.02% | $1,000 |
Other types of CDs
USAA also offers Jumbo and Super Jumbo CDs, with identical rates to the standard CDs — just significantly higher minimum deposits. You’ll also get to choose between three more terms than the standard CDs: one month, four months and five months.
| CD term | APY | Jumbo minimum deposit | Super Jumbo minimum deposit |
|---|---|---|---|
| 1 month | 0.05% | $95,000 | $175,000 |
| 91 days | 0.05% | $95,000 | $175,000 |
| 4 months | 0.05% | $95,000 | $175,000 |
| 5 months | 0.05% | $95,000 | $175,000 |
| 182 days | 0.05% | $95,000 | $175,000 |
| 7 months | 0.05% | $95,000 | $175,000 |
| 9 months | 4.5% | $95,000 | $175,000 |
| 1 year | 4.5% | $95,000 | $175,000 |
| 15 months | 5% | $95,000 | $175,000 |
| 18 months | 3.05% | $95,000 | $175,000 |
| 24 months | 3% | $95,000 | $175,000 |
| 30 months | 2.75% | $95,000 | $175,000 |
| 48 months | 2.5% | $95,000 | $175,000 |
| 60 months | 2.5% | $95,000 | $175,000 |
| 84 months | 2.02%% | $95,000 | $175,000 |
USAA also offers adjustable rate and variable rate CDs, but the rates are low — they’re all 0.01% for standard, jumbo and super jumbo.
- Variable rate CDs require a low minimum deposit of $250 and rates start at 0.01% APY. There are two term options: one year or 182 days.
- Adjustable rate CDs allow you to adjust the interest rate one time during the term of the CD to the then-current interest rate in effect for the same type and term.
More about USAA’s CDs: Deposits, fees and details
| What it is | Details | How it compares |
|---|---|---|
| Minimum deposit |
| Many CDs have opening deposits between $500 to $2,000. |
| Term range | 1 month to 7 years | USAA has longer terms than average. Most banks offer up to 5 years. |
| Early withdrawal penalties |
| Penalties are in line with other competitors, which is typically months or years of earned interest, depending on the term. |
| Grace period | 10-day grace period | Typical, as grace periods are usually 7 to 10 days. |
Cashout details
USAA notifies you 30 days before your CD’s maturity date. Once your CD matures, you can withdraw the funds within the 10-day grace period. During the grace period, you can change the term, add or reduce funds or withdraw and close your account.
Choose to transfer funds from your closed CD to another USAA deposit account or send it to another external account. If you allow the CD to renew, it will renew into the same term with the rate available on the date of maturity.
How much you can earn with a USAA CD
Use this calculator to determine how much you could earn with a USAA CD.
How USAA’s CDs and rates compare
Overall, the bank’s CD rates are pretty solid. Normally, we see higher rates offered for longer CD terms, and USAA CD rates are a little all over the place. For example, it offers 2.02% APY on its seven-year CD and a 4.5% APY for the one-year term. And if you choose a term between 18 and 60 months, you’ll get 4% APY. The highest CD rate USAA offers is 5% APY for its 15-month term.
The average rate for a 12-month CD is 1.85%, which USAA easily beats with its standard CD rates for terms over nine months.
However, USAA’s adjustable rate and variable rate CDs have the lowest rates — all sitting at 0.01% — regardless of term or deposit requirement. You’re likely better off going with one of USAA’s standard CDs, as they require a lower deposit and offer significantly higher rates.
Compare USAA to competitor rates
Narrow down top CDs by APY and minimum deposits to find the best one for your financial goals. You can also tick the Compare box on up to four products to see their benefits side by side.
Your reviews
Katia Finder
Writer
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