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Update on Alliant Credit Union's Checking, Savings and CDs

Thursday, April 2, 2009 - 9:30 AM CT by Ken - Bank Deals Guy

View current rates for Alliant CU

Update 7/01/09: The rates have fallen. Please check the credit union's website for the latest rates. Rates as of 7/01/09 include: 2.00% APY for Savings, 1.75% APY for High Rate Checking, 3.50% APY for HSA, CDs with $25K min: 2.15% APY 12mo-23mo, 2.30% APY 24mo-35mo, 2.75% APY 36mo-47mo, 3.00% APY 48mo-60mo

Update 6/02/09: The rates have fallen. Please check the credit union's website for the latest rates. Rates as of 6/02/09 include: 2.25% APY for Savings, 2.00% APY for High Rate Checking, 4.00% APY for HSA, CDs with $25K min: 2.40% APY 12mo-23mo, 2.55% APY 24mo-35mo, 3.00% APY 36mo-47mo, 3.25% APY 48mo-60mo

Like many credit unions Alliant Credit Union lowered several of its deposit rates for April. However, rates remain very competitive. The savings account rate dropped from 3% to 2.75% APY, and the high rate checking rate dropped from 2.75% to 2.50% APY. The savings and checking account rates typically last for the entire month.

I just noticed this morning that they also lowered the CD rates. Unlike the savings and checking rates, CD rates can change any time during the month. Even with these new cuts, the CD rates remain competitive. As listed in the rate table as of 4/02/09 the rates include:

2.90% APY for 12 to 23 months
3.05% APY for 24 to 35 months
3.50% APY for 36 to 47 months
3.75% APY for 48 to 60 months

The minimum deposit is $25,000. The rates are 15 basis points lower for a $1,000 minimum. CDs are also available for IRAs and Coverdell ESAs.

In addition to the very competitive rates, the deposit products have several other nice features. Refer to the following posts for a review of these accounts:

Credit union membership is open to local and national PTA members. There's a $25 membership fee for the National PTA, and it's open to all. You can find your local PTA here. Membership in your local PTA may be a lower cost option. Please see the credit union's members eligibility page for more details.

One downside regarding membership is that several readers have reported a hard credit inquiry by Equifax in the application.

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.

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).

Tags: California, nationally available, checking accounts, large deposits, savings accounts, credit unions, Illinois, Virginia, Colorado, certificates of deposit, IRAs, easy membership, Alliant CU

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In order by popularity, then date posted.

ichaelm - #25, Sunday, January 24, 2010 - 12:10 PM CT

Great news: Alliant's savings rate will remain 2% APY in Feb. Credit for this info goes to craig10x at FW. Also, to add a comment to BankingGuy's article, Alliant CU used to be United Alrlines Employees CU. That's why the online banking feature is called Skybranch and why over half of its branches are located at airports serviced by United.

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Anonymous - #26, Sunday, February 7, 2010 - 11:35 PM CT

Unfortunately, Alliant only has one option for the general public to qualify for the account, in the absence of qualification through relatives, employment, or Illinois communities. A PTA represents the only joinable organization on their list. Thus, anyone with a personal objection against joining a PTA has no other alternative with which to qualify.

Then again, Incredible Bank seems better in just about every way, and doesn't require any hoop-jumping to qualify.

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Anonymous - #1, Thursday, April 2, 2009 - 10:23 AM CT

Great CU to join. I have had great assistance from their IRA department. Coverdell ESA account rollover was the main reason for joining as TIAA-CREF was only paying .6% yield at the time. I was able to lock in rates (before the drop) on CD's from 3% to 3.85% yield - depending on the term - which will help on college. I also placed taxable money with them. On-line access is OK. They remain competitive as other were dropping rates (ie. GMAC, Citi etc.). 24 hour customer service also helps with resolving issues. By joining National PTA, you can join this CU.

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ichaelm - #2, Thursday, April 2, 2009 - 11:33 AM CT

I've had an account w/ Alliant for over a year and I agree that their rates are very competitive and their customer service is outstanding. They have 80,000 surcharge-free ATMs. However, if you like to deal with a live person, they may not be for you. Over half of their 11 branches are located in airport terminals. (They were formerly United Airlines Employee Credit Union.)

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Anonymous - #3, Thursday, April 2, 2009 - 11:50 AM CT

"However, if you like to deal with a live person, they may not be for you. Over half of their 11 branches are located in airport terminals."

Applying this restriction would practically eliminate all credit unions, which as a group tend to be offering the best rates now. I cannot think of any credit union that has the retail presence (and open eligibility) we expect of national banks.

I'm lucky enough to live within driving distance of an Alliant branch. I've also tried their 24 hour phone service. There's little difference. You can be assured of good service using either.

Another positive about Alliant is the way they keep their rates steady. They don't use high rates to draw you in, only to yank them down within days or weeks. To be sure, rates are on a downward trend but that's happening all over.

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Update on Alliant Credit Union's Checking, Savings and CDs

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