Greater Alliance FCU (NJ) Has Competitive 60-Month CD


Availability: Residents of Bergen and Passaic Counties, New Jersey

Greater Alliance Federal Credit Union (Greater Alliance) is offering a 60-month CD (2.25% APY). The minimum deposit is $500 and there is no balance cap. This is the first rate increase in three years for the 60-month CD, and the highest APY in its almost five-year history.

2.30%$500-Greater Alliance Federal Credit Union60 Month IRA
2.25%$500-Greater Alliance Federal Credit Union60 Month CD
Accounts mentioned in this post. Rates as of October 23, 2016.

The 60-month CD is also available as an IRA (Traditional) with the same funding requirements, but the 60-month IRA earns a slightly higher APY of 2.30%.

As stated in Greater Alliance’s Truth & Savings, the Early Withdrawal Penalty reads as follows:

For account terms of more than 12 months, the penalty is 180 days’ dividends on the amount withdrawn.

Preferred Checking

Greater Alliance’s Preferred Checking account currently earns 2.00% APY on qualifying balances up to $25K. Qualifying balances over $25K and non-qualifying balances both earn 0.50% APY. The account can be opened with a minimum deposit of $175 and there are no monthly maintenance fees.

Qualification Requirements

  • Minimum balance of $175
  • 10 Debit Card Transactions per month
  • Sign up for e-statements
  • At least one Online Home banking transaction
  • Utilize either direct deposit or payroll deduction
  • At least two ACH Bill pays per month

Member Referral Reward Program

Current Greater Alliance members who are in good standing can earn $25 for each of the first five referrals ($125 total). In addition, each new referred Greater Alliance member will also receive $25. The new member must keep the Share Savings account opened for six months; if the account is closed within 6 months, the $25 bonus will be credited back to Greater Alliance.


Headquartered in Paramus, New Jersey, Greater Alliance Federal Credit Union offers membership based on residency, with individuals who live, work, do business, worship, volunteer, or attend school in Bergen or Passaic Counties eligible to join.

Joining Greater Alliance and/or opening a CD or checking accounts can be done online, or at any of three New Jersey branches located in Hackensack, Paramus, and Paterson.

Credit Union Overview

Greater Alliance Federal Credit Union has an overall health grade of "C+" at, with a Texas ratio of 36.90% (average) based on June 30, 2015 data. In the past year, Greater Alliance has increased its total deposits by $3.03 Million, and above average annual growth rate of 2.05%. Please refer to our financial overview of Greater Alliance Federal Credit Union for more details.

Greater Alliance Federal Credit Union (NCUA Charter # 2182) was founded in 1937 as the Central Bergen Teachers Federal Credit Union. The Credit Union expanded its field of membership in the mid-80s to include a diverse mix of employee groups and associations, and subsequently changed the name to the Central Bergen Federal Credit Union. A further expansion of the field of membership in 2005, which included all residents of Bergen and Passaic Counties, led to the adoption of the Greater Alliance name. Today, Greater Alliance is the 17th largest credit union in New Jersey, with over 19,400 members.

How the CD Compares

When compared to the 213 similar length-of-term CDs tracked by that require a similar minimum deposit and are available to New Jersey residents, Greater Alliance Federal Credit Union's 60-month CD currently ranks fourth.

How the Preferred Checking Compares

When comparing rewards checking accounts, it’s always a balancing act between APYs and qualifying balance caps. If APYs were the sole determinant in this case, Greater Alliance Federal Credit Union’s Preferred Checking would rank 7th when compared to the 44 High Yield Reward Checking accounts tracked by that are available to New Jersey residents.

Using qualifying balance caps as the sole determinant, Greater Alliance Federal Credit Union's Preferred Checking currently ranks second, when compared to High Yield Reward Checking accounts with caps of $25K.

The above rates are accurate as of 11/18/2015.

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

To find the best rates on liquid accounts in your state or that are nationally available, please refer to our high yield checking account rate table and personal checking account rate table.

High-Yield Reward Checking at Greater Alliance Federal Credit Union in Northern New Jersey - Local Only

It's rare these days to come across a top rate on a reward checking account. I'm glad a reader mentioned this in the comments. The account is called Preferred Checking, and it's being offered by Greater Alliance Credit Union. Preferred Checking isn't listed on the credit union's website, so I had to call for the following details (as of 2/24/2011):

  • 4.01% APY on balances up to $25K
  • 0.75% APY on portion above $25K
  • 0.10% base rate if requirements are not met

Monthly requirements to qualify for the above rates include:

  • 10 debit card purchases
  • $175 minimum...
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