USALLIANCE Financial Review: Checking, Savings, CD and Money Market Accounts

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USALLIANCE Financial’s checking account options

MyLife Checking

A non-interest bearing account with various perks and no fees.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: Up to $15 per month in non-US Alliance ATM fees
  • Overdraft fee: $5 with Overdraft Protection, $35 per transaction up to $1,000 total with Overdraft Privilege (more details below)

Although this checking account doesn’t earn interest, it could be a good option for those who simply want a reliable place to manage their money while not having to worry about fees or balance requirements. Some bonus perks that come with it include getting your paycheck up two days early if you’ve set up a direct deposit, and a free monthly credit score update. The account also offers two overdraft services, which have to be enabled by the account user:

  • Overdraft Protection allows funds from another USALLIANCE Financial account to be transferred to your checking account when you have insufficient funds (also charging you a $5 fee),
  • Overdraft Privilege allows accounts in good standing after 30 days of opening to overdraw up to $1,000 with a $35 fee applied to each overdrawn transaction.

The good news is that there is no fee to simply enable these services; you’ll only ever be charged the fee if you actually overdraw. If you do not opt into either of these services, your attempted debit card and ATM transactions will simply be denied.

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MyLife Checking for Teens

A teen version of the traditional MyLife Checking account, minus a few of the perks available to adults.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: None; debit and ATM transactions will simply be declined if there are insufficient funds in the account.

This non-interest bearing account is virtually the same as the MyLife Checking account; the main difference is that if the teen account holder is under the age of 16, he or she will just have access to an ATM card, which will be upgraded to a debit card once they turn 16. As with the regular checking account, the teen account has no monthly fees or minimum balance requirements and provides online and mobile banking services. This account would benefit teens who want to efficiently keep track of their own spending money while developing key money management skills.

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How USALLIANCE Financial’s checking accounts compare

What USALLIANCE Financial’s checking accounts have going for them is the fact that they don’t have any monthly fees or minimum balance requirements, they have easy-to-navigate online and mobile banking services, and the main account offers additional perks like free monthly credit score updates and non-USALLIANCE Financial ATM fee refunds.

But many other checking accounts out there offer these things too, along with the ability to earn interest, and do so at a high rate, at that. If that last factor is important to you, you’re better off opening a checking account elsewhere.

US ALLIANCE Financial’s savings account options

MyLife Savings

A described as a “rainy day fund” that starts out with a great rate that doesn’t last.
APYMinimum Balance Amount to Earn APY
3.05%First $500
0.02%Any amounts over $500
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $500
  • Monthly account maintenance fee: None
  • ATM fee: $1.50 per transaction after 8 free monthly transactions
  • ATM fee refund: None
  • Overdraft fee: None; savings accounts simply won’t let you go negative or overdraw.

If you simply want a place to put aside some emergency or vacation savings, this account may be a good option. It offers a decent “specialty” APY rate on your first $500, but then drops significantly after that, which seems like a step backwards to us and is sure to be seen as a disadvantage to many people.

As with the credit union’s other products, this account does come with online and mobile access. This account is subject to Federal Reserve Regulation D, which limits certain transactions and withdrawals up to six per month.

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MyLife Savings for Kids

A simple account to help teach your children money management skills while they’re young.
APYMinimum Balance Amount to Earn APY
3.05%First $500
0.02%
Any amounts over $500
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $500
  • Monthly account maintenance fee: None
  • ATM fee: $1.50 per transaction after 8 free monthly transactions
  • ATM fee refund: None
  • Overdraft fee: None; savings accounts simply won’t let you overdraw.

This account is simply a kids’ version of USALLIANCE Financial’s regular MyLife savings account, allowing kids to put money away and watch it grow before they’re old enough to manage it themselves in a teen checking account when they turn 13. It comes with the same initially high APY on the first $500 as the regular savings account, which might not matter as much to parents who simply want to have the account to teach their kids healthy money saving habits. As an added bonus, kids get a free $10 deposited in their account on their birthday.

Online and mobile banking services are also available for this account. Lastly, this account is subject to Federal Reserve Regulation D, which limits certain transactions and withdrawals up to six per month.

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on USALLIANCE Financial’s secure website

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How USALLIANCE Financial’s savings accounts compare

USALLIANCE Financial’s savings accounts offer a very competitive APY rate… in the beginning, at least. As we mentioned above, once you’ve saved more than $500, the rate drops drastically, so if you’re looking to actually build up your savings funds — regardless of what you’re saving up for — it just makes more sense to go with one of the many other savings account options out there that will actually accumulate more interest in the long-term.

