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Usalliance Federal Credit Union
Quick Take: USAlliance Financial is a full-service credit union that offers a wide variety of banking services. One of the standout features of USAlliance is its digital banking platform. With a user-friendly website and mobile app, members can easily manage their accounts, transfer funds, pay bills and even deposit checks remotely. This level of accessibility is perfect for members seeking convenience and efficiency in their banking experience.
- Checking Accounts
- Savings Accounts
- CD Accounts
- Money Market Account
How did we calculate this?
Pros
- Free monthly credit scores
- Checking accounts have no monthly fees
- High APYs available on savings accounts
Cons
- Customer support is not available around the clock
- Limited products and locations
USAlliance Overview
USAlliance Financial, a full-service credit union, has been serving its members since its founding in 1966. With a mission to provide exceptional financial services and products, such as checking, savings, certificates and loan products, USAlliance has grown significantly over the years to become a cooperative with $3 billion in assets.
It’s federally insured by the NCUA and has over 150,000 members worldwide. With access to 5,300 branches and 30,000 surcharge-free ATMs across the country, USAlliance offers several convenient banking solutions.
Key Features
USAlliance Financial is a member-owned cooperative, which means that anyone who meets certain eligibility criteria can join. Membership is open to employees and retirees of specific partner companies, residents of certain communities and members of select associations.
Individuals who live, work, worship or attend school in specific geographic areas have broad eligibility which makes it relatively easy for you to join. Here are some key features of USAlliance and other considerations.
Checking Accounts
The checking accounts at USAlliance are great for daily banking needs. They don’t have monthly maintenance fees or minimum balance requirements. These accounts come with standard features like online banking, mobile banking and access to a large network of ATMs.
- MyLife Checking: No monthly maintenance fees or minimum balance requirements and you can get your direct deposit up to two days early.
- MyLife Checking for Teens: This account gives your teenager access to money, while allowing you to oversee their activities. They can check their accounts and deposit checks through digital banking, all without a monthly maintenance fee.
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Savings Accounts
USAlliance offers several savings accounts designed to meet different needs. From basic savings accounts to high-yield savings accounts, members have options to grow their funds. The interest rates offered are competitive — higher than those of other banks. Here’s a look at the account options:
- MyLife Savings: Offers a APY on your first $500 and has no monthly fees.
- MyLife Savings for Kids: You can get an APY boost on your first $500 and $10 annually for birthdays.
- High Dividend Savings: Has a $500 minimum balance and pays APY. Interest compounds daily and is paid monthly on this account.
Certificates of Deposit
If you are looking for a way to grow your money with a set interest rate, USAlliance Certificate Accounts are worth a look. They offer highly competitive rates and come in terms of three to 60 months.
USAlliance is currently running a promotion on their 12-month certificate. This CD account can be opened with just $500 and earns APY.
Money Market Account
USAlliance offers the MyLife Money Market Account, which combines higher rates than a traditional savings account with greater flexibility than a CD account. Here are the key features of this account:
- Your rate is based on the amount of money in your account so your APY will vary.
- Your rate will automatically increase when your balance reaches the next tier, so you can earn more the more you save.
How USAlliance Financial Stands Out
One of the primary advantages of USAlliance over traditional banks is its fee structure. Many of its accounts come with no monthly maintenance fees, and overdraft fees are relatively low. Additionally, the interest rates on savings accounts and loans are competitive, making it an attractive option for those looking to maximize their financial growth.
How USAlliance Compares To Other Financial Institutions
While USAlliance Financial has many strengths, there are areas where it could improve. If you are still not sure if it’s the right financial institution for you, here are some other leading competitors to compare it to.
USAlliance vs. Ally
USAlliance beats out Ally Bank just a bit when it comes to APYs as it has slightly higher rates. However, as Ally is a well-respected online institution, you may have better luck with its customer service and general banking experience.
USAlliance vs. Alliant Credit Union
Alliant Credit Union offers some of the most competitive interest rates available on checking and savings accounts. This online-only branchless credit union has an impressive range of options for managing your money so if you are looking for something similar with a few more in-person banking options, USAlliance may be better for you.
Final Take To GO
USAlliance Financial stands out as a strong player in the credit union space, offering a wide range of financial products and services with competitive rates and fees. Its commitment to member satisfaction and financial well-being is evident in its comprehensive offerings and excellent customer service. It could be a good choice on your banking journey when it comes to online money management and growth.
FAQ
Here are the answers to some of the most frequently asked questions about USAlliance Financial.- Can anyone join USAlliance Financial?
- USAlliance Financial is a member-owned cooperative open to anyone who meets certain eligibility criteria. You can join if you are an employee or retiree of specific partner companies, a resident of certain communities or a member of select associations. Additionally, individuals who live, work, worship or attend school in specific geographic areas are eligible. This broad scope of eligibility makes it relatively easy to become a member.
- Is USAlliance Financial a bank?
- Though not technically a bank, USAlliance is a financial cooperative that offers several banking services such as checking, savings and money market accounts.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of July 30, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
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