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USAA CDs review
Service members can find terms from 30 days to seven years. But higher rates are reserved for longer terms and higher deposits.
finder.com’s rating: 1.5 / 5.0
★★★★★
USAA offers rates from 0.01% to 0.04% for fixed rate CDs. At the end of the term, you have 10 days to cash out — and what comes next is up to you.
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0.03%
1-year APY
0.03%
3-year APY
0.03%
5-year APY
Details
| Star rate | 1.5 |
|---|---|
| 3-month APY | 0.01% |
| 6-month APY | 0.01% |
| 7-month APY | 0.01% |
| 9-month APY | 0.01% |
| 1-year APY | 0.03% |
| 15-month APY | 0.03% |
| 18-month APY | 0.03% |
| 2-year APY | 0.03% |
| 30-month APY | 0.03% |
| 3-year APY | 0.03% |
| 4-year APY | 0.03% |
| 5-year APY | 0.03% |
| 7-year APY | 0.04% |
| Early withdrawal penalty | 30 days interest for terms of 1+ months 90 days interest for terms of 2 to 12 months 180 days interest for terms of 13 to 59 months 180 days interest for terms of 60 + months |
| Minimum deposit to open | $1,000 |
| Interest compounding | Monthly |
Review by
Katia Iervasi
katia.iervasi@finder.comKatia Iervasi is a staff writer who hails from Australia and now calls New York home. Her writing and analysis has been featured on sites like Forbes, Best Company and Financial Advisor around the world. Armed with a BA in Communication and a journalistic eye for detail, she navigates insurance and finance topics for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).
Expert review
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.
How do I open a USAA account?
The quickest way to open a CD is online. These are the steps:
- Go to the provider’s site and follow the steps to apply.
- From the homepage, hover over Products.
- Under Banking, click CDs.
- You’ll be taken to the main CD page. Press Open a CD.
- If you’re a USAA member, Log In with your online ID and password. Otherwise, set up an account by clicking Join Online.
- Fill out your personal, employment and citizenship information.
- Continue following the prompts to fund your account.
Eligibility
CDs are open to USAA members. If you’re not a member yet, you must meet one of these eligibility requirements:
- An active, retired and honorably separated officer or enlisted personnel of the US military
- An officer candidate in a commissioning program: Academy, ROTC, OCS/OTS
- An individual with parents who are USAA members. This includes both biological and stepchildren
- A spouse, widow, widower or not remarried former spouse of a USAA member
To qualify for a CD, you’ll also need to be:
- At least 18 years old
- A US Citizen or Resident Alien with a Social Security number and a passport, permanent resident card or state-issued ID
- Pay the minimum deposit.
Required information
USAA will ask for the following info in the application:
- Date of birth and contact details
- Social Security number
- State-issued ID, passport or permanent resident card
- Banking details to fund your deposit
Funding options
You can fund your CD with a USAA bank account or a non-USAA account that’s set up for funds transfers. When you’re filling out the form, have your account number and routing number handy.
What types of CDs does USAA offer?
USAA has three types of fixed CDs with terms ranging from 30 days to seven years:
| Standard CDs | Earn up to 0.04% APY with a $1,000 minimum deposit |
|---|---|
| Jumbo CDs | Earn up to 0.04% APY with a $95,000 minimum deposit |
| Super Jumbo CDs | Earn up to 0.04% APY with a $175,000 minimum deposit. |
Benefits of a USAA CD
Decent APYs and compound interest are a couple of benefits to USAA’s CD, as well as:
- Flexibility. USAA has a broad range of CDs, with fixed terms ranging from 30 days to seven years. Many banks offer terms up to only five years.
- Different types of CDs. USAA has three types of CDs to suit all types of savers: Standard, Jumbo and Super Jumbo CDs.
- Additional deposits. You can add money to your CD in the 10 days after it matures.
- Low initial deposit for standard CD. You only need $1,000 to open a Standard CD.
What to watch out for
- USAA appeals to a military-minded audience in many ways, but it does have its limitations.
- Exclusive to USAA members. CDs and other banking products are only open to USAA members. To qualify, you need to be an active or former military member or an eligible family member.
- Lower interest rates. Unless you have a long-term CD, you can most likely find better rates elsewhere.
- Early withdrawal penalties. If you want to withdraw your money before the maturity date, you’ll be hit with a penalty fee.
- Short customer support window. There’s no live chat feature and you’re limited to calling for support from Monday to Friday, 6.30 a.m. to 10 p.m. and Saturday, 8 a.m. to 6 p.m. CT. Outside of those hours, you’re limited to email or browsing the FAQs.
If you want a CD with higher interest and shorter terms, you’ll want to keep looking. Check out more of your options with our guide to CDs.
Compare with other CDs
How do I cash in a CD?
When your CD matures, it will automatically renew. You have a 10-day window to withdraw it or invest in a new CD.
How can I get in touch with customer service?
Questions? You can contact customer service by:
- Phone. Call 210-531-8722 or 800-531-8722 from Monday to Friday, 6:30 a.m. to 10 p.m. and Saturday 8 a.m. to 6 p.m. CT.
- Fax. Dial 800-531-5717.
- Email. Log into your account to send a secure message.
- Social. Tweet your questions to @USAA_Help.
- Mail. Address snail mail to:
- USAA Federal Savings Bank
10750 McDermott Freeway
San Antonio, TX 78288
- USAA Federal Savings Bank
- In person. Pop into one of the Finance Centers to get first-hand advice.
Colorado
- 1855 Telstar Drive
Colorado Springs, CO 80920
Opening hours: Monday to Friday, 8:30 a.m. to 5:30 p.m. and Saturday, 9 a.m. to 1 p.m. MT.
New York
- 1204 Stony Lonesome Road
West Point, NY 10996
Opening hours: Monday to Friday, 9 a.m. to 6 p.m. and Saturday, 9 a.m. to 3 p.m. ET. - 529 Main Street
Highland Falls, NY 10928
Opening hours: Monday to Friday, 9 a.m. to 5 p.m. and Saturday, 9 a.m. to 1 p.m. ET.
Maryland
- 125 Prince George Street
Annapolis, MD 21401
Opening hours: Monday to Friday, 9 a.m. to 5 p.m. and Saturday, 9 a.m. to 3 p.m. ET.
Texas
- 10750 McDermott Freeway
San Antonio, TX 78288
Opening hours: Monday to Friday, 8.30 a.m. to 5.30 p.m. and Saturday, 8.30 p.m. to 1 p.m. CT.
What other savings products does USAA offer?
The bank has two savings accounts that are FDIC-insured and have no monthly service fees:
- The USAA Savings Account is ideal for starter savers. You can open an account with $25 and earn 0.01% interest on your total balance.
- The USAA Performance First Savings Account has higher interest rates, and the higher minimum deposit to match. You’ll need $10,000 or more to open an account. Then, you’ll earn 0.01% APY on balances under $49,999, and up to 0.15% on balances of $500,000 or more.