USALLIANCE Financial Adds 36-Month High Yield CD (2.20% APY)

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UPDATE 4/27/17: Following a Live Chat this morning, I have included what USALLIANCE states is the correct information on the 36-Month High Yield CD Special.

Deal Summary: 36-month High Yield CD Special, 2.20% APY, new money, $500 minimum deposit, no stated balance cap.

Availability: Easy membership requirement.

4/27/2017 Live Chat Highlights

    Live Chat: All our CDs are available as retirement CDs. Even CD Specials.

    Member: So what I saw yesterday was an error?

    Live Chat: Must have been we do not limit what CDs are used as retirement accounts.

    Member: Okay. What about the 36-month CD I see listed under Fixed Rate Certificates? It also lists the option to "Raise any CD rate by .25%" Is that correct?

    Live Chat: I am reaching out on the about the Rate under fixed CDs because this is special and should not be listed there. The 2.20% rate is only new money and it is listed in error on the rates page we are updating that page now.

    Member: And is there a limit of the number of 36-month Specials I can open?

    Live Chat: Yes that is 1 special per SSN.

It’s been some time since USALLIANCE Financial (USALLIANCE) had a CD Special that was “wow-worthy.” The wait is over, with the addition of a 36-month High Yield CD Special (2.20% APY). The minimum deposit is $500 of new money, “or as much as you like.” New money is defined as “funds not currently on deposit at USALLIANCE.” There is a limit of one CD Special per Social Security number, and according to the description on the promotion page, it is “not available for retirement accounts.”

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.20%$500-USALLIANCE Financial36 Month High Yield CD Special
Accounts mentioned in this post. Rates as of May 22, 2017.

When USALLIANCE unveiled its new website in August 2016, it opted to place all of its Special CDs on the Investment-CDpage. It’s not the first place I would look for CD Specials, since the term “investment” is most often associated with brokerage services, but now we know where to look.

As stated in USALLIANCE’s Truth In Savings document, the Early Withdrawal Penalty reads as follows:

If your Certificate Account has an original maturity date of 18 months or longer,
the penalty amount will equal 360 days of dividends on the amount withdrawn.

Callability Policy

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.

Thanks to DA reader/contributor, ChasR, for sending me a transcript of his Live Chat about USALLIANCE’s newest CD Special.

Availability

Headquartered in Rye, New York (Westchester County), USALLIANCE Financial's field of membership is wide and varied, with residency, employment, and charitable organization membership serving as qualifying criteria.

USALLIANCE's online application Disclosure page for membership and new accounts details the various membership routes, which have been expanded since I last wrote about USALLIANCE.

Easy Membership Requirement:The seventh option (associations or charitable organizations) listed under "How Do You Qualify For Membership," lists eleven organizations and associations that can be joined by anyone:

  • American Consumer Council
  • 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

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, also qualify.

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.

Bethex Charter: USALLIANCE acquired Bethex Federal Credit Union in 2015 and former Bethex members have been grandfathered into USALLIANCE’s membership.

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

  • Connecticut – West Haven (2)
  • Massachusetts – Cambridge, Danvers, Malden, and Medford
  • New York – Bronx, Ferndale, Napanoch (2), New York City (3), Otisville, Port Chester, Purchase, Rye, Somers, Wallkill, White Plains, and Woodbourne

Note: The CD Special can be opened as an IRA but not online. USALLIANCE suggests calling 800.431.2754, ext. 1260, for assistance in opening an IRA.

Credit Union Overview

USALLIANCE Financial has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 9.17% (excellent) based on December 30, 2016 data. In the past year, USALLIANCE increased its total deposits by $42.68 million, an excellent annual growth rate of 4.85%. 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 has grown to over 93,200 world-wide members and with assets in excess of $1.2 billion.

How the High Yield CD Special Compares

When compared to the 198 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available nationally, USALLIANCE Financial’s 36-month High Yield CD Special APY currently ranks first.

Interest RateCD Length of TermCredit Union/Bank
2.20% APY36-Month High Yield CD SpecialUSALLIANCE Financial
2.02% APY30-Month Celebration CertificateNorthwest Federal Credit Union
2.00% APY36-Month E-Certificate of DepositFirst Central Savings Bank

The above rates are accurate as of 4/26/2017.

