Banking » Reviews » USAlliance Financial Savings And CDs Review 2024
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USAlliance Financial Savings And CDs Review 2024

USAlliance Financial offers a high APY on savings account with a low minimum. However, attractive rates on CDs are limited to specific terms
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: June 3, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: June 3, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

USAlliance Financial Savings And CDs

USAlliance Financial logo
USAlliance Financial logo

USAlliance Financial Savings And CDs

CD APY

0.75% – 5.15%

Minimum Deposit

$500

Our Rating

4.2
4.2/5

Savings APY

4.55%

USAlliance Financial High Dividend Savings

The USAlliance Financiall High Dividend Savings account offers a competitive APY of 4.55%, which is among the highest rate available.

The interest is calculated every day, so your money grows faster. You won't have to pay any monthly fees for maintaining the account. The NCUA, a government agency, ensures that your money is protected up to $250,000.

To start earning dividends, you need to keep a minimum balance of $500 in the account.

Savings APY
Minimum Deposit
$500

You can open an account online on USAlliance Financial website, the process is straightforward and should take 5-10 minutes.

USAlliance CDs: High Rates Only On Specific Terms

USAlliance Financial provides a range of certificate options, but it's important to note that only a few of them offer attractive rates. The most favorable terms available are for 12-month certificates, which have a competitive 5.15% APY.

Additionally, there is an 11-month option known as a no-penalty certificate, which not only offers a high rate but also allows for withdrawals at any time, similar to savings accounts. These two choices stand out as particularly appealing due to their attractive rates, which are among the highest in the market.

Conversely, there are several certificate terms with less competitive rates. For instance, the 3-month CD offers only 0.75% APY, while the 6-month certificate offers 4.25% APY.

These rates are considerably lower compared to what other banks and credit unions offer. Moreover, such rates can be disadvantageous for investors seeking to implement strategies like CD laddering.

CD Term
APY
3 Months (Compare)
0.75%
6 Months
4.25%
9 Months (Compare)
4.00%
11 Months – No Penalty (Compare)
4.80%
12 Months (Compare)
5.15%
18 Months
4.50%
24 Months
4.80%
36 Months
3.40%
48 Months (Compare)
3.40%
60 Months (Compare)
3.40%

The amount of the early withdrawal penalty depends on the original maturity date of your Certificate Account.

  • For accounts with an original maturity of less than 18 months, the penalty will be 180 days' worth of dividends on the amount withdrawn.
  • For accounts with an original maturity of 18 months or longer, the penalty will be 360 days' worth of dividends on the amount withdrawn.
CD Term
APY
3 Months
180 days of dividends
6 Months
180 days of dividends
9 Months
180 days of dividends
11 Months – No Penalty
No Penalty
12 Months
180 days of dividends
18 Months
360 days of dividends
24 Months
360 days of dividends
36 Months
360 days of dividends
48 Months
360 days of dividends
60 Months
360 days of dividends

You will receive a notification 25 days before your Certificate Account matures, using the delivery method you have chosen.

If you don't withdraw the funds upon maturity, the Credit Union may automatically renew the account for the minimum equivalent term at the prevailing rate.

However, you have a grace period of 7 calendar days from the maturity date to withdraw funds without incurring an early withdrawal penalty.

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The product offers that appear on this site are from companies from which this website receives compensation. 

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Savings Rate: 5.21% APY
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Savings Rate: Up to 5.00% APY
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Savings Rate: 4.50% APY

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Savings Rate: 4.75% APY

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CD Rate: 5.00% – 5.20% APY
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

About USAlliance Financial

USAlliance is a not-for-profit financial institution that is fully insured by the NCUA. They provide a comprehensive range of financial services, including checking accounts, savings accounts, credit cards, loans, and online banking options. USAlliance Financial has branches in Connecticut, New York, New Jersey and Massachusetts

With a global membership of over 136,000 individuals, USAlliance offers access to 6,000 branch facilities and 30,000 surcharge-free ATMs nationwide. Additionally, they offer a highly acclaimed mobile banking app.

As a growing cooperative, USAlliance has expanded its presence and now operates as a multi-faceted organization with assets totaling $2 billion, dedicated to serving their extensive membership base.

Savings Account Reviews Methodology

The Smart Investor team has conducted an in-depth analysis of savings accounts offered by banks and credit unions tailored to the needs of savers. Our review focused on four key categories, with specific considerations for savers, and here's how we rated them:

  • Savings Rates and Terms (40%): We thoroughly examined the interest rates provided by financial institutions, along with any unique terms and conditions attached to their savings accounts. Higher scores were awarded to banks and credit unions, offering competitive rates, reasonable minimum deposit requirements, and minimal fees, ensuring savers get the best value for their money.
  • Savings Account Features (30%): This category assessed the array of features designed to cater to savers' needs, including fees, minimum deposit requirements, mobile app functionality, ATM access, and withdrawal options. Financial institutions providing a diverse range of features and convenient banking solutions received higher ratings in this category, reflecting their commitment to meeting the specific needs savers.
  • Customer Experience (20%): The ease of account opening, the responsiveness of customer service, the usability of mobile apps (thoroughly tested by our team), and the bank's policies for assisting customers were evaluated in this category. Banks and credit unions offering seamless account opening processes, efficient customer service, and user-friendly digital platforms were rated higher, ensuring a positive banking experience for  savers.
  • Bank Reputation (10%): We considered the reputation of each financial institution, incorporating ratings from trusted sources such as JD Power, TrustPilot, and local Better Business Bureau reviews. Higher scores were awarded to banks and credit unions with positive reputations and satisfied customers, reflecting their reliability and trustworthiness.

By weighing these categories appropriately and focusing on factors relevant to savers, our review provides valuable insights to help residents of the state make informed decisions when selecting a savings account.

Savings Accounts Reviews

Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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CD Rate: 5.00% – 5.20% APY
Advertiser Disclosure
We get compensated for these product offers
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