Now through August 31, 2017, USALLIANCE Financial (USALLIANCE) is offering three Cooperative Rewards CD Specials: 15-month, 1.51% APY; 24-month, 2.02% APY; 36-month, 2.28% APY. The minimum deposit is $500, with no stated balance cap. In the past, USALLIANCE has required new money for their CD Specials, there’s no mention of that restriction for the Cooperative Rewards CD Specials. There is, however, this fairly benign requirement:
Member must be enrolled or enroll for eStatements at the time of account opening.
Also, promo code, COOPCD, must be used when applying.
Although the promotional email sent to current members states,
This offer will not be advertised to the public- you won't even see it on our website!
I received written confirmation from USALLIANCE that, “Any of our members (new and existing) can participate.”
|2.28%||$500||-||USALLIANCE Financial||36 Month Cooperative Rewards CD Special|
|2.02%||$500||-||USALLIANCE Financial||24 Month Cooperative Rewards CD Special|
|1.51%||$500||-||USALLIANCE Financial||15 Month Cooperative Rewards CD Special|
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 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the early withdrawal penalty will equal 180 days dividends on the amount withdrawn.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the penalty amount will equal 360 days of dividends on the amount withdrawn.
Update 8/11/17: Another important thing to note about the CDs is that USALLIANCE reserves the right to call a CD early. However, in the past USALLIANCE has assured anyone who asked that it had never used this right. Nevertheless, this right to call a CD early is in the Truth in Savings document, and it 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 transactional deposit accounts or STAR Retirement Account for easy access.
Thanks to DA readers, Sylvia, ChasR, and cumulus, for their Forum posts and emails about USALLIANCE’s latest CD Specials.
Headquartered in Rye (Westchester County), New York, USALLIANCE Financial's field of membership (FOM) 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 ways to join.
Easy Membership Requirement:The eighth 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 (ACC)
- 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 ninth option allows you to join USALLIANCE and any of five 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.
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.
- 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
At the moment, opening a Cooperative Rewards CD Special must be done in person at any of USALLIANCE’s branch locations, or by contacting the Member Services Department at 800.431.2754. CSR stated that the CD Specials are in the process of being added to the online application. No matter the method of opening, promo code, COOPCD, must be used when applying.
Credit Union Overview
USALLIANCE Financial has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 8.44% (excellent) based on March 31, 2017 data. In the past year, USALLIANCE increased its total deposits by $36.74 million, an excellent annual growth rate of 4.02%. 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 18th largest credit union headquartered in New York State, with more than 167,600 world-wide members and assets in excess of $1.2 billion.
How the Cooperative Rewards CD Specials Compare
When compared to the 194 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available nationally, USALLIANCE Financial’s 24-month Cooperative Rewards CD Special APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.02% APY||24-Month Cooperative Rewards CD Special||USALLIANCE Financial|
|1.83% APY||2-Year CD||KS StateBank|
|1.81% APY||24-Months CD||First Internet Bank|
When compared to the 196 CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available nationally, USALLIANCE Financial’s 36-month Cooperative Rewards CD Special APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.28% APY||36-Month Cooperative Rewards CD Special||USALLIANCE Financial|
|2.00% APY||36-Months CD||TIAA Direct|
|1.98% APY||3-Year CD||KS StateBank|
The above rates are accurate as of 8/10/2017.