USAlliance Financial Review: High APYs and a Variety of Savings Products

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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 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 in Massachusetts, Connecticut and New York and members of select associations. Individuals who live, work, worship or attend school in these geographic areas also 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.

MyLife 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 no-fee ATMs.

• MyLife Checking: No monthly maintenance fees or minimum balance requirements and you can get your direct deposit up to two days early. In addition, USAlliance provides same-day reimbursements for up to $10 in non-USAlliance ATM fees each month for customers who receive qualifying direct deposits into their MyLife Checking Account. Account overdraft transfers are free.
• 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.

MyLife Savings Accounts

USAlliance offers standard savings accounts with no minimum balance requirements and no monthly fees. Here’s a look at the account options:

• MyLife Savings: Offers a APY on your first $500 and a APY after that.
• MyLife Savings for Kids: You can get an APY boost from to APY on your first $500 and $10 annually for birthdays. The account automatically transitions to a MyLife Teen Checking or MyLife Savings account when kids turn 13.

High Dividend Savings

Maintaining at least a $500 savings balance can earn you a premium rate with the USAlliance High Dividend Savings account. Like MyLife Savings, this high-yield savings account has no maintenance fees and no withdrawal fees. But in exchange for the $500 minimum balance, High Dividend Savings pays an outstanding variable rate, currently APY, on your entire balance. USAlliance calculates and compounds the interest daily to help your balance grow faster, and it credits your account once per month.

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 its 12-month certificate. You can open a CD account with just $500 and earn APY. CD specials are also available for 24- and 36-month terms. In addition, USAlliance offers highly competitive rates on 11-month CDs with no early-withdrawal penalties.

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 at $15 per paid or unpaid instance. 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 high-yield APYs on savings a 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.  

USAlliance vs. Alliant Credit Union

Alliant Credit Union offers the same rate on its high-interest and standard savings accounts, and that 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.

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.

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 April 1st, 2025. 

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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