USALLIANCE Financial Adds 12-Month CD Special, 3.00% APY

POSTED ON BY

Deal Summary: 12-month Certificate Special, 3.00% APY, $500 minimum deposit, new money.

Availability: Easy membership requirement.

Since the beginning of the year, USALLIANCE Financial (USALLIANCE) has offered 3.00% APY on a series of limited-time Certificate Specials, with each successive term-length more competitive than the previous: 24-month in January, 18-month in April, and now a 12-month Certificate Special.

According to the fine print on Savings Rates page, the 12-month Certificate Special can be opened with a $500 minimum deposit of new money, defined as “funds not currently on deposit at USALLIANCE Financial.”

Thanks to DA reader, scottj, for his Forum post announcing USALLIANCE’s return to the 3% Club!

As stated in USALLIANCE’s Certificate Accounts Disclosure, the Early Withdrawal Penalty reads as follows:

If your Certificate Account has an original maturity date of less than 18 months,
the penalty amount will equal 180 days of dividends on the amount withdrawn.

According to the Certificate Accounts Disclosure, the ability to withdraw any of the principal before maturity is not necessarily a given.

You may make withdrawals of principal on a Certificate
Account at the discretion and approval of USALLIANCE Financial.

I have included the following in several other USALLIANCE blog posts, but it’s still important information to readily available, whether you’re a long-time DA reader or new to the fold.

POD Beneficiary

The good news is that USALLIANCE allows POD beneficiary(ies) to be named, but Social Security numbers are required for each named beneficiary, which can be a deal breaker for some investors. While not requiring Social Security numbers was more common in the past, more institutions seem to be asking for beneficiary Social Security numbers.

Accessing Maturing Funds

USALLIANCE Certificates have a grace period of seven calendar days, beginning on the maturity date, although “all term accounts are available for a range of maturity days to permit you to schedule redemption for a business day.” While seven days is on the short side, USALLIANCE has provided an easy method for accessing maturing funds.

Transfer Upon Maturity: If prior to maturity you elect to redeem your Certificate Account
or the Credit Union does not automatically renew your account, the entire balance will be automatically transferred to your Share Management Checking, Share Management Savings, STAR Account or MyLife Account (Checking or Savings) for easy access.
Please note: Jumbo Certificates do not renew automatically.

Once the funds are in a checking or savings account, an ACH transfer can be initiated from another bank.

Right To Call

In previous blog posts, I have mentioned USALLIANCE’s “right to call” any of its Certificates early that, according to USALLIANCE, has never been exercised. Nonetheless, the “right to call” is spelled out in the Certificate Accounts Disclosure, and reads as follows:

The Credit Union has the right to call or redeem Certificate Accounts early. To call or redeem your Certificate Account early, the Credit Union will provide 60 days written notice to you. Should the Credit Union exercise this option, your Certificate Account will be redeemed without penalty on the day specified in the notice, and the entire balance, including earned dividends, will be automatically transferred to your Share Management Checking, Share Management Savings, STAR Account or MyLife Account (Checking or Savings) for easy access.

High Dividend Savings

At the beginning of the year, USALLIANCE unveiled its High Dividend Savings account, with an initial 2.30% APY. There have been four rate increases since January, adding a total of 20 bps. My January 4, 2019 blog post discusses this new account in greater detail.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.10%$500-USALLIANCE FinancialHigh Dividend Savings
Rates as of July 15, 2019.

Availability

Headquartered in Rye (Westchester County), New York, USALLIANCE Financial's field of membership (FOM) is wide and varied, providing almost any U.S. citizen or resident alien, with a valid Social Security number, a way to join.

USALLIANCE has changed their online application again, and the latest version does not detail the various ways to join on the first page. According to CSR, the different ways to join have not change and still include,

Easy Membership Requirement: Members of the following associations/charitable organizations qualify.

  • American Consumer Council (ACC)
  • AOPA
  • Arc of Westchester
  • Council of Community Service
  • New York Historical Society Museum and Library
  • The Rye Arts Center
  • St. Thomas Orchestra of Mamaroneck
  • Sullivan ARC (Sullivan County residents only)
  • The Bill Fish Foundation
  • Tread Lightly!
  • Unite Here

The newest name on that association list is First Jersey Member. According to a February 2018 press release issued by the NCUA,

Members of First Jersey Credit Union are now members of USALLIANCE Federal Credit Union following today’s liquidation by the New Jersey Department of Banking and Insurance.

