Even though Alliant Credit Union ended the 5.40% CDs last week, their rates still remain very competitive. The top yield is currently 4.90% APY for terms of 12 to 17 months. The minimum deposit is $25,000. The yield is 4.50% APY for a $1,000 minimum. These are also available as a Traditional, Roth and SEP IRA and a Coverdell ESA.
For more details on the certificates, please refer to this previous post.
In addition to the high yield certificates, the share savings account has a yield of 4.85% APY. The minimum to earn this yield is $100. As with any other savings account, this will likely fall as the Fed continues to cut rates, but Alliant has shown a history of keeping this rate competitive. As I mentioned in previous post, this savings account has maintained a 4.85% APY for all of last year. It was 4.65% APY on July 15th, 2006 and 3.80% APY on January 2006.
Alliant also has a very competitive rate on its Health Savings Account (HSA). The yield is currently at 5.15% APY on balances of at least $100. There are no fees for account opening, maintenance or transactions.
Membership is open to local and national PTA members. There's a $25 membership fee for the National PTA, and it appears to be open to all. Please see the credit union's members eligibility page for more details. Note, MyPoint membership is NOT a qualification for membership. Credit union membership requires a minimum deposit of $5 into the savings account.
Reports About Joining, Opening CDs and Customer Service
Several readers have reported problems with Alliant's online membership application. Many had better luck filling out the paper application and mailing it in. One reader mentioned that he sent the paper application and check by overnight mail, and they opened the CD the next day.
One other note regarding membership, several readers have reported a hard credit inquiry by Equifax.
Alliant's customer service has impressed many readers. Reports indicate they answer their phones promptly and provide helpful information. They have 24/7 live phone assistance.
Credit Union Overview
Branches are located in Chicago, Des Plaines, and Elk Grove Township, Illinois. There are also branches in Colorado, California and Virginia. The credit union is federally insured by the NCUA (Charter # 67955). It's a large credit union with $4.8 billion in assets and 210,332 members. Alliant Credit Union has a rating of 3 out of 5 stars (performing) at Bankrate based on 9/30/07 data.
Past Alliant Credit Union Posts
To review my previous posts on Alliant and read past comments, please refer to my Alliant Credit Union page.