CDs can be a great way to save for a specific goal because they offer a variety of terms and typically return higher interest than a savings or money market account. On a monthly basis, the interest will be deposited back into the CD or you can have interest deposited into another USAA Federal Savings Bank checking or savings.

On the other hand, CDs can't be used for day-to-day expenses the way a savings account can, and there may be an early withdrawal penalty if you take out money before its maturity date.

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

Yes. USAA Federal Savings Bank is FDIC insured, which means funds in our CDs are insured up to the limits set by the Federal Deposit Insurance Corp (FDIC).

You can open a CD on usaa.com or through our mobile app for a minimum initial deposit of $1,000 for fixed- and adjustable-rate CDs, or $250 for variable-rate CDs. You can also open a Jumbo CD for a minimum of $95,000 or a Super Jumbo for a minimum of $175,000. There are no fees to open these accounts with USAA Federal Savings Bank.

Your CD will have a maturity date based on the term you select during the application.

Interest begins to accrue on the business day we receive your deposit and enter it in our records. We pay you the interest monthly, either as a deposit into the CD account or to a different USAA Federal Savings Bank checking or savings account that you own. If we deposit interest into your CD, you'll earn interest on the new balance, sometimes referred to as compound interest.

If you withdraw funds from your CD before the maturity date, there will be an early withdrawal fee. In some cases, we may waive an early withdrawal fee as permitted by law.

At the end of each term, also called the maturity date, your CD will automatically renew for the same term again with the rate available on that particular date.

Don't want to renew? Don't worry. USAA Federal Savings Bank will send you a notice 30 days before the maturity date, and you'll have a 10-day grace period after the maturity date during which you can change the term, add or reduce funds or close your account.

You must notify us within 10 calendar days after the maturity date if you don't want the account to renew. If you choose to close the account, you can transfer funds from your closed CD to another USAA Federal Savings Bank deposit account or to a verified non-USAA account.

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