The Department liquidated First Jersey, of Wayne, New Jersey, and appointed the National Credit Union Administration as liquidating agent. USALLIANCE Federal Credit Union of Rye, New York, immediately assumed most of First Jersey’s assets and loans and all member shares.

Residency: Individuals who live, work, or worship in the Massachusetts counties of Barnstable, Essex, Middlesex, Norfolk, Plymouth, Suffolk, or Worcester are eligible for membership. In addition, individuals who live, work, or worship in the city of West Haven, Connecticut, and qualifying districts in Manhattan, Mount Vernon, and The Bronx, are welcome to join. Following the assumption of First Jersey CU, individuals who live, work, or worship in the New Jersey counties of Bergan and Passaic qualify for membership.

Employment: Employees of over 175 companies are eligible to join, including employees or retirees of the state or local government in the New York counties of Columbia, Dutchess, Orange, Putnam, Rockland, Sullivan, Ulster, or Westchester.

Education: Registered students, staff, and faculty members of Columbia University and Manhattanville College (both in NYC) qualify for membership, as do members of Columbia University’s Alumni Association.

Religious Affiliation: Members of ten named houses of worship in the New York counties of Bronx, Sullivan, and Westchester are eligible to join.

Joining USALLIANCE and/or opening a Certificate Special can be done online, or at any of the following 21 branch locations:

  • Connecticut – West Haven (2)
  • Massachusetts – Cambridge, Danvers, Malden, and Medford
  • New Jersey – Wayne
  • New York – Bronx, Ferndale, Napanoch (2), New York City (2), Otisville, Port Chester, Purchase, Rye, Somers, Wallkill, White Plains, and Woodbourne

Unlike most credit unions, USALLIANCE does not have a Share Account that must be opened with a small deposit to establish membership. The only deposit requirement is at least $1 in the account you wish to open.

USALLIANCE participates in the CO-OP Shared Branching network, providing members access to more than 5,600 branches throughout the country. As DA reader, Sylvia, pointed out in a Forum post,

I suggest calling them [USALLIANCE] AND the shared branch you plan to
use. Restrictions on deposits are a possibility, on withdrawals a certainty.

Credit Union Overview

USALLIANCE Financial has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 6.51% (excellent) based on December 31, 2018 data. In the past year, USALLIANCE has increased its total non-brokered deposits by $186.62 million, an excellent annual growth rate of 20.35%. Please refer to our financial overview of USALLIANCE Financial (NCUA Charter # 17587) for more details.

USALLIANCE Financial was chartered in 1966 as a credit union for IBM employees. Formerly known as USAlliance Federal Credit Union, the Credit Union did a rebrand in September 2015 to "help drive home all that we have to offer to potential members." From humble beginnings in the company's basement cafeteria, USALLIANCE is currently the 13th largest credit union headquartered in New York State, with nearly 117,000 members and assets in excess of $1.7 billion.

How the Certificate Special Compare

When compared to similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are nationally available, USALLIANCE Financial’s 12-month Certificate Special APY currently ranks first.

The above rates are accurate as of 6/3/2019.

To look for the best CD rates, both nationwide in state specific, please refer to our CD Rates Table page.

Related Pages: New York CD rates, Boston CD rates, Hartford CD rates, 1-year CD rates, nationwide deals

Comments
RichReg
RichReg   |     |   Comment #1
You can open a checking account (My Life Checking) and request proceeds to be deposited there @ maturity. They give you free checks.
willy12
willy12   |     |   Comment #2
Does an ACC membership that is over a year old count?

(If they still have the rate in a few months when I will be looking for new landing spots)
Sylvia
Sylvia   |     |   Comment #3
ACC membership does not expire or require renewal. You should be good. It's helpful to have actual certificate within reach as some places ask for digital copy and/or membership #. Hopefully rates will have jumped in a few months.
RichReg
RichReg   |     |   Comment #4
Made my deposit today and called to invest.
THIS time the rep (Michelle) said that there shouldn't be any "holds" placed on ANY of your funds when the CD matures. I don't know why they have this mention of a $50,000 limit per day withdrawal from a shared branch.

