Alliant Credit Union Raises Savings Account Rate

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Deal Summary: Savings account, 1.11% APY

Availability: Easy membership requirement

On April Fool’s Day, Alliant Credit Union (Alliant) raised the rate on its Savings account to 1.05% APY, a five bps increase. To quote my April Alliant blog post,

While not an outstanding rate increase by any stretch of the
imagination, given the size of Alliant, the new APY needed to be acknowledged.

It’s the 4th of July weekend and Alliant has just added six bps to the Savings account rate, moving the rate up to 1.11% APY.

Alliant’s Savings account can be opened with a minimum $5 deposit, but a daily average minimum $100 balance must be maintained to earned the stated APY. There is no monthly service fee for the Savings account, but there is a $1 fee for each paper statement requested. While there is no debit card associated with the Savings account, Alliant does provide a convenience card only for transactions at an Alliant network ATM.

Sometimes it’s just not about the numbers only, as demonstrated by these comments by DA readers concerning Alliant.

What continues to distinguish Alliant is their consistency. Rates are always decent and devoid of gimmicks, service is always reliable. – Sylvia

All of these [Alliant] promises came to fruition. Brand loyalty is a lost art with many institutions, financial or otherwise. Alliant has brand loyalty nailed. – Bozo

But I bank with them, and have for years, primarily because of their absolutely world class overnight ACH service. – Kaight

And speaking of ACH transactions, in September 2015, Alliant began offering same-day funds availability for incoming ACH transfers that have been initiated from other financial institutions. According to Alliant’s Money Transfer FAQs,

With same-day ACH, all incoming ACH transfers received from your outside financial institution by 1:45pm CT will post by 5:00pm the same day to your Alliant account.

Same-day outbound ACH transactions are not yet available, but we have plans to introduce these in late 2017.

Thanks to DA readers, midas89 and Steve Starks, for their Forum posts about today’s rate increase.

Alliant Certificate Rates

Alliant also raised a few of its certificate rates. As in the case of the savings account rate increase, the certificate rate increases are small (increases of 5 bps). The Jumbo Certificates ($25k minimum) continue to have rates 5 bps above the Share Certificate rates ($1k minimum). The Jumbo Certificates with higher rates include the 12-17 Month (1.40% APY), the 24-35 Month (1.50% APY), and the 60-Month (2.10% APY).

Availability

Headquartered in Chicago, Alliant Credit Union’s field of membership (FOM) provides a way for almost anyone to join.

Easy Membership: Any member of Foster Care to Success (FCS), regardless of residency or employment status, is eligible for membership. Individuals can join FCS with a one-time $10 donation and Alliant's website provides a link to FCS to facilitate joining.

Residency: Individuals who live or work in 20 Chicagoland communities are eligible to join.

Employment: Employees and retirees of hundreds of Qualifying Companies also qualify.

Affiliation: Members of 37 different organizations are also eligible for membership.

Complete details about joining Alliant can be found on the Join Us page.

Joining Alliant and/or opening a Savings account can be done online, via mail (application available for download,) by phone, or in person at any of 12 branches located in California (5), Colorado, Illinois (3), Texas (2), and Virginia.

Note: As Alliant was originally the United Airlines Employees Credit Union, several of the branches are located in airport terminals and are not accessible by the general public.

Credit Union Overview

Alliant Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 3.20% (excellent), based on March 31, 2017 data. In the past year, Alliant has increased its total deposits by $898.62 million, an excellent annual growth rate of 11.92%. Please refer to our financial overview of Alliant Credit Union (NCUA Charter # 67955) for more details.

Ten years after United Airlines was founded, a small group of the company’s employees came together to organize a credit union in October 1935. At the end of the first year, the newly established United Airlines Employees’ Credit Union had 146 members and $5,088 in assets. The FOM was opened to organizations outside the airline industry in 2003, and since that time, Alliant has grown to become the seventh largest credit union in the country, with more than 357,000 members and assets in excess of $9.8 billion.

How the Savings Account Compares

When compared to the 206 Personal Savings accounts tracked by DepositAccounts.com that are available nationally, Alliant Credit Union’s Savings account APY currently ranks seventh.

The above rates are accurate as of 7/1/2017.

To look for the best Savings account rates, both nationwide and state specific, please refer to our Savings rates table or our Rates Map page.

Related Pages: Washington savings accounts, Chicago savings accounts, Houston savings accounts, Denver savings accounts, Los Angeles savings accounts, San Francisco Bay savings accounts, savings accounts, nationwide deals

Comments
anonhjo02356
anonhjo02356   |     |   Comment #1
Good to hear!
Smokeboat
Smokeboat   |     |   Comment #2
Long time member and find Alliant one of the best of the big CU's. World class service. Thanks Ken for your dedication and hard work.
Bozo
Bozo   |     |   Comment #3
Originally, Alliant was a credit union for United Airline pilots. Just a bit of trivia.
111
111   |     |   Comment #4
And originally, NWFCU (Northwest Federal Credit Union) was established as the primary credit union for the CIA.

