Great interest rates! Haha

How is it that interest rates on any savings, checking or cd at usaa is still next to zero with the Fed raising substantially over the last several months?  This reaffirmed my decision to take most of my financial business elsewhere years ago. Stop spending so much money on advertising and pay a decent rate to your customers!

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As a point of reference, the on-line bank to which we moved the bulk of our savings (out of USAA) has been consistently raising their interest rate to reflect the recent economic events and now stands at 1.6%. At the lowest point it was 0.5%. I think USAA avoids or obfuscates any response to the question, "why is their return on savings so low" for one of two possibilities: their financial position is precarious and they need to keep the rate at essentially zero (I have no actual knowledge that this is true), or simple greed.

YES... the 0.01% interest rate on checking / savings accounts in a WINNER !!

@thisbankisterrible, I'm actually surprised they didn't post their usual response about their rates being some of the most competitive in the banking industry. That's what they told me several years ago, before I woke up and went elsewhere with all my financial assets/business as well as those of my family members after 30+yrs. Haven't regretted it one bit. Most members would have probably come back and asked what banking industry. Lol. Guess they could no longer use that standard response and have new one. I saw a response to another concerned patron and it said the following:
"Thank you for sharing your concerns with us today @xxxx, although I regret to hear of the circumstances. Generally speaking, what could affect the Interest earned is the annual percentage yield and balance on the account. We could review with you via chat, or if you prefer to call us at 210-531-8722. I apologize however we are unable to discuss specific account details via our social channels. We look forward to chatting or speaking with you soon!"
So now they're putting back on the patron's account balance. Interesting.

USAA CSR: No need to waist anyone's time to escalate. This was addressed to the original poster.

I appreciate you reaching out @Thisbankisterrible, although regret to hear of the circumstances. I was able to locate your profile and have shared your feedback with the appropriate area. We always value feedback from members like yourself who are keen on offering us ways to better serve our members in the future. -Emily

Emily, what does your response even mean?

@Thisbankisterrible - Emily was communicating that your feedback has been heard and will be considered by the appropriate teams. Thanks - Jason

That seems to be the canned response to everything. Has a single change ever been made after “consideration by the appropriate teams”?

While we appreciate all feedback and suggestions from our members, not all is able to be implemented.  Please note, due to the volume of feedback received from members we are unable to notify each member individually if an idea or comment results in a direct change; however your concerns and feedback have been shared with the teams that review them.  

I don’t need USAA to reach out to me. I really want to see USAA become competitive again. I see you finally raised cd rates… 1 yr cd went from .01 to .03. Simply laughable. Who makes these decisions?  I guess the C-suite needs all the profits to pay the millions in fines, maybe?

@thisbankisterrible, We appreciate your feedback about our rates. To better serve our members, we regularly review our rates to ensure they're competitive and based on current market data. I will forward your comments to the appropriate team for review. Thank you for posting today. Tricia