USALLIANCE Financial Adds Two New Certificate Specials

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Deal Summary: 18-month Certificate Special, 1.15% APY; 36-month Certificate Special, 1.25% APY; $500 minimum deposit.

Availability: Easy membership requirement.

USALLIANCE Financial (USALLIANCE) has added two limited-time Certificate Specials to its product line just in time for Cyber Monday. As DA reader, zz, pointed out in a Forum post, the new 18-month Certificate Special earns 1.15% APY, with the 36-month Certificate Special earning 1.25% APY. Like all USALLIANCE Certificates, the Certificate Specials require a $500 minimum opening deposit, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
0.70%$500-USALLIANCE Financial18 Month Certificate Special
Rates as of January 20, 2021.

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the penalty amount will equal 360 days of dividends on the amount withdrawn.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 guaranteed.

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

Savings/Checking Relationship

The default for the Certificate Special online application for new members has the MyLife Savings (MLS) account automatically selected. If the MLS is unchecked, the following notification pops up:

In addition to your Certificate account, please select either a checking or savings account.

USALLIANCE has two savings accounts (MyLife Savings and High Dividend Savings) and a checking account (MyLife Checking) to choose from.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.00*%-$500USALLIANCE FinancialMyLife Savings
OTHER TIERS: 0.02% $500+
0.55%$500-USALLIANCE FinancialHigh Dividend Savings
Rates as of January 20, 2021.

The MyLife Savings account currently earns 2.00% APY on the first $500 and 0.02% APY on any amounts over $500. The MLS can be opened with as little as $1.

USALLIANCE unveiled its High Dividend Savings (HDS) account in January 2019, with an initial 2.30% APY. Its rate remained competitive through the beginning of this year, but since January, there have been four rate decreases, with the HDS currently earning a disappointing 0.33% APY. DA reader, NYCDoug, posted a noteworthy comment about the HDS on my October 2, 2020 blog post.

Once again, be wary of choosing the High Dividend Savings (HDS) account, which charged me a $5 fee per withdrawal -- automatically, and irreversibly -- during the height of the pandemic, without any sympathy from the CSRs.

As stated on the Fee Schedule (dated May 15, 2020),

High Dividend/Business High Dividend Savings Withdrawal – $5.00 per withdrawal

The checking account listed on the Certificate Specials online application is the MyLife Checking, which is a free checking account with no minimum balance requirement or maintenance fees. It’s also a non-interest bearing account.

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

POD Beneficiary

USALLIANCE allows unlimited POD beneficiaries 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, asking for a beneficiary's Social Security number seems to becoming the norm.

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 may change its bylaws and any term of your account at anytime. We will give you reasonable notice in writing, unless circumstances beyond our control make such notice impractical or prior notice would represent an unreasonable security risk to the Credit Union.

If the Credit Union calls or redeems your account early, we will provide 60 days written notice to you. Should we 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.

Note, the above "right to call" wording has changed from previous disclosures, but the "right to call" continues to be spelled out.

Availability

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

USALLIANCE revamped their online application almost a year ago 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 changed 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

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 2018 assumption of First Jersey Credit Union, 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. According to USALLIANCE’s COVID-19 Updates page,

To best accommodate our members, we will be offering limited in-branch appointments (at the locations listed below) for transactions that cannot be completed electronically through one of our alternative delivery channels (Online and Mobile Banking, ATMs, or Call Center).

  • 1032 Eastern Avenue, Malden, MA
  • 71 Station Landing, Medford, MA
  • Boston Post Road, Port Chester, NY
  • 350 W 31st Street, New York, NY
  • Walmart, 7500 Route 209, Napanoch, NY

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 was at least $1 in the account you wish to open. Based on the new online application, it now appears that either a checking or savings account must be opened.

USALLIANCE participates in the CO-OP Shared Branching network, providing members access to more than 5,600 branches throughout the country.

Credit Union Overview

USALLIANCE Financial has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 8.53% (excellent) based on June 30, 2020 data. In the past year, USALLIANCE has increased its total non-brokered deposits by $76.23 million, an excellent annual growth rate of 6.28%. 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 14th largest credit union headquartered in New York State, with more than 121,000 members and assets in excess of $1.9 billion.

How the Certificate Specials Compare

When compared to 158 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, USALLIANCE Financial’s 18-month Certificate Special APY currently ranks first.

When compared to 207 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, USALLIANCE Financial’s 36-month Certificate Special APY currently ranks first.

The above rates are accurate as of 11/30/2020.

To look for the best CD rates, both nationwide and 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, 5-year CD rates, nationwide deals

Comments
Buckeyes
  |     |   Comment #1
wow that seems like a hefty early withdrawal penalty does it not? i don't like my money held hostage like that.
scottj
  |     |   Comment #3
wow that seems like a pretty good rate does it not?