If you're looking for a cashier's check, and your Shared branch doesn't impose any withdrawal restrictions, then USAlliance has no reason to hold back any of your funds @ maturity.
Sylvia
Sylvia   |     |   Comment #9
RichReg (#4), while not previously aware of USAlliance's $50K limit on shared branch withdrawals, I'm not surprised. I've been told shared branching is the single biggest source of fraud for CUs collectively. Someone with a fake ID could do some damage as shared branches, being open to folks with whom they have no relationship, are reliant on the IDs presented by users.
RichReg
RichReg   |     |   Comment #12
Understood.
When I called 24 hours ago, USAlliance referenced internal policies about the $50K limit on Shared branching. Later on with check in hand...NO such restriction ; AS LONG AS the branch permits it. Fraud prevention must definitely be the issue.

As another posted pointed out, USAlliance has images of my SS Card, Driver's license, etc. And a Shared branch DOES have the responsibility of checking your ID (which they did). Kind' a hard to forge a State issued driver's license, but I guess anything's possible...
willy12
willy12   |     |   Comment #8
You think rates might jump that quick? Everything I read says another cut before year end.

I've got 2 Andrews to replace on 8/26 and 9/18 so I'm hoping they have new specials.
retired32984
retired32984   |     |   Comment #11
Will It let you join ACC during the application process?
Mid-Kansas
Mid-Kansas   |     |   Comment #14
I mentioned ACC during my phone application.
joselpujol
joselpujol   |     |   Comment #5
If you don't mind spending a good chunk of your day sending and re-sending required documentation (for reasons too numerous to detail, it would never suffice), and at the end, if you don't mind sending a copy of your SS Card via email (????), do give this bank a shot.
For yours truly, the first impression with a banking institution is key: and must say today's adventure w/USALLIANCE was, to say the least, frustrating!
joselpujol
joselpujol   |     |   Comment #6
Update on a prior message. Only fair to point out that, after going through the unpleasant experience pointed out before, and after having given up on opening an account w/USALLIANCE, was very pleasantly surprised to receive a call this afternoon from Jennifer (a Branch VP) who not only apologized for the earlier inconvenience but guided me through the entire setup process online. Was NOT expecting anything like this and have to say it speaks volumes of the length this online bank will go to to care for their customers and accept responsibility. Good for them (and for us)!.
Mid-Kansas
Mid-Kansas   |     |   Comment #7
Received an error during the online application after the funding page. I called the number and they were unable to find my application. They took my application verbally over the phone and sent documents via DocuSign to my email address to sign, which provided a way to upload copies of a drives license and a utility bill. They provided a code over the phone to register my online access. The CSR was very patient with me and apologized for the problems encountered. My only complaint was the amount of time on the phone, but with all things considered I recommended them. I just wished the online application had worked. It would have saved me some time, or at least this was my hope.
Never Trump Republican
Never Trump Republican   |     |   Comment #10
I am member of US ALLIANCE for years. I have positive experience, and I'm a satisfied memer.

I use My Life Checking there to deposit the maturing CDs into, and then use my HUB accounts to transfer funds.
bidarb4
bidarb4   |     |   Comment #13
I rejoined the credit union with only medium difficulty. I found the easiest way to open the certificate was to call them and provide them with the amount, the routing number and the account number. Done. They also allow the certificate and the account to be listed as a trust account. I also told them that I did not not want the certificate to automatically renew.....just deposit the matured funds in the required savings account....currently funded at $1. Linked my Ally account to the savings for withdrawal of funds upon maturity.
NYCDoug
NYCDoug   |     |   Comment #15
Caution with that 2.50% High Dividend Savings account: US Alliance will charge you $5 per withdrawal, up to a maximum of six withdrawals ($30) per month!
Att
Att   |     |   Comment #16
I live about 20 miles from the CU. I tried to open a CD a few years ago. They told me I had to go to the branch with my passport to open a CD. Not worth the bother.
skimming ?
skimming ?   |     |   Comment #17
They say 3% Apy
How much does it matter if paper work says 2.9996%?
@ 100K
willy12
willy12   |     |   Comment #18
If my math is right, the difference between the 2 rates is 40 cents a year per $100k.

