5.71% Money Market Account for First 6 Months at USAA Bank
May 18, 2006 - 8:21 AM by Ken Tumin
USAA Bank has a promotion in which you can earn up to 5.71% APY on a money market account for the first 6 months with a balance of $50K or more. The details are on their website, but to gain access, you need a member number. This can be done by phone (1-800-531-2265). There's no cost or obligation to gain access (see post for more info).
Here are the details that were shown when I was logged in:
This was located under the Spotlight section when you first log in. Click on the link that says "Special benefits on checking and savings accounts".
Performance First Index account has the following standard rates. I've also included the approximate promotional rates.
Even a $10K balance will beat most 6-month CDs that are nationally available. A balance over $25K will beat World Savings' 5.51% CD special and Everbank's 5.51% 3-month promo rate.
The Performance First Index has no monthly service fees or minimum balance requirements, so you are always free to transfer the money to a better deal after the initial $10K deposit. USAA also has an easy and fast ACH transfer system to move money to and from other banks.
Credit for this find goes to this FW thread. One person on the thread has reported being told by USAA that the promotion was over as of May 16th. Another reported being told it's still in effect as of May 17th. When I logged in this morning, the special is still being displayed.
Here are the details that were shown when I was logged in:
For a limited time, you can earn even more. Open a new savings account or a Performance First Index account online and we'll pay you an additional 1 percent in interest for the first six months. After that, your earnings continue at the regular competitive rates.
This was located under the Spotlight section when you first log in. Click on the link that says "Special benefits on checking and savings accounts".
Performance First Index account has the following standard rates. I've also included the approximate promotional rates.
Balance Stnd APY Promo APY
$0 - $9,999 2.22% 3.22%
$10,000 - $24,999 4.34% 5.34%
$25,000 - $49,999 4.60% 5.60%
over $50,000 4.71% 5.71%
Even a $10K balance will beat most 6-month CDs that are nationally available. A balance over $25K will beat World Savings' 5.51% CD special and Everbank's 5.51% 3-month promo rate.
The Performance First Index has no monthly service fees or minimum balance requirements, so you are always free to transfer the money to a better deal after the initial $10K deposit. USAA also has an easy and fast ACH transfer system to move money to and from other banks.
Credit for this find goes to this FW thread. One person on the thread has reported being told by USAA that the promotion was over as of May 16th. Another reported being told it's still in effect as of May 17th. When I logged in this morning, the special is still being displayed.
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Anonymous - #1, Thursday, May 18, 2006 - 3:08 PM
I called in today, 5/18/06, to open the account and the 1% bonus rate is still in effect.
Anonymous - #2, Thursday, May 18, 2006 - 3:56 PM
I called in today, and was told that I had to have an existing account, ie., an auto/house insurance policy to be eligible for the 1% bonus. What's up?
Anonymous - #3, Thursday, May 18, 2006 - 5:03 PM
I was told today by the CS rep. that the 1% bonus rate is only available for active/retired military.
Ah, I figured it was to good to be true...
Anonymous - #4, Thursday, May 18, 2006 - 5:58 PM
I registered today and do not find the extra 1% posted on the link. Do I need to ask for the extra 1% via the telephone number?
Banking Guy (anonymous) - #5, Thursday, May 18, 2006 - 6:14 PM
This appears to be one of those "your miles may vary" situations. Seems like the CSRs are giving many different stories on this special.
Anonymous - #6, Thursday, May 18, 2006 - 7:19 PM
Same with me today, I registered and then went looking thru the website to find lesser interest rates posted. The promo must have been a very short one. They can forget my business...
Banking Guy (anonymous) - #7, Friday, May 19, 2006 - 5:16 PM
The rates for the Performance First Savings money market account have increased. Thanks to the commenter who noted this.
Annual Percentage Yield (APY)
Daily Balance APY
$0 - $9,999 2.22%
$10,000 - $24,999 4.43%
$25,000 - $49,999 4.69%
>$50,000 4.79%
Banking Guy (anonymous) - #8, Saturday, May 20, 2006 - 1:59 PM
As of May 20, the link to this promotion is no longer available. Looks like this promo has ended.
Anonymous - #9, Tuesday, May 23, 2006 - 7:54 PM
I spoke with two seperate CSRs and they claim the promotion is still on but there is nothing in writing. They say you will automatically get the additional 1% if you enroll online.
Anonymous - #10, Thursday, May 25, 2006 - 7:27 PM
You must apply online in order to receive the extra 1%. I had a CSR walk through it with me just to ensure all went well. Funds taken by ACH during application process from my HSBC online savings acct were credited in 4 days' time.
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