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USAA Bank (Member FDIC) has been offering financial services to military members and their families for over a century. It’s one of the best banks for the military.
The bank offers a variety of CD terms and types, several with impressive interest rates. You’ll need a minimum of USAA Bank CD – Minimum Deposit to open most CDs. Here’s what you should know about USAA CD rates before opening an account.
USAA CD Rates
USAA CDs are available to active-duty military members, veterans, and immediate family members. You can open an account if you’re age 18 or older, or if you’re a minor who opens a joint bank account with an adult. USAA lets you choose from its fixed-rate, adjustable-rate, and variable-rate CDs.
USAA Fixed Rate CD
USAA offers 16 CD terms on fixed-rate CDs, from 30 days to 7 years. However, 4-, 5-, and 1-month terms are only available as Jumbo and Super Jumbo CDs.
USAA CD rates are relatively low for its shortest and longest terms, but it pays strong rates on terms from 9 months to 2 years that are significantly higher than the average CD rates. Note that a USAA Fixed Rate CD – Product Name Only prohibits additional deposits once you’ve opened the account.
CD Term
Standard CD (Minimum Deposit: $1,000)
Jumbo CD (Minimum Deposit: $95,000)
Super Jumbo CD (Minimum Deposit: $175,000)
30 days/1 monthN/A0.05%0.05%91 days0.05%0.05%0.05%120 days/4 monthsN/A0.05%0.05%150 days/5 monthsN/A0.05%0.05%182 days0.05%0.05%0.05%270 days/9 months5.25%5.25%5.25%1 year5.25%5.25%5.25%15 months5.25%5.25%5.25%18 months5.25%5.25%5.25%2 years5.00%5.00%5.00%30 months2.75%2.75%2.75%3 years2.75%2.75%2.75%4 years2.50%2.50%2.50%5 years2.50%2.50%2.50%7 years2.02%2.02%2.02%
USAA Adjustable Rate CD
USAA Adjustable Rate CDs – Product Name Only have 3-, 4-, 5-, and 7-year terms that pay USAA Adjustable Rate CDs – APY APY.
These CDs offer the stability of fixed interest rates with a one-time adjustment of up to 2% more than your original rate. USAA permits one additional deposit when you adjust your rate. The minimum deposit for this account is USAA Adjustable Rate CDs – Minimum Deposit.
USAA Variable Rate CD
USAA Variable Rate CDs – Product Name Only let you choose between 182-day or 1-year terms, earning USAA Variable Rate CDs – APY APY.
Rates can change at the bank’s discretion, and you’re allowed to make additional deposits at any time. Variable-rate accounts require a minimum deposit of USAA Variable Rate CDs – Minimum Deposit.
USAA CD Rates Pros and Cons
ProsCons
Wide array of terms available
High interest rates on some terms
Standard early withdrawal penalties
Initial deposit of USAA Fixed Rate CD – Minimum Deposit required for most CDsAdjustable and Variable CDs pay low ratesOnly available to military affiliates
USAA CD Rates FAQs
Are USAA CDs legit?
Yes. USAA CDs are insured by the FDIC, meaning your deposits are protected for up to $250,000 per depositor, per category if USAA shuts down.
Is USAA good for CDs?
USAA CDs are worthwhile options for active military members, veterans, and their families. The bank offers a variety of terms, and rates are particularly high on terms ranging from 9 months to 2 years. Keep in mind that you must deposit a minimum of USAA Fixed Rate CD – Minimum Deposit to open most USAA CDs.
What are the current CD rates at USAA?
A USAA Fixed Rate CD – Product Name Only pays USAA Fixed Rate CD – APY APY. USAA Adjustable Rate CDs – Product Name Only and USAA Variable Rate CDs – Product Name Only pay just USAA Adjustable Rate CDs – APY APY.
Does USAA bank sell CDs?
Yes, USAA bank offers CDs. You can choose from a wide range of term lengths, and rates are high on several terms. To open a USAA CD, you must be an active-duty military member, veteran, current or former spouse of a military member or veteran, or immediate family member of a USAA member.
How USAA CD Rates Compare
USAA CD Rates vs. Navy Federal CD Rates
While USAA has more term options, Navy Federal CD rates are higher on more of its terms. Both banks have a USAA Fixed Rate CD – Minimum Deposit minimum deposit for their standard CDs. However, the Navy Federal Credit Union EasyStart℠ Certificate – Product Name Only only requires a Navy Federal Credit Union EasyStart℠ Certificate – Minimum Deposit deposit and pays Navy Federal Credit Union EasyStart℠ Certificate – APY APY. It also allows for additional deposits after opening the account.
Navy Federal Credit Union Review
USAA CD Rates vs. PenFed CD Rates
USAA stands out for its range of term options, but PenFed CD rates are higher across more terms than USAA. PenFed also extends its CDs to non-military members as long as you open a savings account and deposit a minimum of Pentagon Federal Credit Union Premium Online Savings Account – Minimum Deposit.
The bottom line: USAA CD rates are high overall, and some fixed-rate terms are competitive with the best CD rates out there. It also has a wide range of CD types and term lengths. USAA’s Adjustable and Variable Rate CDs pay low rates, though, so they’re not very strong options. Also, CDs are exclusively for military members, veterans, and their immediate families.
Why You Should Trust Us: How We Reviewed USAA CDs
When evaluating USAA CDs, we follow the Insider certificate of deposit methodology. Our approach involves rating CDs on a scale of zero to five in several categories. These categories include interest rates, minimum deposits, early withdrawal penalties, variety of term options, and more. CDs must meet specific criteria in each area to receive a five, the highest score.