USALLIANCE Financial’s certificate account rates

Step-Up Rate certificate accounts

Share certificates that allow you to make a one-time rate increase before maturity.
TermAPY
12 month1.95%
24 month1.95%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 180 days’ loss of dividends if maturity date is less than 18 months; 360 days’ loss of dividends if maturity date is over 18 months.

USALLIANCE Financial designed the Step-Up share certificate accounts for people hesitating to open a CD because they’re afraid rates will go up after they do so. But with these certificates, there’s nothing to fear: the credit union will allow you to take advantage of a rate increase one time prior to maturity to match its rates for its regular certificates of the same maturity length.

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on USALLIANCE Financial’s secure website

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Fixed Rate certificate accounts

Standard share certificate accounts with decent rates.
TermAPY
3 month1.60%
6 month1.85%
9 month2.00%
12 month2.20%
18 month2.25%
24 month2.20%
25 month2.85%
35 month3.00%
36 month2.10%
48 month2.20%
60 month2.20%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 180 days’ loss of dividends if maturity date is less than 18 months; 360 days’ loss of dividends if maturity date is over 18 months.

USALLIANCE Financial’s standard Fixed Rate certificates are available in terms ranging from three to 60 months. The credit union requires the same $500 minimum deposit and balance amount for all term lengths, which is lower than many other CD products out there. Rates for all terms lengths exceed the national average.

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on USALLIANCE Financial’s secure website

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How USALLIANCE Financial’s share certificate rates compare

USALLIANCE Financial’s share certificate rates aren’t the highest out there, but they’re still pretty good, with all of its options exceeding the national average. In addition, the certificates’ minimum opening deposit and balance requirements are lower than most other available CD options as well.

The Step-Up share certificates might look appealing in the beginning because you have the option to increase your rate if you see them go up on its regular products, but we don’t see why you wouldn’t just choose a CD with a higher rate to begin with if that’s what you’re after. If you want to invest more than the $500 minimum, you’re probably better off just choosing a CD with a higher rate from another bank.

USALLIANCE Financial’s money market accounts

MyLife Money Market account

A more worthwhile savings account option that allows you to earn higher dividends the more you save.
APYMinimum Balance Amount to Earn APY
1.75%$250,000 - $99,999,999.99
1.25%$100,000 - $249,999.99
1.05%$50,000 - $99,999.99
0.65%$10,000 - $49,999.99
0.40%$2,000 - $9,999.99
0.05%$0 - $1,999.99
  • Minimum opening deposit: None
  • Minimum balance to earn APY: Varies
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $35 per transaction up to $1,000 total; after that transactions will be denied.

USALLIANCE Financial’s MyLife Money Market account is definitely a huge step up from the credit union’s regular savings account. While it doesn’t have a minimum balance or opening deposit requirement, you’re able to earn higher dividends depending on money you put away, unlike the regular savings account. Like all savings products, this account is subject to Federal Reserve Regulation D, which limits certain withdrawals and transactions up to six per month.

LEARN MORE Secured

on USALLIANCE Financial’s secure website

NCUA Insured

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How USALLIANCE Financial’s money market account compares

USALLIANCE Financial’s money market account rates stack up pretty evenly against most of the best money market options out there. Many other banks actually require a set balance and minimum deposit amount for their accounts, though, so if you’re looking for more flexibility in that regard and want to add more funds based on your own ongoing preferences, USALLIANCE Financial’s MyLife Money Market account may be suitable for you.

How to get USALLIANCE Financial’s banking products

As we mentioned earlier, USALLIANCE Financial has an extensive list of different eligibility requirements. We suggest consulting the online application to make sure you meet one of these criteria before considering opening any of its products. Eligible individuals can apply for membership and for USALLIANCE Financial’s checking, savings and money market accounts and CDs either online, in person at a branch location or over the phone by calling 800-431-2754. You’ll need a government-issued form of ID such as a driver’s license, as well as your Social Security number.

Overall review of USALLIANCE Financial’s banking products

Even if you’re eligible to join this credit union, if getting the best rates out there is your top priority (and you want to earn some interest on your checking account funds), you’re definitely better off banking elsewhere.

While the credit union gets points for offering more flexibility on its options than other banks — such as no minimum deposit amounts or balance requirements on a number of its products — the rates on most of USALLIANCE Financial’s products aren’t the best out there.

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Emilia Benton
Emilia Benton |

Emilia Benton is a writer at MagnifyMoney. You can email Emilia here

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