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


Comments
jimdog
jimdog   |     |   Comment #1
Since this is a callable CD, it's not worth the it! Forgetaboutit.
CapitalClimate
CapitalClimate   |     |   Comment #2
Callability in a rising rate environment is low risk.
Ron H
Ron H   |     |   Comment #3
Hello. How did you find out the new 36 month, 2.20% APY is callable?
Ken Tumin
Ken Tumin   |     |   Comment #4
The "call or redeem" right is on page 4 of the Truth-in-Savings disclosure. It appears to cover all of the credit union's certificates. I don't think it has ever been used by the credit union, and it's probably very unlikely to be used in the future. Nevertheless, it's important to know that this is in the disclosure.
Ron H
Ron H   |     |   Comment #7
I spoke to an experienced rep at this CU and she confirmed the "call" language is there, but said that it has never been invoked during her time there.
RichReg
RichReg   |     |   Comment #5
WOW is right...I should've waited.
But let's not be ridiculous...it'll take a nuclear strike before they call these.
Annonymous
Annonymous   |     |   Comment #6
I have a couple CD's with USAlliance that mature in August 2017. I never thought about them being callable CD's. It's all good right now. But this is a 3 yr 2.20% CD, I think I'll wait for a shorter term CD.
Simion
Simion   |     |   Comment #8
#5 - It's limited to 'new money' only. I've got a USAlliance CD due in August also so I suppose I will have to go elsewhere to reinvest the proceeds. Maybe there is a chance they will relent on the 'new money' issue.
jimdog
jimdog   |     |   Comment #18
Smart is waiting. Cash is worth more than you think, not for its low rate now, but for the future opportunity of locking in a much higher rate 6 months down the road.
ChasR
ChasR   |     |   Comment #9
I am nominating USAlliance as "the most frustrating credit union at which to open a promotional CD."
Here's why:
1. As stated in Ken's post, the promotional page said the 36-month CD "is not available for retirement accounts." This limiting language was put in late yesterday, after USAlliance's original disclosure made no mention of retirement accounts. I just looked again at the promotions page: the language has been removed. Is it or isn't it available for IRAs?
2. USAlliance is now showing under "Bank--Savings Rates" a 36-month 2.2% CD that is not called a "special." Is this the same CD described under "Invest--CDs," or is it a different one? If it's different, is it limited to one per member and to new money?
What will the terms be tomorrow morning--or at 9 pm Eastern time tonight, for that matter?
This confusion has happened with USAlliance promotions before. The problem is this that it does these things "on the fly" and doesn't get the actual terms straightened out for a couple of days.
hank
hank   |     |   Comment #10
I opened this today. It's a good rate for 3 years. By then, hopefully, rates will be higher. By the way, they told me it is not limited to one per person and if I want to call at a later date like next week, I can open another if it is still available
ChasR
ChasR   |     |   Comment #11
Amazing. I'm going to try to open one tomorrow AM. I wonder what the terms will be then? What will they be tomorrow afternoon? Or Friday?
ChasR
ChasR   |     |   Comment #13
I just opened, through the "Express Application" on my online banking page (I'm already a USAlliance member) a "36 Month Fixed Certificate" with a 2.20% APY. This allowed me to arrange funding through an external ACH up to $200,000 (if I had that much money available, which I don't, unfortunately). The CD was "instantly approved" and I have a printed receipt for it. I didn't try to bump the rate by 25 basis points, based on the theory that it was a "special" and was not really a "fixed rate CD "
This is the usual mess that's created when USAlliance tries to do a promotion! If any reader tries for (and gets) the 25-basis point bump, or opens more than one CD, please post about it. Thanks.
ChasR
ChasR   |     |   Comment #14
Alan1--the one per member (SSN} language is in the footnote fine print.
ChasR
ChasR   |     |   Comment #15
A footnote has now been added identifying the CD under "Savings Rates" as a special that cannot be combined with any other special offer. Guess that puts the name in the coffin--no 25 basis point bump-up, only one per customer, etc.
ChasR
ChasR   |     |   Comment #16
"name" should read "nail."
alan1
alan1   |     |   Comment #17
For those interested in opening this CD as an IRA, USAlliance has added the following instruction:
"If you would like to open this special as an IRA, please call our Financial Services Department at 800.431.2754 X1260 and they will be happy to assist you."

go to "Current Specials" at https://www.usalliance.org/investment-products/cd
zzzzz
zzzzz   |     |   Comment #19
I verified that they do charge a $3/month fee for maintaining IRA accounts. This is pretty much unheard of these days. So, I'm blacklisting Alliance.
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