So makes sense it's going to have a hefty penalty. But unlike a hostage situation no one is putting a gun to your head
Rickny
  |     |   Comment #2
Opened an 18 month CD and put $500 in the MyLife savings paying 2% on that $500. Opened on line which was easy and they had you join an organization for free which all you had to do was click a button and they handle (ARC and ACC are 2 organizations). In a couple of hours an email was sent to me asking to upload 2 pieces of ID from a list they provided. The upload button did not work. Called the CU and they had me email copies of the ID. The CD and the savings account were opened the next morning. The following day I received an email with Doc -sign documents that I signed and submitted electronically and I was able to print out the terms and CD certificate. Pretty good process.
rogerdou
  |     |   Comment #4
How do you get money out of this FI without stupid fees? Can I get some suggestions please?
Choice
  |     |   Comment #5
What do the disclosures on fees state when one appears at a branch with proper id and requests a check at maturity?
rogerdou
  |     |   Comment #6
https://www.usalliance.org/hubfs/assets/documents/disclosures/usalliance-fee-schedule.pdf

States $10 for a counter check from the teller at the closest branch or $25-35 for wire transfers
Doesn't that just leave cash as an option for zero fees?
Choice
  |     |   Comment #7
You don’t want any cashier, official, or counter check...you want a FI issued check payable to you. A counter check is normally a check they provide at the “counter” which is made (in blank but drawn on...) when one goes to the bank account where s/he has a checking account but don’t have one of their normal printed checks available to use for/in an unrelated transaction, eg “The definition of a counter check is a check available to a bank customer to add their account number to make a withdrawal from their account. An example of a counter check is what a bank customer would fill out when taking money out of their checking account.”
CobraKai
  |     |   Comment #8
way too much red tape with this bank. the rate isn't worth it.
USALLIANCE Financial Adds 35-Month Certificate Special
Deal Summary: 35-month Certificate Special, 1.00% APY, $500 minimum deposit, checking or savings relationship required new members.

Availability: Easy membership requirement.

USALLIANCE Financial (USALLIANCE) has added another limited-time Certificate Special to its product line. The new 35-month Certificate Special earns 1.00% APY. Like all USALLIANCE Certificates, the 35-month Certificate Special requires a $500 minimum opening deposit, with no stated balance cap.

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

According to the Certificate Accounts Disclosure, the ability to withdraw any of...

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Deal Summary: Certificate Specials – 12-month (1.05% APY) and 18-month (1.05% APY), $500 minimum deposit.

Availability: Easy membership requirement.

USALLIANCE Financial (USALLIANCE) started the month by increasing the rates of its 12-month and 18-month Certificate Specials. Both now earn 1.05% APY. Unfortunately, the rates of its other Certificate Specials, including the 11-month no-penalty Certificate, have gone down. The minimum opening deposit for all of these limited-time Certificate Specials is $500, with no stated balance cap.

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

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USALLIANCE Financial Offers Four Certificate Specials
Deal Summary: Certificate Specials – 9-month (0.80% APY), 11-month No Penalty (0.75% APY), 18-month (1.02% APY), 36-month (1.15% APY), $500 minimum deposit, checking or savings relationship for required new members.

Availability: Easy membership requirement.

Thanks to DA reader, alan1, who noted the absence of two USALLIANCE Financial (USALLIANCE) Certificate Specials in this week’s CD Rates Summary.* As alan1 pointed out, the 9-month (0.80% APY) and 11-month No Penalty (0.75% APY) are currently offering rates that merit inclusion in the Summary. While not having rates as competitive as...

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USALLIANCE Financial Adds 11-Month No-Penalty CD
Deal Summary: 11-Month No-Penalty Certificate, 0.85% APY, $500 minimum deposit, checking or savings relationship for required new members.

Availability: Easy membership requirement.

As CD rates continue to play musical chairs, the 11-month No-Penalty Certificate offered by USALLIANCE Financial (USALLIANCE) has recently become a rate leader. Offered for an unspecified limited time, the 11-month No-Penalty Certificate earns 0.85% APY. The minimum opening deposit is $500, with no stated balance cap.

As stated in the fine print on the No-Penalty Certificate landing page,

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I took a look at the Certificate Special...

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USALLIANCE Financial Ups 18-Month CD Special Rate
Deal Summary: 18-month Certificate Special, 1.55% APY, $500 minimum deposit, checking or savings relationship.

Availability: Easy membership requirement.

USALLIANCE Financial (USALLIANCE) recently raised the rates on two of its Certificate Specials: 18-month (1.55% APY) and 36-month (1.60% APY). These limited-time offers require a minimum opening deposit of $500, with no stated balance cap. In the past, USALLIANCE has required new money for the Certificate Specials, but according to CSR, new money is NOT necessary.

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I took a look at the Certificate Special online application for...

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