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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!
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 !!
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
@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