Prolific Contributor

I wanted to share some candid feelings and am curious if anyone else feels the way I do or not. I've been with USAA since 2012 or 2013. I have had other banking relationships outside of USAA, that provide great customer service as well. Better rates to boot, but I like USAA's service and felt at the beginning that I was part of something exclusive and part of a group that have served, as I have. In the time I have been with USAA, it has become apparent that competitiveness in the market is not high up on the list of USAA's priorities. What I mean by this, is you can do a quick search of any local Credit Union, Bank, Navy Federal credit union, Ally Bank, etc,,,, and you can find interest rates for the money you work hard for far outclass USAA. Now I have raised this issue for the past year or so and have been open about my disappointment about rates being in the basement. USAAs response is always well we look for other ways to benefit customers. My question is how exactly, what does USAA offer, that pretty much any other bank doesn't offer as well to explain why the rates are so low. I have even been told by someone at the office of the CEO, we are not looking to raise rates at all, not on our radar is basically the attitude or impression I was given or I have been told that I could look at the market for better rates. How can you state that you "Know how to serve" when it seems that you don't? How can you call your savings products "high interest", "award winning" and "performance first", when in reality I can open an Ally Savings Account that equals your top rate for a 5 YEAR CD?! At least be respectable with your offerings is all I'm saying, you don't have to match Ally for example, but look to give your members a bump by raising rates for the money that your members hand over to you to keep this bank running, stop spending it on advertisements and sponsorships and things that ultimately overshadow your true purpose, which is to serve the members you have. Sorry if this ruffles feathers, but not sorry for sharing this and really do not want to talk to another member services person telling me that they understand or the same responses I have gotten in the past. It's just talk and I have already talked, I just want to get this out there.


jimmyb84 - We never want members to be disappointed. Please know that we strive to have the best products and services for all members. We regret hearing you feel this way, but appreciate the feedback as it will be considered in future product and service enhancements. Thanks for taking the time to post. - Jason

don't expect anything to get better, we have lsot controll of our asociation


Agree with your disappointment with USAA's financial offerings. I've been with USAA since the 80s. While I've never had any issues with them (bought three cars and refinanced a home years ago)--I found much more competitive rates elsewhere in the past few years. Their rates on bank accounts and CDs have definitely taken a nosedive. I ended up closing several CDs, a savings and investment account because I found better options. Still have my auto/home insurance, checking and credit card with them but don't know for how long. I'm still on the fence about my checking, because it's nice to have an ATM/Debit card that allows you to block the cash advance/debit feature so you can just use it at a USAA ATM machine. Will have to call them back to verify though. They did send me an email telling me they blocked those features--so we'll see. I don't use their regular Visa that much (blocked it), because I've had issues whenever I've travelled overseas with it--and it seems a lot of people seem to run into issues getting USAA to respond/resolve fraud issues with it. I haven't had the pleasure of experiencing it since USAA changed from MC to Visa. MC was great. As far as my insurance goes--I had to reduce/remove certain coverages (auto) to keep their increases in check. I'm giving myself until November to decide--that's when my auto policy is up for renewal.  USAA (like many financial institutions) is in the business to make money--and pay their execs a whole bunch of money.  They're ok if you have no problems accepting their below average interest rates (savings/checking), somewhat higher than average cost (expense ratios) for their funds and higher interest rates for some of their loan products. Everyone's situation is different. In the end, you have to do what you think will work for you financially. I've been with NFCU for almost 40yrs and they just offered me extra percentage points any CD if I ever decide I want to open one. Yes--there are a lot of options out there. You just need to look for them. Good luck.

I agree

USAA interest rates should not just be 'competitive', they should be in the top 10% of offerings for the nation...


I personally think USAA just strives to be 'better than average':  Bankrate.com


Flynace, that statement from bankrate sums it up perfectly!
USAF_Ret, I definitely agree with all your input, I've got a Navy Federal account and am seriously thinking about making the switch.
Jason, appreciate the response, but same cookie cutter response and I highly doubt the board or the product team is taking little ole me into consideration when making these decisions....also wanted to make everyone aware that you reportedly need $25,000 to invest in bonds with USAA, this is what I was told, why🤔

jimmyb84, thanks for your question and we appreciate the opportunity to help. I'm engaging a subject matter expert to reach out to you. -Paula

I like using Bankrate.com to get a general comparison of national CD rates:  Bankrate CD Comparison 

And USAA is included in some of their surveys.


Using a 1 Year term with a $1,000 deposit as an example, out of 41 institutions, the USAA rate of 0.71% is currently ranked 23rd

To be in the top 10% of offereings (>1.4%) they would have to double their rate!


The USAA 5 Year CD @ 1.06% would be ranked 30th.

And doubling their rate (>2.12%) would only put them in the top 20% of offerings.


I personally expect better from USAA...