Heads up to USAA Brokerage Users
 

I know there are a lot of USAA users amongst us. Just an FYI if you use their brokerage accounts and keep cash sitting idle in them (although I don’t know why you would, looking at the expense ratios). See below.

https://www.financial-planning.com/news/veterans-with-usaa-to-see-reduced-cash-yields-following-charles-schwab-deal

Great post. I had a few squadron mates tell me they used USAA and I said, google Vanguard expense ratios and compare them to yours. They moved their money that day. USAA is expensive!

I did get an email that USSA investments were going to Schwab anyway. In a former life I actually was a broker for them (Schwab) and it was a good company, but we were told to up sell and try to acquire additional assets/business and I’ve stuck with USSA because they have never done that and now I’ll guess I’ll shop around if that’s going away.

It may actually be a better deal for usaa brokerage users as their investment world just got bigger. But, if people aren’t paying attention their yield just went down so they may want to look at the new options available via Schwab. Also, can’t ignore the fact that this is a shift in the underlying mission of USAA from what they once were to the direction they’re going. I use them for checking and as long as they keep reimbursing my non USAA ATM fees I’m ok with that. Insurance, savings and investing can be gotten at much more reasonable rates elsewhere.