Certificate of Deposit (CD)

Yes. You can own more than one CD at a time.

One feature of CDs you open with USAA Federal Savings Bank is that you can give each account a nickname. That can be especially helpful when you give an account a nickname that matches its related savings goal.

Your CD will have a maturity date based on the term you select during the application. The interest begins to accrue on the business day we receive and record your deposit in our records. We pay interest monthly. You can have us deposit your interest into the CD account or to a different USAA Federal Savings Bank account. If we deposit interest to your CD account, we'll credit that interest to your CD account balance. You'll then earn interest on the new balance, sometimes referred to as compounding interest.

Yes. There is a penalty for withdrawing funds from your CD before the maturity date. Early withdrawal penalties are shown in the Account and Service Fee Schedule (PDF Opens in New Window). In some cases, we may waive an early withdrawal penalty as permitted by law. We deduct the early withdrawal penalty from the CD account's earned interest first, and then we deduct any remaining early withdrawal penalty from the principal amount of the CD account.

If it's important for you to have easy access to your money without an early withdrawal penalty, consider applying for a USAA Federal Savings Bank savings account.