USALLIANCE Financial Unveils High Dividend Savings, 2.30% APY

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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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.30%$500-USALLIANCE FinancialHigh Dividend Savings
Rates as of January 21, 2019.

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

That means we'll maintain this rate monthly, so you
always know you’re truly receiving the best rate possible.

$5 Withdrawal Fee

While there is no monthly maintenance or service charge, the Truth-in-Savings disclosure states,

All withdrawals from a High Dividend Savings Account are subject to fees.

As stated in the Fee Schedule, each High Dividend Savings withdrawal is subject to a $5 fee.

It's nice to see credit unions come out with high-yield savings accounts, but when there are fees like this, they're not going to be able to compete with no-fee online savings accounts from internet banks. At the very least, this High Dividend Savings account could be useful as a holding account for USALLIANCE CDs that have matured.

Certificate Accounts

USALLIANCE also raised CD rates this week, including the 12-month CD (2.80% APY, 50 bps added) and 24-month CD (3.00% APY, 60 bps added). Any of USALLIANCE’s CDs can be opened with a $500 minimum deposit, with no stated balance caps.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.00%$500-USALLIANCE Financial24 Month CD
2.80%$500-USALLIANCE Financial12 Month CD
Rates as of January 21, 2019.

POD Beneficiary

The good news is that USALLIANCE allows POD beneficiary(ies) to be named. As DA reader, me1004, mentioned in an April blog post comment, there is also not-so-good news concerning beneficiaries, which can be a deal breaker for some.

I note, US Alliance is one of the few banks or CUs that will not let you add a
POD beneficiary without providing that beneficiary's Social Security number.

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 a new online application and the first page details the various ways to join.

Easy Membership Requirement: The ninth option, "I am a member of an association or charitable organization," lists eleven groups that 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 tenth option allows you to join USALLIANCE and any of five named associations, including ACC, simultaneously.

By selecting one of the associational membership options below, which entitles me to membership with USAlliance Financial, I authorize USAlliance to submit my membership request to my chosen association.

The eleventh option is “First Jersey Member.” According to a February 2018 NCUA press release,

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 High Dividend Savings account 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

Credit Union Overview

USALLIANCE Financial has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 6.79% (excellent) based on September 30, 2018 data. In the past year, USALLIANCE has increased its total non-brokered deposits by $180.68 million, an excellent annual growth rate of 19.82%. 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 become the 13th largest credit union headquartered in New York State, with more than 116,000 members and assets in excess of $1.6 billion.

How the High Dividend Savings Compares

When compared to the Savings Accounts tracked by DepositAccounts.com that are nationally available and have a low minimum balance requirement, USALLIANCE Financial’s High Dividend Savings APY currently ranks fifth.

Interest RateAccount NameCredit Union/Bank
2.45% APYSavings Builder w/mo deposits ($100 opening min/no max)CIT Bank
2.40% APYMySavings Account (no min/no max)MySavingsDirect
2.39% APYCIBC Agility Savings ($1k min to open/$1m max)CIBC USA
2.30% APYHigh Dividend Savings ($500 min/no max)USALLIANCE Financial

The above rates are accurate as of 1/4/2019.

To compare the top Savings account rates, both nationwide and state specific, please refer to our Savings Account Rates Table page.

Related Pages: New York savings accounts, Boston savings accounts, Hartford savings accounts, savings accounts, 1-year CD rates, 5-year CD rates, nationwide deals

Comments
Anonymously
Anonymously   |     |   Comment #1
Perhaps a bit philosophical, but as I get older accounts like this appeal less and less to me. These accounts seem to be aimed at people who either 1) do not care about being nickel and dimed and are wiling to jump through hoops or 2) do not read the fine print and suffer the consequences.

Life's too short.
alan1
alan1   |     |   Comment #2
The USAlliance "MyLife Savings" account has an APY of 3.05% on the first $500. https://www.usalliance.org/about-us/rates/savings-rates

I don't think that's a reason to join the credit union, but if you're already a member, or planning to join, it's not a bad feature.

All USAlliance CDs are callable products. Complete CD Disclosure at https://www.usalliance.org/hubfs/assets/documents/disclosures/usalliance-certificate-account-disclosure.pdf
Att
Att   |     |   Comment #3
EBSB pays 2.5% with $5,000 minimum and no games. This is one of the few times you see a Credit Union that is offering a high savings rate.
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Availability: Easy membership requirement.

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Availability: Easy membership requirement.

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Availability: Easy membership requirement

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Availability: Easy membership requirement

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