USALLIANCE Financial was founded in 1966 by a small group of early IBM (International Business Machines) employees to serve fellow IBM employees.
Today, they have $2+ billion in assets and serve over 136,000 members across the world.
USALLIANCE Financial Credit Union membership is also available to consumers nationwide by joining one of their partner associations. If you live, work, go to school or church within their specified Massachusetts counties, NY or CT you’re also eligible. See below for more information.
USALLIANCE Financial has 3 “special” CDs (certificates of deposit). These are made up of one No-Penalty CD as well as two Step-Up CDs. They also offer a standard set of CDs that come with terms of 3 months to 5 years that now offer reasonably competitive yields.
Their variable-rate accounts consist of:
- “High Dividend Savings”
- “MyLife” money market accounts
To see if either their CDs, savings accounts, or money market accounts are right for you, continue reading below.
USALLIANCE Financial CD Rates + Account Details
USALLIANCE Financial is federally insured by the NCUA (FDIC equivalent for credit unions) and all consumer deposits are federally insured up to $250,000 per depositor.
All of their CDs are available as stand alone accounts or IRA CDs with the exception of the 11 month no-penalty certificate.
CD Rate Specials
All of their promotional CDs come with a minimum deposit requirement of $500.
| Term | APY |
| 11 month No-Penalty | 3.00% |
| 12 month Step-Up Rate | 0.50% |
| 24 month Step-Up Rate | 0.60% |
To put these offers into perspective, the national average for a 12 month CD and a 60 month CD sit at just 0.71% APY and 0.83% APY, respectively, according to FDIC data.
The Step-Up CDs allow for one rate hike during the life of the CD. On the date you request your rate increase USALLIANCE will adjust the rate to match the new posted rate for this product.
CD Rates
Standard CDs also come with a minimum deposit requirement of $500.
| Term | APY |
| 3 months | 0.75% |
| 6 months | 1.00% |
| 9 months | 1.75% |
| 12 months | 3.75% |
| 18 months | 3.50% |
| 36 months | 3.40% |
| 48 months | 3.40% |
| 60 months | 3.40% |
Compounding and Crediting Interest
Interest is compounded daily on all USALLIANCE Financial CDs and credited back monthly on the last calendar day of each month.
Grace Period and Early Withdrawal Penalties
You will have a grace period of 7 calendar days upon your CD’s maturity in which you can add or withdraw funds penalty free. If nothing is done during this grace period, your CD will auto renew into the same term with the going APY at that time.
If you need funds from your certificate of deposit prior to its maturity, you will incur an early withdrawal fee. The fee is based on your CD’s term.
Early Withdrawal Fees
| CD Term | Fee |
| less than 18 months | 180 days’ interest on amount withdrawn |
| 18 months + | 360 days’ interest on amount withdrawn |
USALLIANCE Financial High Dividend Savings Rate + Account Details
The High Dividend Savings account offered by USALLIANCE Financial is a variable-rate account that is subject to change at any time and without notice.
There is a minimum balance requirement of $500 to earn the advertised dividend rate. Beyond that, the account is fairly low maintenance and comes with no monthly fees or additional requirements on your part.
High Dividend Savings Rate
| Min. Balance | APY |
| $500 | 3.00% |
To put this offer into perspective, the current national average for a savings account sits at just 0.24% APY currently, with the top yields from FDIC-insured online banks and nationally available credit unions are just now inching above the 3.50% APY mark.
As with their CDs, interest is compounded daily and credited monthly on the last calendar day of each month.
MyLife Money Market Rate + Account Details
USALLIANCE Financial’s “MyLife” Money Market account has no minimum balance requirement, however, the interest paid on these accounts are tiered based on your balance size. They have 8 tiers all with varying yields.
MyLife Money Market Rates
| Balance | APY |
| less than $2,000 | 0.05% |
| $2,000 – $9,999.99 | 0.07% |
| $10,000 – $49,999.99 | 0.10% |
| $50,000 – $99,999.99 | 0.15% |
| $100,000 – $249,999.99 | 0.25% |
| $250,000-$499,999.99 | 0.40% |
| $500,000-$999,999.99 | 0.50% |
| $1,000,000-$99,999,999.99 | 0.60% |
To put these yields into perspective, the current national average for a money market account sits at 0.29% APY.
You are permitted 6 withdrawals per month with the MyLife Money Market account and your interest is compounded daily and credited monthly.
Final Thoughts
If you’re in the market for a competitive, fixed-rate CD (certificate of deposit) then any of USALLIANCE Financial’s Certificate Specials are solid options with respectable yields.
If you’re in the market for a variable-rate online savings account or money market account, then the High Dividend Savings account by USALLIANCE Financial is a competitive offer, however, their money market rates are much lower than other accounts available through FDIC-insured online banks and NCUA-insured credit unions.
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