USAlliance Financial Review: High APYs and a Variety of Savings Products
Written by
Rudri Bhatt Patel, CFHCâ„¢
Edited by
Joe Evans
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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.
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, like checking, savings, certificates of deposits and loan products, USAlliance has grown significantly over the years to become a cooperative with $3 billion in assets. services, auto loans, mortgages and investment services.Â
USALLIANCE Financial at a Glance
| Category | Details |
|---|---|
| Institution type | Credit union |
| Membership | Required |
| Branch access | Limited |
| Online banking | Yes |
| Mobile banking | Yes |
| Insurance | NCUA |
| Best known for | Member-focused banking and digital access |
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 in Massachusetts, Connecticut and New York and members of select associations. Individuals who live, work, worship or attend school in these geographic areas are eligible for membership. But you can join USAlliance even without a connection to eligible geographic locations and organizations by joining a partner association, free of charge.
Here are some key features of USAlliance and other considerations:
USAlliance Financial Checking Accounts
USAlliance Financial offers two checking accounts, including MyLife Checking and MyLife Checking for teens.Â
Here’s a look at some key details:Â
- Both checking accounts do not require a minimum deposit.Â
- There are no monthly maintenance fees on either checking account.Â
- You have access to 33,000+ no-fee ATMs.Â
- If you set up direct deposit on your MyLife checking account, you can get early access to your paycheck.Â
- MyLife Teen Checking is available for kids 13-19 with a guardian. A debit card is associated with this account.Â
Where It Stands Out
No Maintenance Fees
Multiple Checking Account Options
No Minimum Deposit
NCUA-Insured
Accessible Checking Options
MyLife Checking is great for everyday users who don’t want the hassle of a minimum deposit, early access to direct deposit and no minimum balance requirements.Â
Fees
$0
APY
N/A
Min Opening
$0
Pros
- No minimum deposit
- Funds are NCUA-insured
- No maintenance fees for checking accounts
Cons
- Only available for credit union members
- Â Few dedicated USAlliance Financial physical branchesÂ
- Â May need higher balances to waive the fees
Why We Like USAlliance Financial
USAlliance Financial offers two checking accounts that can address everyday needs for you and your children ages 13 – 19, along with accessible checking options with no minimum deposit or maintenance fees.
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USAlliance Financial Savings Account
USAlliance Financial offers three savings accounts: MyLife Savings, MyLife Teen Savings and High Dividend Savings. Here are the details:Â
- MyLife Savings requires a $1 minimum deposit.
- MyLife Savings allows you to earn 2% on the first $500.
- No monthly maintenance fees on MyLife Savings.
- High Dividend Savings allows you to earn 3.5% APY as long as you have a $500 minimum balance.Â
- Interest compounds daily and is paid monthly on High Dividend Savings.Â
- MyLife Teen Savings is for teenagers ages 13 – 17 and has no monthly maintenance fees.
Where It Stands Out
Low minimum deposit
No monthly maintenance fees
High dividend savings option
fee-free teen-specific accounts
Multiple savings account options
USAlliance Financial has three different savings accounts for people to choose from. It works if you value no fees and a high APY for the High Dividend Savings account.Â
Fees
$0
APY
2% to 3.5% APY
Min Opening
$1
Pros
- No monthly maintenance requirement Â
- High APY for High Dividend SavingsÂ
- NCUA-insured
Cons
- Available only for members of USAlliance FinancialÂ
- MyLife Savings APY only applies to the first $500
- Limited physical locations
Why We Like USAlliance Financial
GOBankingRates likes the savings option because folks can grow their savings with a low minimum deposit and no maintenance fees.
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USAlliance Financial CD Accounts Â
USAlliance Financial CD accounts offer terms from three to 60 months with APYs up to 4.15%.Â
- Minimum deposit for CDs is $500.
- CDs are NCUA-insured.
- Terms are from three months to 60 months.
- Interest compounds daily.
- USAlliance Financial offers rotating rate specials.Â
Where It Stands Out
Daily compounding interest
High APYs
Low minimum deposit
No monthly maintenance fees
Various term lengths offered
Reliable savings with high APYs
Fees
No monthly maintenance fees
APY
Up to 4.15% APY
Min Opening
$500
Pros
- Interest compounds daily
- CD rates can earn up to 4.15% APY
- Low minimum depositÂ
Cons
- CDs are available only for membersÂ
- Limited liquidityÂ
- Early withdrawal penaltyÂ
Why We Like USAlliance Financial
USAlliance Financial offers various terms, and APYs are higher than most CDs.Â
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USAlliance Financial Money Market Account
USAlliance Financial offers one money market account. Here are the details:Â
- APYs are based on a tiered savings structure.
