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It's Official - Alliant Credit Union Cuts Savings Account Rate to 3.75%


Alliant Credit Union cut the yield on its savings account from 4.00% to 3.75% APY. The rumors were correct. This new rate should at least hold through July.

From a competitive standpoint, 3.75% APY is still near the top for a non-promo rate. Only Indymac Bank's E-Money Market account yield is higher at 3.85% APY, but this requires a minimum balance of $10,000. Alliant only requires a $100 balance to earn the full yield. For details about Alliant's savings account, please see my Alliant account review.

Rates on Alliant's other deposit products remained the same. Alliant's Health Savings Account still has a 5.15% APY, and their top certificate yield continues to be 3.90% APY. I was hoping we would see a bump in the CD rates since the banks have become more competitive lately.

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. 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.

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 $5.3 billion in assets and 213,782 members. Alliant Credit Union still has a rating of 3 stars (performing) at Bankrate based on 12/31/07 data. BauerFinancial gives the credit union 5 stars (superior) based on 3/31/08 data.
Related Pages: savings account, Alliant Credit Union, Washington, Chicago, Houston, Denver, Los Angeles, San Francisco Bay

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Bozo (anonymous)   |     |   Comment #1
To: All
Re: Alliant

While the dip in the savings rate was called here, it's not surprising, nor is it enough to make me shop around.

Just this morning, I transferred Money from my Alliant savings account to my Alliant checking account for monthly expenses. It took about a minute on-line. It still works out to the same as a checking account with 3.75% and no gimmicks. I like the convenience, the modest return notwithstanding.

It would be nice if Alliant were a bit more generous in their CD rates and terms, for those of us who ladder our IRA CDs, but it's their call.


Bozo (anonymous)   |     |   Comment #2
PS: A nice touch was adding $5 to my account for using the on-line banking service. I was going to do all my transfers on-line in any event, but it's nice effort on their part to "go green." With gas and the toll, driving to San Mateo from where I live (in Lafayette, CA) sets me back over $20, so on-line banking is a no-brainer.
Anonymous   |     |   Comment #3
Does anyone receive $5 for e-statement? I only got the $5 for online banking, but I signup for both at the same time.c
Bozo (anonymous)   |     |   Comment #4
To: Anon
Re: the $5

I don't know. I did the SkyBranch thingee, so I think the $5 came from that.

I will say, however, that if you are a brick-and-mortar type, the San Mateo (CA) branch offers superb "human interface" (i.e., customer service). The branch manager down there spent a good hour walking me through various things, transferring a CD, teaching me how to set up and use SkyBranch, you name it. Can't say enough for their service, in-person, on the phone, or on-line. Three thumbs up.


Bozo (anonymous)   |     |   Comment #5
PS: While I'm gushing about Alliant, I should note that I am hardly a shill for them. Indeed, they won't give me a break when it comes to matching CD rates. However, when it comes to managing your money, it comes as a huge relief to know that - if there is a problem - you can (a) get someone on the telephone at the home office or locally; (b) contact the national CSR online and get a response within hours (or minutes)(she has a name, it's Colleen); and/or (c) drive down to the branch and talk to Mauricio in person. I know it's old fashioned, but it's comforting; sort of like banking was done when you took your piggy bank in to add to your savings account. In my case, lawn mower or snow shovelling money.



PS: I'm not suggesting there's ever been a problem, far from it.