USAA Bank CD rates May 2024
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“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.
BLUEPRINT
Updated 2:16 a.m. UTC May 2, 2024
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USAA Federal Savings Bank, open to members of the military and their family, offers more than a dozen fixed-rate certificates of deposit (CDs), with a manageable minimum opening deposit of $1,000 on its standard CDs. The most competitive CDs offered by USAA have terms that range between six and 18 months — whereas its short-term CDs deliver near-zero rates and its longer-term choices are merely pedestrian.
Account details and annual percentage yields (APYs) are accurate as of April 10, 2024.
About USAA Bank CDs
USAA Bank has CDs with terms as short as 30 days and as long as seven years, and has three CD account types to choose from: Fixed-rate CDs, adjustable-rate CDs and variable-rate CDs.
- A Fixed-rate CD will earn the same interest rate throughout the CD’s term.
- An adjustable-rate CD allows you to make a one-time adjustment if rates rise during the term, up to a 2% increase over the original rate.
- A variable-rate CD may change rates at any time based on the bank’s discretion.
However, only the fixed-rate CDs offer competitive yields that make sense for your savings portfolio. For instance, the APY on a three-year adjustable-rate CD is just 0.01%.
Additionally, USAA offers three different types of CDs based on the minimum balance requirement: Standard CDs, jumbo CDs and super jumbo CDs. For the most part, each of these CDs offer the exact same APY, meaning you’re not missing much if you don’t have enough cash to qualify for a jumbo or super jumbo CD.
The one difference is that those with at least a $95,000 minimum deposit can opt for a one month, four month and five month CD. However, you’d only receive a 0.05% APY for your trouble.
Therefore, most people’s best bet is going with a standard, fixed-rate CD that matches their savings timeline.
How much can you earn on a USAA CD
Here’s what you can earn on each standard, fixed-rate CD term with a $10,000 deposit.
| TERM | APY | TOTAL EARNINGS |
|---|---|---|
91 days
| 0.05%
| $1.25
|
182 days
| 4.90%
| $259.29
|
7 months
| 0.05%
| $2.92
|
9 months
| 4.75%
| $364.98
|
12 months
| 4.65%
| $480.14
|
15 months
| 4.55%
| $590.49
|
18 months
| 4.45%
| $698.26
|
24 months
| 4.25%
| $900.19
|
30 months
| 2.75%
| $700.95
|
36 months
| 2.75%
| $846.93
|
48 months
| 2.50%
| $1,038.42
|
60 months
| 2.50%
| $1,314.45
|
84 months
| 2.02%
| $1,502.69
|
How to get a USAA Bank CD
You have to be a USAA member to open a CD account at USAA. Membership is open to active, retired or honorably discharged military members and their spouses. Children of members are eligible if their qualifying parent has a policy.
Once you’re a member of USAA, you can open a CD online or by using the USAA mobile app. You’ll first choose if you want to add anyone’s name to the CD. You’ll then verify the information that USAA has on file and answer some required security questions.
You’ll then select which type of CD you want to open and what you want to happen with the monthly interest. You can have it added to the CD balance or deposit it into your checking account.
Lastly, you’ll verify the information is all correct, sign the agreement and submit the request to USAA.
How USAA Bank CD rates compare
USAA’s rates on CDs don’t necessarily compare favorably to those offered by other banks or credit unions. But if you’re weighing these factors with accessibility and the benefits of other services, such as insurance — you may opt for USAA, anyway.
Current USAA Bank CD rates vary widely, from 0.01% to 5.25% APY. Rates vary based on the type of CD, balance and term.
| TERM | USAA BANK FIXED RATE CD RATES | NAVY FEDERAL CREDIT UNION STANDARD CERTIFICATE RATES | PENTAGON FEDERAL CREDIT UNION MONEY MARKET CERTIFICATE RATES | CHASE BANK CD RELATIONSHIP RATES |
|---|---|---|---|---|
6 months
| 4.90% APY (182 days)
| N/A
| 3.00% APY*
| 3.00% APY on all balances
|
12 months
| 4.65% APY
| 4.80% APY on balances below $100K; 4.85% APY on balances of $100K or greater
| 4.00% APY
| 2.00% APY on all balances
|
24 months
| 4.25% APY
| 4.20% APY on balances below $100K; 4.25% APY on balances of $100K or greater
| 4.00% APY
| 2.50% APY on all balances
|
*Earns dividends on a simple interest basis.
When it comes to finding the best CD rates, it’s smart to compare bank CDs and credit union share certificates from a variety of financial institutions. For instance, if you’re looking for a specific type of CD — like a no-penalty CD or a 10-year CD, neither of which USAA offers — compare rates from various banks that do offer them.
Other products USAA Bank offers
USAA Bank offers one checking account, USAA Classic Checking, that has a $25 minimum deposit and no monthly maintenance fees. It earns interest on balances of $1,000 or more, but it’s not much — a modest 0.01% APY.
USAA Bank offers three savings accounts: USAA Savings, USAA Performance First® and USAA Youth Savings. USAA Performance First requires a minimum deposit of $10,000 to open the account but offers higher rates — up to a 1.60% APY if you have $500,000 or more in the account. Balances less than $10,000 earn a 0.05% APY.
The other two accounts require $25 to open and only offer a 0.01% APY on all balances.
Better high-yield savings accounts exist elsewhere, however, where you can earn upwards of a 5.00% APY.
Additionally, USAA offers a wide suite of banking products (from credit cards to personal loans), insurance options (from vehicle coverage to umbrella policies) and investments (from IRAs to 529s).
USAA Bank review
USAA Bank was founded in 1922 when a group of Army officers decided to insure each other’s vehicles. At that time, insurance companies considered military members high risk and would not insure them. Over the years it grew into a full-service bank for all members of the military, with more than 37,000 employees and 13 million members.
Frequently asked questions (FAQs)
USAA membership is available to those who fall into one of the following categories:
- Active Duty military.
- National Guard and Reservists.
- Veterans who have honorably served.
- Contracted ROTC Cadets and Midshipmen.
- Officer and Warrant Officer Candidates.
- Military spouses.
- Children of USAA members.
- Service Academy appointees.
Yes, USAA Bank’s CDs are FDIC-insured. USAA’s CDs are federally insured for up to $250,000 per depositor per ownership category.
Yes, you can have more than one USAA CD. In fact, there are certain strategies, like CD laddering, that involve opening several CDs at once. With a CD ladder, you make deposits into several CDs with staggered maturity dates. This gives you frequent access to maturing funds and allows you to either reinvest the cash or withdraw it. If you open any number of CDs — using a CD calculator can help you plan your savings strategy.
As of April 10, 2024, USAA Bank’s highest CD rate is a 4.90% APY on its six-month fixed-rate CD. Keep in mind that CD rates can change at any time.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
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