16 Year USAA Member.
Please consider your interest rates for banking products. They are terrible.
USAA Savings starts at .05%
|Less Than $10,000||0.05%|
|$10,000 to $24,999||0.20%|
|$25,000 to $49,999||0.25%|
|$50,000 to $99,999||0.30%|
|$100,000 to $249,999||0.30%|
|$250,000 to $499,999||0.30%|
|$500,000 to $999,999||0.30%|
|$1,000,000 or More||0.30%|
|Variable Annual Percentage Yields (APYs) current as of 01/12/2018|
Rates subject to change. (https://www.usaa.com/inet/pages/bank_performance_first_rates)
USAA Checking is .01% (https://www.usaa.com/inet/pages/bank_checking_rates)
If you look at other banks, USAA is only in line with for profits such as Bank of America or Wells Fargo. These are for profit and have physical branches. Primarily Online or Hybrid Banks destroy USAA's rates!
For instance Schwab has Savings for .35% at $2500 (https://www.schwab.com/public/schwab/banking_lending/savings_account)
Similarly it has .15% for their Checking account.
Other online banks are even more generous with rates up to 1.4%! https://www.bankrate.com/banking/savings/rates/
I like USAA and I liked having all my business in one place, but lately it has become less competitive.
My Homeowners was not competitive, Auto - uncompetitive (moved to Geico and the USAA Rep at USAA told me I'm "not loyal" if I switch for $20 a month...), Banking uncompetitive, etc.
Lately there has been controversy over USAA sponsoring the NFL.
I was outraged, not because I care about the standing/kneeling, but because you're WASTING money. Stop wasting money on sponsorships and offer competitive products.
We've moved Auto, Investments and are moving Banking. Homeowners will probably be moved soon and Umberella will have to be moved (due to Auto).
Do right by your members and offer good rates.
.01% on Checking compared to .15% is insane!
In real dollars: My $.83 a month interest on Checking will shoot up to $12.50 a month!!!
I encourage other members to review their finances.
Your analysis of USAA is right on. I'm a 46 year member and I've moved all of my bank accounts to places that pay a lot better interest. Auto insurance will probable be next, expecially if they don't stop the NFL advertising.
I am a 20+ year member and I am likely moving to Geico this weekend. Nothing to do with the NFL advertising but everything to do with USAA going tone-deaf to the financial best interest of its customers.
30+yr member here. Unfortunately, it's no secret that USAA's products are not as competitive as they used to be. I'm surprised the CSRs haven't responded with their usual...
"Please keep in mind, USAA tries to remain competitive in the industry by providing excellent service and products for our members. While our earning rates may not be as high as our competitors, please remember your accounts do not have monthly or annual service fees that many competitors may charge."
We should always look for more competitive rates if we're not satisfied with what we're currently getting. That goes for services/products as well. I've moved all my banking/credit/IRA/Investments elsewhere because of it and I'm glad I did it. No regrets. All I have is my Auto/Homeowners and that will go the moment something more competitive shakes out of the tree.