USAA Offers Many Services, Particulary Investment Services
Written: Feb 19 '09
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Product Rating:
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Pros: Numerous money saving offers. Great Financial Products. Inexpensive Insurance. Excellent Customer Service. User-Friendly Website.
Cons: None.
The Bottom Line: I would highly recommend USAA. Excellent financial and insurance products along with information to assist in making informed decisions.
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| coldsteel7's Full Review: USAA |
I was a member of USAA back in the 1980s. I have returned to USAA for investment services over the past several years, as well as maintaining an automobile policy and home owner's insurance with them. USAA Auto Policies fall under a separate category at Epinions, so I will cover the automobile coverage at another time.
If you have a 401(k) program available at work, the best advice would be to max out those contributions under the assumption that your earnings will drop after you retire, giving you the tax benefit while you are earning more now. If you have extra money to invest, there are a wide variety of options to explore to determine where to put your money. I do not invest heavily enough to consider E-Trade or other such services which are also available through USAA. I opt for the Mutual Funds...that is where USAA comes in handy.
Navigating the number of funds available can be intimidating. If you do not seek counsel from a professional investor, the more informed your decisions are, the better you can make your money work for you. USAA maintains a secure website where all of the available products are organized efficiently to allow unpressured perusal at your leisure. The website has a full range of products available which includes rental cars (they provided the absolute lowest rate I could find on a rental for my upcoming trip to San Antonio), Mortgage Products, Auto Loans, Cruises and other Travel Deals, Mutual Funds and Savings Accounts.
USAA Financial products include Mutual Funds, Brokerage Services, College Savings Accounts, Personal Asset Management, IRAs, Annuities, Certificates of Deposit and Market Research Tools. If one opted for Brokerage Account, the first 25 trades are free followed by fees as low as $5.95 per trade after that. The website helps navigate with tools explaining margins, research tools and market watch tools. I use a State run College Fund, but USAA offers a 529, Coverdell Savings Account and Uniform Gifts (UGMA/UTMA) Account along with explanation of each accompanied by analysis. The IRAs provide an explanation of Roth vs. Traditional. These funds are available for investment for as low as fifty dollars per month. There are several annuity types available along with a resource center to help navigate the various options. CD Rates are competitive and can be purchased for a little as one thousand dollars.
I currently own both a Traditional and a Roth IRA through USAA. These funds are automatically deducted from checking twice a month. I am currently considering my investment in the Traditional IRA which normally offers tax deductions on the front end of the investment based on income considerations. The Traditional IRA has an income cutoff at which point the tax benefit no longer applies. The Roth IRA is taxed on the front end, but offers free qualified withdrawals. Aside from being able to manage these assets on-line, I receive regular mailings from USAA explaining maintenance fees (which are reasonable) as well as charts showing performance of the funds. USAA takes a lot of stress out of investing. At any time I feel overwhelmed by the information, contact information is constantly provided on the right side of the webpage. Telephone and email links provide easy access to advice and guidance.
My next goal is to open a Mutual Fund with USAA. I am in the process of deciding which fund is best for my needs. Generally age consideration and length of time to retirement play the largest role in determining the best financial strategy. Younger investor should invest in aggressive growth, while older investors should moderate their funds with more conservative funds. I am still about a decade out from retirement, allowing me to invest moderate to aggressive for a few more years. After considering an investment strategy, the next goal is to find a fund that has performed well over the long haul. I tend to rely more on funds that have been around for a while.
USAA was set up with investors like me in mind. The Mutual Fund page has a slide scale that allows user to slide the risk calculator between very conservative and very aggressive. As the sliding scale adjusts, different funds are presented for consideration. There are eight aggression levels on this scale with several corresponding funds for each level. The funds may also be navigate by name or type. After finding the funds you are interested in, USAA provides complete profiles of each option. There are Morningstar Ratings, Expense Rations and rates of return over differing periods of time. I want a fund that has performed well over at least a ten year period that has sustained the least amount of short-term damage from the current economic downturn. That information is all easy to find with the way USAA has set up their website. Mutual funds can be opened with a minimum 3000 dollar investment or a minimum monthly draft, which varies. There are no charges for using the Mutual Funds, other than the maintenance charges (expense ratio). Many of the funds available through USAA have exceptional rates of return and many others have low expense ratios. Finding the right balance can be tricky, but the research tools USAA provides make the task much easier.
Aside from the financial products, USAA also sells a variety of products. I purchased a diamond from USAA for substantially less than a comparable diamond was advertised at local jewelers. There is always a mark-up at a jewelry store, along with prices that can sometimes be negotiated. The USAA price was, without a doubt, below any negotiable price at my nearby jewelers. I put a lot of research into this big ticket item and believe I saved a minimum of five hundred dollars by purchasing from USAA.
Customer support at USAA places a priority on answering questions. I have called many times for a variety of reasons and have always found the customer service people to be knowledgeable and helpful. I have only interacted with customer support over the telephone and never through email. During my recent attempt to set up my mutual fund on the website, it would not accept my bank account routing number on the website. I have not run into a problem like that before, but will simply set the account up over the telephone instead.
Having a variety of products at USAA has given me a broad set of experiences to base my rating on. From phenomenal rental car prices and jewelery deals to cost effective home owner's and automobile insurance, USAA delivers more than just good financial products. The fee free investing with USAA's IRAs and Mutual Funds are also attractive. My accounts are all populated at log in, allowing for ready review any time I feel inclined to look at them. Extensive research tools and market comparisons make the investments easier to navigate. USAA contains a wealth of financial information that they are eager to share with their members. I consider USAA to be among the elite in the financial industry and don't hesitate to give them five stars out of a possible five.
Recommended:
Yes
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