No representation is made that the quality of the math performed is greater than the quality of math that may be performed by others.
skimming ?
skimming ?   |     |   Comment #19
My math is not relevant to my question.
More plainly for those able to reply, why is the 40 cents not accounted for?
TY
I thought I would get a better answer from #18 as he professes to be a stickler for discrepancies .
willy12
willy12   |     |   Comment #20
Never claimed to be a stickler for discrepancies. You're confused or something.
RichReg
RichReg   |     |   Comment #21
I think you're reading it wrong.
Should be 2.9556%...which is the APR, yielding APY of 3%.
There's no 2.9996 anywhere, and if there is, its a typo.
RichReg
RichReg   |     |   Comment #22
Disregard my reply#21...
My CD ALSO states a 2.9996% APY. So what?

Reason: IT'S ROUNDED. All banks do this.
#23 - This comment has been removed for violating our comment policy.
arthurtony
arthurtony   |     |   Comment #24
Sorry everybody - the 3% cd is no longer available. I called today to open a second one and the csr told me that the special rate had ended. That was fast!
ram
ram   |     |   Comment #25
It was easy opening of CD that I did last week. Good rate. Don't think we will see it for couple of months
USALLIANCE Financial Adds 18-Month CD Special, 3.00% APY
Deal Summary: 18-month Certificate Special, 3.00% APY, $500 minimum deposit, new money.

Availability: Easy membership requirement.

Just four days ago, DA reader, CapitalClimate, announced in the Forum that “USALLIANCE drops out of 3% club,” following the 24-month CD rate falling to 2.80% APY.

Good news – they’re back! USALLIANCE Financial (USALLIANCE) has added an 18-month Certificate Special earning 3.00% APY.

According to the fine print on USALLIANCE’s Savings Rates page, the 18-month Certificate Special can be opened with a $500 minimum deposit of new money, defined as “funds...

Continue Reading
USALLIANCE Financial Unveils High Dividend Savings, 2.30% APY
Deal Summary: High Dividend Savings, 2.30% APY on balances of $500 and above.

Availability: Easy membership requirement.

In the first week of the new year, I’m writing about something new: the High Dividend Savings account offered by USALLIANCE Financial (USALLIANCE). Recently added to the product line, the High Dividend Savings account earns 2.30% APY on balances of $500 and above. Balances below $500 do not earn any interest.

According to the promotion page, the High Dividend Savings has a “true variable rate.”

$5 Withdrawal Fee

Continue Reading
USALLIANCE Adds Promo Rate On 12-Month CD
Deal Summary: Promotional Rate Certificates – 12-month (2.75% APY), 36-month (3.25% APY), $500 minimum deposit, new money.

Availability: Easy membership requirement.

Less than three weeks ago, I wrote about how USALLIANCE Financial (USALLIANCE) had re-worked their product line, eliminating Certificate Specials with non-standard terms. USALLIANCE is again offering “Specials,” but this time it’s Special Rates. For a limited time, promotional rates are available on the 12-month Certificate (2.75% APY) and 36-month Certificate (3.25% APY). The promotional rates are 47 and 92 bps higher than are currently...

Continue Reading
USALLIANCE Financial Raises 24-Month CD Rate
Deal Summary: Certificates – 12-month (2.50% APY), 24-month (2.80% APY), and 36-month (3.05% APY), $500 minimum deposit, new money.

Availability: Easy membership requirement.

In the past few years, USALLIANCE Financial (USALLIANCE) was known for regularly offering Certificate Specials with non-standard term lengths, such as 25- and 35-months. USALLIANCE's new website makes no mention of the Certificate Specials. The Savings Rates page now lists nine standard term lengths Certificates, ranging from 3 months to 60 months. Of those nine, the 12-, 24-, and 36-month Certificates are currently...

Continue Reading
USALLIANCE Financial Offers Special Rate 35-Month CD To Everyone
Deal Summary: Certificates – 25-month (2.85% APY) and 35-month (3.00% APY), $500 minimum deposit

Availability: Easy membership requirement

If you are a member of USALLIANCE Financial, you may recall receiving a rather odd-looking, “strictly confidential” email in mid-June, announcing that “VIP members are now eligible for a ONE QUARTER POINT RATE BOOST on newly opened 25 and 35 Month Certificate Accounts.” With this rate bump, the 25-month would jump to 2.85% APY and the 35-month to 3.00% APY. That exclusive offer was supposed to be good...

Continue Reading

More Past Offers



The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.