USALLIANCE Adds Promo Rate On 12-Month CD

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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 offered on the 12- and 36-month Certificates, respectively.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.80%$500-USALLIANCE Financial36 Month CD Special - New Money
2.75%$500-USALLIANCE Financial12 Month CD Special - New Money
Rates as of September 24, 2018.

According to the fine print on Savings Rates page, either of the Certificates can be opened with a $500 minimum deposit of new money, defined as “funds not currently on deposit at USALLIANCE.” Step-Up Certificates are not eligible for a promotion rate.

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the early withdrawal penalty will equal 180 days dividends on the amount withdrawn.

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the penalty amount will equal 360 days of dividends on the amount withdrawn.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

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.

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 six 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 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 can be done online, or at any of the following 20 branch locations:

  • Connecticut – West Haven (2)
  • Massachusetts – Cambridge, Danvers, Malden, and Medford
  • 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 7.22% (excellent) based on March 31, 2018 data. In the past year, USALLIANCE has increased its total non-brokered deposits by $90.12 million, an excellent annual growth rate of 9.47%. 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 more than 112,000 members and assets in excess of $1.5 billion.

How the Certificate Specials Compare

When compared to the 224 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 is the new rate leader.

When compared to the 220 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are nationally available, USALLIANCE Financial’s 36-month Certificate Special APY currently ranks first.

The above rates are accurate as of 8/24/2018.

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, 5-year CD rates, nationwide deals

Comments
RichReg
RichReg   |     |   Comment #1
Yep, ..1-year's are slowly creeping up.
Guess USAlliance must've read my snotty comment earlier this month
about their 24-month rate compared to the Andrews promo...
Anon
Anon   |     |   Comment #4
I've gotten some of the worst customer service from this CU. They are losing customers and will keep raising rates to bring in new customers, while losing the older ones.
amp
amp   |     |   Comment #2
I love this credit union/bank. Everyone is so knowledgeable. They compound daily and credit monthly. The best of the best.
#3 - This comment has been removed for violating our comment policy.
Jeff
Jeff   |     |   Comment #5
What would be the issue with providing a ss# for your beneficiary?
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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USALLIANCE 9-Month CD Rate Raised
Deal Summary: Fixed Rate Certificates – 9-month (2.12% APY) and 18-month (2.32% APY), $500 minimum deposit

Availability: Easy membership requirement

At the end of March, USALLIANCE Financial (USALLIANCE) raised the rates on its 9- and 18-month Certificates, making both the top nationally available APYs in their respective length-of-term categories.

Good news – the 9-month Certificate has increased to 2.12% APY. Not so good news – the 18-month Certificate has fallen to 2.32% APY. The 9-month added 10 bps, while the 18-month dropped by 21 bps. The...

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USALLIANCE Ups 18-Month CD Rate
Deal Summary: Fixed Rate Certificates – 9-month (2.02% APY) and 18-month (2.53% APY), $500 minimum deposit

Availability: Easy membership requirement

USALLIANCE Financial (USALLIANCE) has ended the month by raising the rates on its 9-month Certificate (2.02% APY) and 18-month Certificate (2.53% APY). USALLIANCE requires a minimum deposit of $500 on all of its Certificates, with no stated balance cap.

In the past four months, the 9-month Certificate gained 112 bps in three rate increases, while the 18-month Certificate’s rate increased by 94 bps in three...

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