Dedicated to Deposits: Deals, Data, and Discussion

3.25% 2-Year CD at USAA Bank - Nationally Available but Membership Restrictions

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USAA Bank is offering a 3.25% APY 2-year promotional CD. Minimum deposit is $1,000. The offer expires 5/31/09. The small print states that you must be eligible for USAA property and casualty insurance.

This promotion doesn't seem to be listed at USAA's website. A reader reported being emailed this offer. The email included this link to a webpage that describes the offer and provides a link to the online application. I just called USAA, and the CSR said that those who qualify for USAA property and casualty insurance, but did not receive the offer should still qualify for this promotion. Make sure to mention the offer code CEO CD. The phone number is (800) 531-8132.

To be eligible for USAA insurance, you must have some military connection. Details are provided at this USAA page.

USAA Bank is also offering a $100 checking bonus through 5/31/2009 (see post). It has the same eligibility requirements as this CD.

USAA Bank's deposit products are now available to all

A commenter in the previous post mentioned that USAA Bank now allows any U.S. citizen to open a checking account. I was also told this today by the USAA CSR. According to the CSR, their bank deposit products are open to all. However, their loans and insurance still require the military connection. For this CD and checking promotion, you'll still need the military connection to qualify since you must be eligible for USAA property and casualty insurance.

USAA Bank's Free Checking account has many perks including free worldwide ATM use and free checks. USAA Bank also has a history of competitive rates on its CDs (see post).

In addition to banking services, USAA is well known for providing top services in auto insurance and mutual funds. The consumer advocate, Clark Howard, has mentioned USAA many times. You can read some of his commentary here and here.

USAA Federal Savings Bank is headquartered in San Antonio, Texas. It has been FDIC insured since 1983 (FDIC Certificate # 32188). The bank has solid financial ratings for soundness: 5 stars (superior) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 12/31/08 data.

Thanks to the reader who emailed me news of this CD promotion.

Other High Certificate of Deposit Rates

For top CD rates nationally available, refer to my weekly rate summary. Many of the best CD deals are only locally available. To find the best deals in your state, refer to the index of state CD and bank deals.
  Tags: USAA Bank, CD rates, Texas, checking account

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Comments
3 comments.
Comment #1 by Geoff (anonymous) posted on
Geoff
USAA is a great bank but some of their restrictions are downright confounding.

1
Comment #2 by Anonymous posted on
Anonymous
I called them to check on opening an account. I am interested in the remote deposit they offer. The rep told me that you must be a member of USAA to use RemoteDeposit. While the checking account is available to all, that does not automatically make you a member. So I did not open the account..... too bad. I was looking forward to making deposits with my scanner.

1
Comment #3 by Anonymous posted on
Anonymous
Doesn't say you have to be a member on their sit...e but it doesn't mean that you don't have to be a "member".

"You must qualify for USAA Deposit@Home; credit approval required."

1