Great CD rate being offered by USAlliance FCU

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MJ

Thinks s/he gets paid by the post
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Mar 29, 2004
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USAlliance Federal Credit Union is offering a 25 month CD with a rate of 2.27%APY for new members only. It is NCUA insured Easy to join and can be done online. Maximum CD of 100K. It appears to be the best rate around for this mid-term length. EWP is harsh at 12 month penalty. Offer is good until Aug 3rd.
 
No one has commented on this offer, so I'm not sure if there was any interest, but in communicating with this CU, they let me know that this offer has been extended for a unknown limited time. In addition, I found out their savings account rate is 3% on the 1st $500. Hey, every little bit counts.
 
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I may check it out. NFCU has an Easy Saver CD at 3%, but the max is $3k and only one per member.


Sent from my iPhone using Early Retirement Forum
 
I'm getting a little over 2% APR (current rates) on 30 month IRA CD's at several of my local banks here in Texas, with no $$$ limits, FDIC insured to 250k and no early withdrawal penalties. All the rates suck these days but it's still not worth it to me to change for less than a 1/4 point and no FDIC insurance.
 
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Car-Guy, I agree a 1/4% isn't worth moving especially with no EWP but regarding FDIC, this is a credit union so they use NCUA which is the government equivalent of FDIC specifically for credit unions.
 
MJ said:
Car-Guy, I agree a 1/4% isn't worth moving especially with no EWP but regarding FDIC, this is a credit union so they use NCUA which is the government equivalent of FDIC specifically for credit unions.
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I would not be concerned with NCUA insurance but I would not like the 100k CU deposit limits.
 
US Alliance has re-offered this. I would like to get another CD but cannot unless someone joins the CU to get this CD and uses me as a referral. If anyone is interested in get this CD, can you please PM me so that I can give you my member Id so you can use me as a referral. Thanks
 
MJ, I don't see a 25 month CD for 2.27%. Am I missing something on their site?
 
Car-Guy said:
I'm getting a little over 2% APR (current rates) on 30 month IRA CD's at several of my local banks here in Texas, with no $$$ limits, FDIC insured to 250k and no early withdrawal penalties. All the rates suck these days but it's still not worth it to me to change for less than a 1/4 point and no FDIC insurance.
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Car-Guy,
If you don't mind me asking ... what banks in Texas are you finding over 2% with no limits or early withdrawal penalties?
 
brewer12345 said:
MJ, I don't see a 25 month CD for 2.27%. Am I missing something on their site?
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Apparently, it is gone. They have them periodically for a short time. I will check out the other offering posted for 3 year at 3.04%
 
brewer12345 said:
Thanks! Not only is it high rate for 3 years, but it has an add-on feature that lets you add funds up to the 100k limit any time you want. Sweet.
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That is a great rate for a 3 yr CD. Has anyone used this credit union before and can vouch for them?

From reading the comments it appears one can pay $10 to become a member of FAN financial literacy program and that qualifies you to become a member of the credit union. Anyone done this?
 
Earl E Retyre said:
That is a great rate for a 3 yr CD. Has anyone used this credit union before and can vouch for them?

From reading the comments it appears one can pay $10 to become a member of FAN financial literacy program and that qualifies you to become a member of the credit union. Anyone done this?
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I am doing exactly that, and will let you know when my application moves past "pending." Bet they are getting flooded with money.
 
brewer12345 said:
I am doing exactly that, and will let you know when my application moves past "pending." Bet they are getting flooded with money.
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I am interested in this CD too. Will look into it more today. I would have to join.
 
I checked the list of companies and organization and I unfortunately couldn't find any I could use to become a member. As a retired person for many years, anyone have some helpful hints on getting around this?
 
MJ said:
I checked the list of companies and organization and I unfortunately couldn't find any I could use to become a member. As a retired person for many years, anyone have some helpful hints on getting around this?
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You can join the FAN (Financial Assistance Network) group that Brewer and Earl E mentioned for only $10. FAN is a non-profit membership organization committed to financial education (according to their membership application. I do see some local activities that they sponsor so I would be comfortable to join.
 
I agree that if you pay $10 and join FAN you are eligible for membership to the CU. Has anyone figured out how to join FAN without printing out an application and snail mailing it in? I mean, really? Apparently members can renew online, but new members cannot join online?
By the time I become a member the offer will likely be gone...
 
panhead said:
I agree that if you pay $10 and join FAN you are eligible for membership to the CU. Has anyone figured out how to join FAN without printing out an application and snail mailing it in? I mean, really? Apparently members can renew online, but new members cannot join online?
By the time I become a member the offer will likely be gone...
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You tell them your eligibility to join is through FAN and then they give you an option of joining both FAN and NWFU at the same time.
 
Thanks Brewer!
I'm pending now as well.
I have another question: If the maximum balance is $100,000, can you fund it with $100,000 and the dividends will go over the maximum balance, or is $100,000 the maximum balance that the account can ever be and at this point all dividends will be paid to the (required) savings account and thus not compounded?


Sorry if it's a stupid question, I've never opened a CD before.
 
I just noticed today that PenFed now has a one year CD at 1.21%.
Not great, but it certainly beats the 1.0% I get in my online savings account at Discover.
 
I called NFCU and waited forever but when I got a human I asked a couple of questions that my be obvious to some,but figured I'd post the answers here as I have ths board to thank for finding this CD:

1) You fund with up to $100k and all dividends get added to CD and compound/accrue
2) You need to only keep a $1 minimum balance in the associated savings account
3) The $10 fee to join FAN will be assessed when the account is funded
4) If you filled out the application today, the account should be active by EOB today.

-Pan-
 
OK, so I started to fill out the online application and got to the part of funding the CD. It says a max of $15k can be transferred from a financial institution. Did you find the same limitation? I do not want to open a CD with only $15k.

I know it says you can "add on" later, but does it say anywhere that funds added at a later date are guaranteed to also be at the 3% rate? I tried calling but was placed on hold for too long and hung up at this point.

So far online in the application process, it says nothing about the actual rate so I am leery.
 
Quick update ... I finally got through on the phone and the person told me that I could fund it with $15k today and then add on after it is open and I would be guaranteed the 3% rate for the life of the CD. She said she could connect me to someone who could temporarily change the $15k limit on opening. But since she said I could add on I did not do that.
 
Thanks for the update.
Interesting, I have never gotten to a funding screen. My application went right to the 'pending' stage, no option to add funding information.
Hope it's going through ok.
 
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