- Dividends are calculated daily and paid out monthly.
- As your funds grow, you’re automatically moved up to a higher APY.
- USAlliance has no minimum deposit.Â
Where It Stands Out
Monthly dividend payouts
High APYs
No minimum deposit
No fees
NCUA-insured
USAlliance Financial offers a money market account that has no minimum deposit requirement
Fees
None
APY
Up to 0.6% APY
Min Opening
$0
Pros
- No monthly maintenance fee requirement Â
- Tiered rate structureÂ
- NCUA-insured
Cons
- Available only for members of USAlliance FinancialÂ
- Relatively low APYs
- Limited physical locations
Why We Like USAlliance Financial
GOBankingRates likes the money market option because folks can grow their savings, while they can withdraw cash if they need it.Â
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Banking Experience Â
USAlliance Financial customer service is accessible. To contact USAlliance Financial with questions, dial 1-800-431-2754, which is the general service number. For the NY metro area, call 1-914-921-0500 or in the Massachusetts metro area call 1-781-937-7801.Â
The call center hours are Monday to Friday from 8 a.m. to 5 p.m. ET or Saturday from 9 a.m. to 3 p.m. ET.
USAlliance Financial’s app on Google Play is rated as 4.7, while on the Apple App Store, the rating is 4.9.
How Does USAlliance Financial Compare?
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$0
$0
$4.95 waivable monthly maintenance fee for Advantage Safe Banking accounts, $12 waivable monthly maintenance fee for Advantage Plus Banking accounts, $25 waivable monthly maintenance fee for Advantage Relationship Banking accounts
APY
APY
APY
N/A
to
to
Min Opening
Min Opening
Min Opening
$0
$0
$25 to $100
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$0
$0
$8 waivable monthly maintenance fee per statement cycle
APY
APY
APY
2% to 3.5% APY
to for most accounts, 5% to 20% booster for Preferred Rewards members
Min Opening
Min Opening
Min Opening
$1
$0
$100
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
No monthly maintenance fees
No monthly service fee
Early withdrawal fees apply
APY
APY
APY
Up to 4.15% APY
Up to
to
Min Opening
Min Opening
Min Opening
$500
$0
$1,000
SELECTED BANK
MOST COMPARABLE
Fees
Fees
None
$0
APY
APY
Up to 0.6% APY
Min Opening
Min Opening
$0
$0
USAlliance Financial vs. Alliant Credit Union
Alliant Credit Union offers the same rate on both its high-interest and standard savings accounts, but this rate is lower than you can get at USAlliance. However, Alliant’s checking account may offer more convenience options, with over 80,000 fee-free ATMs and up to $20 in monthly out-of-network ATM fee rebates. What’s more, Alliant’s checking account earns interest. This online-only, branchless credit union has an impressive range of options for managing your money, but if you’re looking for more in-person banking options, USAlliance may be a better fit for you.Â
USAlliance Financial vs. Ally Bank
USAlliance beats out Ally Bank just a bit when it comes to high-yield APYs on savings balances over $500. However, Ally offers its highly competitive rate on all balance tiers. In addition, Ally is a well-respected online institution, and you may have better luck with its customer service and general banking experience.Â
USAlliance Financial vs. Bank of AmericaÂ
USAlliance Financial is only open to members, while Bank of America has multiple nationwide locations available to all. If you have higher balances, Bank of America may be a better fit. USAlliance Financial has several checking and savings options, and if you prefer a personalized experience, this financial center is ideal for you.Â
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 compre
FAQ
Here are the answers to some of the most frequently asked questions about USAlliance Financial:- Is USAlliance Financial safe?
- USAlliance Financial and its funds are FDIC-insured. Deposits are insured up to $250,000 per depositor, per ownership category, in the unlikely event of bank failure.
- What is the minimum balance of a USAlliance Financial account?
- The checking account requires no minimum deposit, and the savings account requires a $1 minimum deposit. A CD requires a minimum $500 minimum deposit.
- How much money can you withdraw from USAlliance Financial on a single day?
- You can typically withdraw $1,000 per day. However, withdrawal amounts are impacted by the number of accounts and the relationship you have with the credit union and you may be able to withdraw more from the credit union.
- Does USAlliance Financial charge a monthly maintenance fee?
- USAlliance doesn't have a monthly maintenance fee associated with its accounts.
- What services does USAlliance Financial provide?
- USAlliance Financial offers personal banking services, auto loans, mortgages and investment services.
Daria Uhlig contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 5, 2026.
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.
