HogDrvr
Contributor

While Vanguard, Penfed, Navy Credit Union and even my local bank are offering CD rates of over 2% for a 1 year CD, USAA is still at 0.79%.  In fact, all of your CD rates are significantly less than most other financial institutions.   Why can't you be more competitive in this area?  I am losing significant interest income by keeping my money with USAA vs Vanguard.

 


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There are numerous banks out there offering better rates - USAA is not competitive at all on checking, savings, or CD rates.   We make more in one month at Ally Bank and CapitalOne than we did in a year with USAA.  

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@HotDrvr,, thanks for our post!  To better serve our members, we regularly review our rates to ensure they're competitive and based on current market data. Keep in mind credit unions usually will offer different rates than what banks are able to offer.  We recommend to keep an eye on our rates as they can change at any time.

There are numerous banks out there offering better rates - USAA is not competitive at all on checking, savings, or CD rates.   We make more in one month at Ally Bank and CapitalOne than we did in a year with USAA.  

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Understood that Credit Unions are really the best deal out there but that USAA is more than 1% lower than my small town, local bank?  Don't get it.  Seriously thinking about moving my investment and IRA Money to Vanguard so that the cash portion of my portfolio will work at 2.39% vs. 0.79%.   I love USAA but have slowly been having to move all my non-insurance assets to other companies that are at the top in regards to performance.

It’s not just banking. After 39 years of having my auto insurance policy with USAA, I felt compelled to move it to the number one insurance company in my state (because I did not want my money going to a particular organization that USAA is sponsoring) and to my surprise I am now saving $52 a month for the same exact auto insurance coverage in every category. That’s $624 a year.

Me too.  After 39 years I am saving a little over a $1,000.00 a year on my auto insurance for 4 vehicles icluding a 17 year old female driver.  I added her last year and USAA increased my rates by 78% for her to drive just 1 vehicle.  New policy includes full coverage on a vehicle that was being stored and billed as such.  No more having to notify them when I need to drive this vehicle and a $1,000.00 savings!  Also, new company issues policies every year instead of every 6 months.  What has happened to USAA?

Thank you for sharing your concerns with us today @Bigbb, I was able to locate your profile and will share your experience with a subject matter expert. Once reviewed they will contact you. We appreciate your patience in advance. -Emily

@Bigbb, I appreciate you sharing your thoughts with us. It's never our intent to make you want to leave USAA for your auto insurance. However, I understand importance of premium when choosing your insurance company and that immediate needs sometimes make this decision necessary. 

 

While I won't able to price match since our rates are based on our experience with claims our members are filing, I'd certainly enjoy the opportunity to review the policy you received so that I can compare it with your USAA Policy. My goal is to make sure you and your family are adequately protected for your vehicles and personal liability. When ready, please chat with us online or call us at 210-531-USAA (8722), our mobile shortcut #8722 or 800-531-8722. Thank you! ~ Stacy K. 


 

Match?  You will not even come close.  USAA was once a great company, but no more.

Don't fall for the line of we regularly check our rates to remain competitive, it is obviously not true. Their line regarding credit unions, maybe so, credit unions operate for the member owners and therefore their obligation is to do the best for their owner. However you can look at any number of banks, that are online, such as USAA and their rates are far superior. They try to state that it is conservative banking and looking out for the member, however I see it as they have enough money and they are looking out for themselves. This is apparent when you google usaa employee bonuses and see that their employees are receiving 16%+ bonuses and 1,000 bonuses and the like. This is on the backs of the members that they pay 0.10% savings to and 0.79% for a year CD, take your money to Ally, Marcus by Goldman Sachs, etc and get yourself a 1.80% savings rate, not locked in and no penalties. Save yourself the breathe and typing on this forum about their rates because they aren't going to change. I finally did something about it and with the exception of my mortgage, I am fully away from USAA now.