No real point. Just sayin'.
!!!
!!!   |     |   Comment #5
Apparently things are pretty dull on the CD rate front.
Bozo
Bozo   |     |   Comment #6
It's the terrible two's. Hard to make a buck these days.
Bozo
Bozo   |     |   Comment #7
More trivia. When Alliant first expanded its FOM, it did so by incorporating "parent teacher" groups. If you were a member of a local "parent-teacher" club, bang, you were eligible to join. Now, mind you, Alliant never verified whether you were, actually, a member of any PTA. You just checked the box.
Bozo
Bozo   |     |   Comment #8
Even more trivia. The brick-and-mortar Alliant branch in San Mateo has free parking. The Oakland branch does not.
gregk
gregk   |     |   Comment #9
Should a five basis point rate increase really qualify for a headline?

Increasingly Ken seems to be writing up account offers that just aren't truly noteworthy, - changes that of course should be incorporated into the rate tables but not worthy of highlighting.

It's false hype, but because DA's "headline stories" are the very heart of the blog we get one after another dressed up as "news" that I myself find compellingly trivial and quickly pass over.

It dilutes the quality of the experience here quite frankly.
???
???   |     |   Comment #10
audience has expanded
!!!
!!!   |     |   Comment #11
gregk, your last sentence goes right along with my comment #5.

However, I think Ken can do as he pleases with his or rather his former site.
gregk
gregk   |     |   Comment #13
Indeed #11. Your comment is what suggested my elaboration.

As for Ken "doing what he pleases" - sure. But it was pleasing his readers that made him a multi-millionaire, so it might be some honest feedback is still useful.
!!!
!!!   |     |   Comment #14
Yes, gregk, point well taken.
gregk
gregk   |     |   Comment #15
I myself suspect Ken will quickly lose interest (pun intended) in this business now that it's no longer his (I give him about a year). The challenge and the stimulation is always in the idea and it's implementation, whereas merely maintaining what's now passed into different hands (and from which one has already obtained riches) is bound to feel anti-climactic and dis-incentivizing to much further creativity. From there we're bound to see deterioration, perhaps subtle at first as a successful model merely begins to lose energy, - but then more pronounced as in response to that ill-advised "innovations" begin to be imposed meant to serve different interests from our own (contrary to the site's original purpose). It's at this point Ken will likely "pack it in" and move on, which will then hasten and amplify the deterioration as even the good things still left on the site suffer from disattention and
disrepair. Ultimately we most of us move on, and some new entrepreneur finds their niche (or not), Ken enjoys his retirement with nostalgia for the "good old days" and horror over his handiwork being perverted and destroyed, and Lending Tree" gets a big tax write off (or is able to foist the mess off onto some successor entity with its own questionable motives), before things finally peter out and DA lands on the scrap heap of all too quickly failed enterprises that made its original owner a whole lot of money. Not the vision anyone now wants to contemplate, I realize, but still the likely outcome.
Bill
Bill   |     |   Comment #18
Unfortunately, I agree with most of your comments. The more things are not supposed to change, the more they actually do change. If I were in Ken's shoes, I would have been outta here by now and I bet most would grudgingly agree. Just wait until the new owners lay out some new guidelines and its bye, bye Ken.
FresnoMan
FresnoMan   |     |   Comment #20
GregK, I originally was to only comment that the time you took to complain took longer than it does to rifle past the multitude of "fake news" articles you see on this site. Then I read through your wordy follow-up I am replying to and am inclined to believe you have far more free time on your hands to deal with.

Are you a fortune teller? Have you foreseen all these actions taking place? While I might agree those ideas might be typical of the populations, please give Ken some credit that he might not participate in any of your fortune-telling tales.

I deem your negative post as an opinion you should have kept to yourself. My completion of a negative reactionary post to yours assures the accuracy of two wrongs don't make a right. But I felt compelled to react to your rudeness.

If you don't like the articles provided and are assured of the impending loss of quality to be found on the site, please go find a site worthy of your time. While the news wasn't regarding a hurricane that might be coming our way, it was news that was appreciated by some readers I'm certain. All quality news sites report many stories that have cascading interest and provide for the reader to determine what is news to him/her.

Your opinion is provided as a result of Freedom of Speech, the same right Ken has. Please celebrate your freedom by allowing others to embark with theirs without complaining. It appears Ken allowed you to post your news without retaliating.
Carpline
Carpline   |     |   Comment #12
To quote my grandmother, "not everything can be kreplach."
rhutnik
rhutnik   |     |   Comment #16
Honestly I'm glad Ken keeps posting in the same frequency and quality as before the Lending Tree deal. I read this site as much for banking deals as I do for entertainment. I love Ken's writing style and his thoroughness, and I'd rather read articles on here than the news and scrolling through random articles sometimes. I'm not an Alliant customer but hearing all the raving reviews and about the great ACH capabilities is informative, regardless of the small rate change.
Bozo
Bozo   |     |   Comment #17
To Poster "rhutnik"
Many of us joined when it had stellar rates, and membership was reasonably easy.
Sean Hannity
Sean Hannity   |     |   Comment #19
Yah but it's at 1.11%. That's a terrible rate. As terrible as CNNs treatment of Trump.
me1004
me1004   |     |   Comment #22
rhutnik, my opinion is that Alliant once was a leader, but no longer is. It used to be the one to watch, it was the standard. This is why Ken is writing it up now, even though it not longer is a leader. In fact, it seems it is now only falling farther behind.

