The CEO of USAA Bank is offering a promotional offer for a 3.25% APY 2-year CD from now until May 31^st, 2009. You must be eligible for USAA property and casualty insurance to qualify for the CD, and the minimum deposit is $1,000. You need to mention the offer code CEO CD when opening your 2-Year CD. You won’t find this offer on the main USAA Bank website; it appears to only be offered through the link above.

USAA has received no government bailout money. In their 2008 report to members, they indicated that 94% of the members say USAA Bank meets or exceeds their family needs for financial solutions and advice. It also includes financial data that USAA is profitable and returned more than $857 million to the members – a portion of which were bank rebates and rewards.

Membership to USAA Bank is open to individuals who meet at least one of the following membership criteria:

• Active-duty officers and enlisted personnel.
• Children whose eligible parents have or had a USAA auto or property insurance product.¹
• National Guard and Selected Reserve officers and enlisted personnel.
• Officer candidates in commissioning programs (Academy, ROTC, OCS/OTS).
• Former military personnel:
  • Retired officers and enlisted personnel.
  • Former officers and enlisted personnel who separated from the military on or after Jan. 1, 1996.
• Former USAA members who had USAA auto or property insurance.

In addition to the 3.25% APY for the 2-Year CD promotion, if you are eligible for the CD you are also eligible to open a checking account and receive a $100 checking bonus. This offer is available through 5/31/2009 as well. If you’d like to call USAA Bank to open your CD or checking account with bonus, the phone number is (800) 531-8132.

While you must meet the above membership requirements for the promotional 2-Year CD and checking promotion described here, USAA Bank allows all United States Citizens to open a deposit product. They offer a free checking account with free ATM use around the world, and it includes free checks. Their CD products have a history of higher than average interest rates, and the USAA is known for providing quality services for consumers looking for automobile insurance coverage and mutual funds.

USAA Bank has headquarters in San Antonio, Texas. It is FDIC insured and has been since 1983. The BauerFinancial rating is 5 stars (superior) and Bankrate.com gives it a sound rating of 4 stars based on December 2008 data.