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New Alliant Credit Union CD Rates - One Bit of Good News

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Alliant Credit Union

This has been a tough week for Alliant Credit Union members. Earlier this week we learned that the savings account rate will be falling from 2% to 1.50% APY starting in April, and today Alliant lowered many of its CD rates. The biggest cut was on the 12-17 month term. The yield fell from 2.10% to 1.75% APY for the Jumbo CD ($25K minimum). However, there was a bright spot. The 24-35 month CD rate actually went up from 2.10% to 2.25% APY. I hope this increase is not a mistake. After the incident at Melrose Credit Union, I'm a little suspicious now of any rate increase.

Below are the new Jumbo CD rates as listed at Alliant's rates page as of 3/25/2010 (old rates are in parenthesis):

  • 1.75% APY 12-17 months (was 2.10%)
  • 2.00% APY 18-23 months (was 2.10%)
  • 2.25% APY 24-35 months (was 2.10%)
  • 2.50% APY 36-47 months (was 2.60%)
  • 3.00% APY 48-60 months (was 3.10%)

These Jumbo rates have a $25K minimum deposit. CD rates with a $1K minimum are 10 basis points lower. These are also available in an IRA.

Please refer to my Tuesday Alliant post for more details About Alliant Credit Union and membership eligibility. As I mentioned in that post, Alliant now makes it easy for anyone to join. For more details on Alliant CDs, please refer to my Alliant CD review.


  Tags: Alliant Credit Union, CD rates, IRA rates

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Comments
4 Comments.
Comment #1 by Anonymous posted on
Anonymous
What probably happened is that people with large balances in the savings account, where the rate just dropped precipitously, found out about the rate drop and moved the funds into the 12-month CD in a (successful) attempt to beat what they anticipated would be an equivalent rate cut there as well.  That, at least, was exactly what I did.  Thanks to this blog for the heads-up info.  Like all the other banks and credit unions, Alliant has more short-term money than it knows what to do with.

 

 

2
Comment #2 by David (anonymous) posted on
David
I did the same thing - opened 1 yr jumbo CD early yesterday morning just to discover 2 hours later that the rate dropped from 2.10% to 1.75%!

1
Comment #3 by rates (anonymous) posted on
rates
did the same.  Opened a 12 month account certificate from savings.  glad the CSR at Alliant gave me the straight scoop about the rate change...note you need to complete a new beneficiary form for new certificates.  Each suffix needs to have its own designated beneficiary.  Wish this could be done online.

1
Comment #4 by Anonymous posted on
Anonymous
Same here.  Luckily I made the Jumbo CD move a day before the rate drop.  I still have a sizable amount left in Alliant because I always need liquid funds. 

1