Dedicated to Deposits: Deals, Data, and Discussion

USAlliance FCU Increases Rate of its 35-Month CD Special

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USAlliance Credit Union

USAlliance Federal Credit Union has made a nice change to its spring CD special. The rate of its special 35-month CD increased from 1.61% to 1.71% APY. Its special 13-month CD rate remains at the very competitive level of 1.21% APY. Both have a $500 minimum deposit with no maximum deposit. New money and eStatements are required. These specials are listed at the credit union’s CD specials page as of 5/23/2014.

DETAILSINSTITUTIONAPYMINMAXPRODUCT
USAlliance Credit Union1.71%$500-35 Month CD Special
Accounts mentioned in this post. Rates as of July 29, 2014

In my last review of USAlliance CDs, DA member cumulus described his experience last year with opening a USAlliance CD. Here’s an excerpt of his comment:

I opened USA's 24 month 2% CD online last July 1st and NO hard pull was done; opening process very smooth, uneventful.

Membership

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 second-to-last option can be chosen by anyone:

WARC envisions a world in which children, teens and adults with intellectual and developmental disabilities including individuals on the autism spectrum enjoy fulfilled lives and an inspired future. Help children and their families by becoming a WARC member which entitles you to membership at USAlliance.

As I mentioned in my last post, it’s interesting to note that the application used to have the option to join the American Consumer Council (ACC). That has been replaced by the WARC organization. I recently noticed that I don’t have USAlliance Federal Credit Union on my Big List of Credit Unions Open to Anyone. The credit union actually asked not to be on this list. This might be due to NCUA Cracking Down on "Open to All" Federal Credit Unions. Thus, I’m not going to label USAlliance as an all-access credit union.

Credit Union Overview

USAlliance FCU branches are located in New Jersey, New York and Massachusetts. Some of the cities with branches include Jersey City, Hartsdale, Tarrytown and New York City.

Around 40 years ago USAlliance Federal Credit Union started as a credit union for IBM employees. Today, USAlliance has over 60,000 members and assets in excess of $855 million.

The credit union has an overall health grade at DepositAccounts.com of a B+ with a Texas ratio of 17.25% (above average) based on December 2013 data. 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 only nationally available CD with a term of around 35 months with a higher rate is the 36-month CD at Connexus Credit Union that has a 1.75% APY. However, this requires an active checking account. Close to this is the 36-month CD at Melrose Credit Union which has a 1.66% APY. The closest 3-year CD rate at a bank is 1.60% APY at Northern Bank & Trust Company.

These rates are accurate as of 5/23/2014.

To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.


  Tags: USAlliance Credit Union, CD rates, New York, New Jersey, Massachusetts

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Comments
5 Comments.
Comment #1 by me1004 posted on
me1004
About qualifying for membership: How does one join WARC? You don't seem to be able to do that via the online application -- all you can do on the application is check that as your basis for qualifying for CU membership. I went through the application to the end, and there is nothing in it to actually join WARC. 

Yes, I see that you can check that you already are a member or WARC. And another listing where it says something about WARC and seems to encourage you to join, although it never says you can join by clicking that option. And even if you check that one, as you proceed through the application, there is nothing more about it, no actual joining, no fee for joining, no further mention of it. 

How much does it cost to join? For that matter, what does WARC even stand for?

I have Googled WARC, and I can't find anything that might be this organziation. If I could spell it out, perhaps I could find it.

I also note, there are two other organizations you can join to qualify for this CU: The Rye Arts Center, which costs $50 to join, or $30 to join if age 62 or older; and the Council of Community Service.

You can see Rye Arts Center at:

http://ryeartscenter.org/?page_id=57

I was not able to find a Website for the Council of Community Service. I am guessing it is the one in Poughkeepsie, NY, since some of the branches for the CU are in New York. But I have not been able to get any info about that organization, including how to join and how much it costs to join.

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Comment #2 by Annon7887 (anonymous) posted on
Annon7887
The CU is located in Rye NY which is in Westchester County.
WARC costs $25.
Council of Community Service cost is $25. Covers Port Chester, Rye Brook and Rye Town.

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Comment #5 by me1004 posted on
me1004
Where did you find that information? Searching for "WARC" (whatever that stands for), there appears to be no WARC Website. And like I said, the only one that comes up in the service area for Council of Community Service is the one in Poughkeepsie. Can you give URLs for those two?

Do you know how long it will take to join one or the other so we then can join the CU?

3
Comment #3 by hoho (anonymous) posted on
hoho
Is this the old IBM CU that merged with another CU? I had a fraud alert and they said I had to come in person with 3 pieces of ID. It's a 30 mile drive and a $5.00 toll. I opened a CD a couple of weeks ago with Total and did not have to do this. I skipped Alliance

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Comment #4 by cumulus posted on
cumulus
Don't forget Ken's EWP calculator here; while the 1.71% APY is a
good CD for this term, if you're comfortable with early termination
the 35 month effective APY
      on Virtual Bank's 5y 2.31% CD is 1.91% and,
      on Barclay's        5y 2.25% CD is 1.88%.

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