In yesterday’s CD Rates Summary, I noted that USALLIANCE Financial (USALLIANCE) was still offering its 15-month Fixed Certificate Special (1.51% APY), which offers the best rate for CDs with terms around 18 months.
A long-time DA reader contacted me to say he couldn’t find the 15-month Fixed Certificate Special listed in USALLIANCE’s Rate table. After a little investigation, I discovered that USALLIANCE is no longer posting a link to its Certificate Specials on its Home Page, but has moved the link to its Savings Rates page, located just above the "Fixed Rate Certificate Accounts" heading.
- Minimum deposit is $500.
- Maximum deposit is $100K.
- eStatements are required.
- Only available to new USALLIANCE members. (Current members may qualify through the member referral program.)
- Limit of one special offer per Social Security number.
- The MyChoice CD Promo that adds 0.50% does NOT apply.
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original maturity date of less than 18 months the early withdrawal penalty will equal 180 days dividends on the amount withdrawn.
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.
Thanks to DA member, Carpline, for his inquiry about the 15-month Fixed Certificate Special.
The membership field for USALLIANCE Financial 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 membership routes, which have been expanded since I last wrote about USALLIANCE.
Easy Membership:The sixth option (charitable organizations) listed under "How Do You Qualify For Membership," lists eight organizations/associations that can be joined by anyone:
- Council of Community Service
- The Rye Arts Center
- St. Thomas Orchestra of Mamaroneck
- Sullivan ARC (Sullivan County residents only)
- Tread Lightly!
- New York Historical Society Museum & Library
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, volunteer, worship, attend school, or do business in the city of West Haven, Connecticut, are eligible to join.
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, Greene, Orange, Putnam, Rockland, Sullivan, Ulster, or Westchester.
- Connecticut – West Haven (2)
- Massachusetts – Cambridge, Danvers, Malden, and Medford
- New Jersey – Jersey City
- New York – Ferndale, Hartsdale, Napanoch (2), New York City (3), Otisville, Port Chester, Rye, Somers, Tarrytown, Wallkill, White Plains, and Woodbourne (2)
Credit Union Overview
USALLIANCE Financial has an overall health grade of "B+" at DepositAccounts.com, with a Texas ratio of 12.43% (above average) based on September 30, 2015 data. In the past year, USALLIANCE Financial increased its total deposits by $97.8 Million, an excellent annual growth rate of 11.92%. Please refer to our financial overview of USALLIANCE Financial for more details.
USALLIANCE Financial was chartered in 1966 (NCUA Charter # 17587) 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 over 83,000 world-wide members and with assets in excess of $1 Billion.
How the CD Compares
When compared to the 99 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available nationally, USALLIANCE Financial’s 15-month Fixed Certificate Special clearly has little competition.
The above rates are accurate as of 2/3/2016.