USALLIANCE Financial Adds 18-Month CD Special, 3.00% APY

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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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.85%$500-USALLIANCE Financial18 Month CD Special - New Money
Rates as of May 19, 2019.

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 not currently on deposit at USALLIANCE.”

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 18 months or longer,
the penalty amount will equal 360 days of dividends on the amount withdrawn.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 have on hand, 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 three rate increases since January, adding a total of 17 bps. My January 4, 2019 blog post discusses this new account in greater detail.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.50%$500-USALLIANCE FinancialHigh Dividend Savings
Rates as of May 19, 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.

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 161 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are nationally available, USALLIANCE Financial’s 18-month Certificate Special APY shares the top spot with Hanscom Federal Credit Union’s 19-month CD Special APY and Service Credit Union’s 18-month Share Certificate APY.

The above rates are accurate as of 4/5/2019.

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

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

Comments


#1 - This comment has been removed for violating our comment policy.
#27 - This comment has been removed for violating our comment policy.
me1004
me1004   |     |   Comment #29
Yes, they lose my money, over their ignorant SS number requirement for beneficiaries. There is no need for the SS number of the beneficiary. My beneficiary doesn't even have to have an SS number, much less do I know what their number is. But the beneficiary even could provide an SS number if needed if the time to make the claim were to come.

So, they lose my business, and I have a good amount coming due, but their competitors will get it.
#46 - This comment has been removed for violating our comment policy.
#67 - This comment has been removed for violating our comment policy.
Ginna
Ginna   |     |   Comment #68
Every time I applied for a cd or saving account, they have pulled hard credit report, no more.
CapitalClimate
CapitalClimate   |     |   Comment #69
Good to see that they're back when 3% was threatening to become a unicorn.
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

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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...

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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...

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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...

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USALLIANCE Financial Ups 25- And 35-Month CD Rates

UPDATE 6/14/2018: USALLIANCE Financial is offering its “VIP” members an additional 25 bps on new opened 25- and 36-month Certificates through June 30, 2018.

Deal Summary: Certificates – 12-month (2.28% APY), 25-month (2.58% APY), and 35-month (2.74% APY), $500 minimum deposit

Availability: Easy membership requirement

UPDATE: According to an email sent by USALLIANCE Financial, “VIP members are now eligible for a ONE QUARTER POINT RATE BOOST on newly opened 25 and 35 Month Certificate Accounts.” This rate increase results in a 3.00% APY for the 35-month...

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