USAA Variable Rate CD

USAA Variable Rate CD Review

USAA Variable Rate CD are offered by USAA, a financial services company founded in 1922 and based in San Antonio, TX. USAA Variable Rate CD are available in 50 states (and Washington, DC).

Key Takeaways

• Only one CD type available. USAA Variable Rate CD only offers traditional CD accounts.
• Low APY. The maximum annual percentage yield for this account is only 0.55%.
• $250 minimum deposit. This is a typical minimum initial deposit for the CDs we track.
• Limited selection of CD terms. USAA Variable Rate CD only offers two CD terms. This limits your options when trying to set up a CD ladder.

Pros & Cons of USAA Variable Rate CD

USAA Variable Rate CD FAQ

Are CD from USAA federally insured?

Yes, your USAA CDs are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #34351). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

What types of CDs does USAA offer?

• Traditional CDs. These CDs pay a fixed interest rate if you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or automatically renewing the CDs for another term.

What rates does USAA offer on its CDs?

USAA Variable Rate CD offers an APY starting at 0.25% and ranging up to 0.55%. APY stands for annual percentage yield and shows the interest rate paid by the CD after taking into account compounding.

What is the minimum deposit to open a CD account with USAA?

USAA Variable Rate CD require a minimum deposit of $250 to open an account.

What is the grace period for USAA Variable Rate CD?

There is a 10-day grace period for USAA Variable Rate CD. A grace period is a period of time during which you can withdraw the money in your CD without paying an early withdrawal penalty. A grace period starts the day after a CD’s maturity date, or the final day a CD is opened. Standard CDs renew automatically at the same term if you don't withdraw your money after the 10-day grace period. Note that the new CD rates probably won’t be the same as the original.

What types of fees, such as early withdrawal penalties, does USAA charge?

Financial institutions don't typically charge many fees on CDs. However, most charge a fee if you choose to withdraw your money before the term ends.

USAA does not charge an early withdrawal fee.