USAlliance Federal Credit Union has regularly offered CD specials. One that they have offered since March is a 1.01% APY 11-month CD. There’s a new 13-month special that will be officially released in July, but they have been promoting it by email to members. A DA reader forwarded to me the email he received (hat tip!). This new CD special doesn’t appear to be listed yet on the credit union’s website. In an online chat with a credit union rep I was told the details of this 13-month CD special will be published in July. Update 7/5/13: The credit union now has the 13-month CD special listed in this promotions page.
Update 7/19/13: The 13-month CD special has ended.
The credit union is calling this new July special the Star Spangled Savings CD Special. The 13-month CD has a 1.31% APY. Minimum deposit is $500, and the maximum deposit is $100,000. There’s a limit of one CD per member. New money is required, and e-statements are required.
Update: I was just informed by the credit union of another CD special. This one is a 2-year CD with a 2.00% APY. The credit union calls this the "Two For Two" CD. Minimum deposit is $500, and there is no maximum deposit and no limit on the number of CDs that a member can open. The only requirement is e-statements. Like the 13-month CD special, this isn't currently advertised on the credit union's website. This is scheduled to be advertised starting the second week in July, but they are offering it right now for DA readers as an unadvertised special. They have created a special link for DA readers that leads directly to the online application: www.usalliance.org/twocd.
Update #2 - 7/6/13: I was just informed by a credit union official that they have ended the 2% CD promotion effective immediately. The 13-month and 11-month CD specials are still available.
The credit union has an online application that can be used to apply for membership and new accounts. In the first page of the new-member application, you must select how you are eligible to join. The first option can be chosen by anyone:
I will become a member of the American Consumer Council (ACC). ACC is a non-profit organization that advocates consumer education and financial literacy. There is no fee to join ACC for those seeking membership in USAlliance.
Credit Union Overview
USAlliance FCU branches are located in New York, New Jersey and Massachusetts.
The credit union has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas ratio of 19.93% (average) based on March 2013. Please refer to our financial overview of USAlliance FCU for more details. The credit union is federally insured by the NCUA (Charter # 17587).
How This CD Rate Compares
The best 1-year CD rate that’s nationally available is 1.16% APY at State Bank of India - Chicago, but this can only be opened at the Chicago branch or by mail. The best rate at an internet bank is 1.05% APY at DollarSavingsDirect. Another noteworthy deal is Doral Direct’s 1.02% APY 18-month CD. What makes this noteworthy is its one-time penalty-free withdrawal option (see my review). These rates are accurate as of 6/28/2013.
Searching for the Best CD Rates
To search for nationwide CD rates and CD rates in your state, please refer to the best CD rates section of DepositAccounts.com.