It stopped maintaining a top line savings rate a couple-few years ago. It hasn't had a top line CD rate in many, many years.

Yes, it is a smooth running operation, but all the accolades here about its ACH are just plain misguided. It mounted a clearly very effective marketing and PR blitz when it changed its ACH operation some years back, the benefits it touted were all lies, and most people have seemed to believe anything it says no matter truth. In reality, what it passed off as, and what most people here still say is, faster ACH was slower ACH! This went from my ACHs going overnight even if I did not initiate them until evening my time, meaning 5 p.m. or later, to having to have them in by 10 a.m. my time or they would not go overnight. Alliant pitched that as FASTER ACH, and everyone here keeps touting it as such. That is not faster, that is slower!

Alliant is not part of the shared branch system, and that can limit what you can do and how fast you can do it. It now has limited the things it used to offer to make up for that lack of shared branch access, such as a fairly low limit on how much money you can ACH out in a day -- so you aren't likely to be able to ACH money to open a CD elsewhere, something you used to be able to do with its previously much higher limit, which as I recall was $100,000.

And I continue to condemn them, as I have for several years, for their practice of processing transfers from one of your Alliant accounts to another that you schedule in advance with them as the last thing at night, but processing debits/withdrawals as they come in over the day -- thus bouncing the withdrawals all day long, and collecting a bounce fee for each, because they refuse to make the transfer you scheduled in advance until last -- shades of Wells Fargo.
gregk
gregk   |     |   Comment #21
You're making too much of it #20. Letting my imagination run on a certain track for a few minutes I posted a kind of playtime scenario as to one possible direction and outcome of DA's ongoing unfolding, - but of course without any privileged information or insight about what's in Ken's mind or Lending Tree's designs in taking over its operation, - let alone how it all might turn out. The nice thing about a blog is that everything's forgotten tomorrow and without any consequences, so one can feel free to indulge one's passing thoughts as they occur. If anything Ken's more likely to be amused than offended, but almost sure to find curious that troop
of fiercely dispositioned protectors and defenders of his honor here from even the barest hint of questioning and critique.
FresnoMan
FresnoMan   |     |   Comment #24
#20? You do posts weird, buddy. There are many ways you could have prefaced your "playtime scenario" to assure your readers that you were laughing as you were writing, so you wouldn't have people "making too much of it." I took it seriously, and I still do. And if I "misunderstood" your playfullness, it wouldn't be a stretch to believe others did as well--including Ken.

Is that a nice thing about a blog? It's forgotten the next day? The blog is on the Internet, sir, and the Internet is forever. I can assure you someone will be reading our messages many years from now. Perhaps someone curious if this site is worthy of their time. You are free to have your negative thoughts--share them with your friends, family and loved ones. They know you much better than we do here and will probably take it with a grain of salt. But negative COMMENTS that paint a guy's hard work and devotion that are posted on the Internet, WILL BE HERE TOMORROW. Have some class with your freedom of speech, please.
lou
lou   |     |   Comment #25
FresnoMan - relax.

Gregk was only outlining one possible scenario, which can happen when the founder sells his company and becomes very wealthy. There are many examples of this occurring throughout history. Maybe it won't happen because Ken may have an enduring commitment to his brainchild, but that would be the exception rather than the rule.

FresnoMan, you are totally overreacting to a perfectly innocent post that in my view is just as conceivable as any other scenario with respect to the final outcome of this invaluable website. As a fellow Californian, chill out and enjoy the fine weather with which we're blessed.
Bill
Bill   |     |   Comment #26
Well said, Lou, you beat me to it.
Bogie
Bogie   |     |   Comment #27
Nobody knows what the future holds. I hope this site continues to be as good as it has been in the past. However, what happens going forward under new ownership will be out of Ken's control whether we who rely on this great site like it or not.
LifeOnMars
LifeOnMars   |     |   Comment #23
After reading the comments and stress above, I have to dedicate another Haiku to Ken.....

Rates mysterious
Lending Tree intents unknown
Still Hearts we thank Ken
#28 - This comment has been removed for violating our comment policy.
Alliant CU (Easy Membership) Increases Savings Account APY

Deal Summary: Savings account, 1.05% APY, all balances

Availability: Easy membership requirement

Alliant Credit Union (Alliant CU) has raised the rate on its Savings account (1.05% APY), which can be opened with a $5 minimum deposit.

I know it’s not possible, but I think I heard a sigh of disappointment from my keyboard as I typed that rate. While not an outstanding rate increase by any stretch of the imagination, given the size of Alliant CU, the new APY needed to be acknowledged. Also, it's a sign that the...

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