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Competitive CD and Savings Account Rates Still at Alliant Credit Union


Update 3/22/08: The rates have gone down. Please check the credit union's website for the latest rates.

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 Qualifications

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.
Related Pages: CD rates, IRA rates, savings account, Alliant Credit Union, Washington, Chicago, Houston, Denver, Los Angeles, San Francisco Bay

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Anonymous   |     |   Comment #1
I read a detailed report that states the Fed won't stop lowering the rate until it hits 2.5%. This will be the bottom. They will not lower it to 2.5% this week, of course. But it will hit 2.5% sometime in 2008.
Anonymous   |     |   Comment #2
Went to the San Mateo, CA branch today to open the 4.90% cd. The rep (Mauricio) asked for affliation, I just said PTA. He checked off local PTA on the membership app, no questions asked. Very easy process to open membership and cd.
Anonymous   |     |   Comment #3
Bummer. Alliant dropped share savings from 4.85% APY to 4.35% APY.
Save a Buck
Save a Buck   |     |   Comment #4
Opened Alliant membership online, no problems. Called and cust. serv. rep. gave me her extension and walked me through the process of membership and share certificats, Great Service !! Wired $$ next day for jumbo share certificates and cust. serv. rep called me back to do transfer from savings to certificates.. Absolutely wonderful, courteous service so far ! $$ savings tip, the 23 month certificate's early withdrawl penalty is 4 months earned interest while the 24 month certificate jumps to 6 months penalty...I stayed with the 23 month jumbos for that reason.
Banking Guy
Banking Guy   |     |   Comment #5
Thanks for the info. Glad to read about the good customer service.
Brian   |     |   Comment #6
I just signed up for this savings account online. I signed up for National PTA online for $25 to meet the requirement for joining the credit union. A few things to note that haven't been mentioned (and some may be new).

1) I received a $5 (bonus) deposit from Alliant for signing up.

2) They require a $5 minimum balance, but you don't get interest on balances less than $100.

3) Bank-to-bank withdrawals (and possibly deposits?) initiated by Alliant are limited to $10,000 (no limit to withdrawals initiated by external bank.

4) When you initially fund the account, you can charge it to your credit card.
Andrew   |     |   Comment #7
If one signs up with PTA for $25 in order to join the Alliant Credit Union, do they then have to pay that same $25 every year to the PTA in order to stay with the ACU next year? According to the PTA website, the $25 is a yearly figure, so next year, if you don't pay then you won't be a PTA member and I wonder if the ACU will "kick" you out.

Thanks in advance.
Banking Guy
Banking Guy   |     |   Comment #8
You don't have to maintain PTA membership to maintain your Alliant CU membership. You just have to be in the PTA when you join the credit union.
Anonymous   |     |   Comment #9
I don't see much mentioned on bank to bank ACH transfers on the Savings account - is it free? How many accounts can be linked?
Bruce   |     |   Comment #10
ACHs can be setup relatively easily. You can only xfer $10K in or out per day. It is free. I don't know how many accounts you can link but it is apparently at least two.

Hope this helps,
Nick   |     |   Comment #11

Do you know if one initiates an ACH transfer from their external bank account if that $10,000 per day limit still applies?

Someone above posted that there would then be no daily limit. But someone else posted that a CSR told them they didn't know.

As of this minute, Alliant's rate is still 4.35% APY which is the highest online savings account rate in the country.
Bruce   |     |   Comment #12
I went and looked at thier FAQ. The 10K limit is mentioned in the context of how to originate a transfer with them. It is not clear to me wether this limit applies to only tranfers originating at Alliant, or if also applies to those of external origin.
Sorry I couldn't help.
online reviews
online reviews   |     |   Comment #13
Even the United Airlines mileage plus membership is eligible...

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