USAlliance Financial MyLife Savings for Kids

USAlliance Financial MyLife Savings for Kids Review

USAlliance Financial MyLife Savings for Kids is offered by USAlliance Federal Credit Union, a credit union founded in 1966 and based in Rye, NY. USAlliance Financial MyLife Savings for Kids are available in 50 states (and Washington, DC).

Key Takeaways

• Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 2.00%, which is much higher than the average interest rate for a savings account.

USAlliance Financial Savings for Kids Pros & Cons

Pros	Cons
Available in all 50 states. High variable APY.	No signup bonus. Does not offer mobile check deposits. Does not provide access to a nationwide ATM network. Does not come with a debit card Not FDIC-insured.

USAlliance Financial Savings for Kids FAQ

Are savings accounts from USAlliance Federal Credit Union federally insured?

No, your USAlliance Federal Credit Union savings accounts are not insured by a federal insurance agency. This means that if USAlliance Federal Credit Union were to fall into financial difficulties, your deposits are not covered by a government-backed insurance fund like the FDIC or NCUSIF.

Does USAlliance Federal Credit Union offer a signup bonus?

USAlliance Financial Savings for Kids doesn't offer a signup bonus.

What is the minimum initial deposit for USAlliance Financial Savings for Kids?

USAlliance Financial MyLife Savings for Kids Minimums

Description
Minimum Opening Deposit	Up to $500

What APY does USAlliance Financial MyLife Savings for Kids offer?

USAlliance Financial Savings for Kids offers an APY of 2.00% (APY stands for annual percentage yield, rates may change). This is higher than the typical APY for online-only savings accounts, which is around 1% APY.

The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually.

What fees does USAlliance Financial Savings for Kids charge?

USAlliance Financial Savings for Kids does not charge a monthly service fee. See the fee breakdown section below to view all fees.

Can you set up a direct deposit to USAlliance Financial Savings for Kids?

Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.

What is the customer support email for USAlliance Financial Savings for Kids?

The customer support email for USAlliance Financial Savings for Kids is memberservices@usalliance.org.