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Update on Alliant Credit Union's Savings Account and CDs


Readers have just reported being told by Alliant Credit Union's CSRs that the savings account yield is scheduled to fall from 3.75% to 3.50% APY for December. I called and confirmed this. It's disappointing, but the 3.50% is still a competitive yield in today's rate environment. Please refer to my previous Alliant CU post for more details of this savings account.

Alliant Credit Union also has made some changes to its certificates. This change actually occurred a couple of months ago. They started offering long-term CDs with terms from 36 to 60 months. These have a yield of 4.50% APY for a minimum deposit of $25,000. The other CDs with terms from 12 to 24 months have remained the same: 3.90% APY for the terms of 12 to 23 months and 4.05% APY for the 24 to 35 months. It would have been nice if this 4.50% APY also applied to these shorter terms. Early this year Alliant Credit Union had been offering 5.40% APY on its CDs with terms of 12 to 24 months.

In addition to competititve savings accounts and CDs, Alliant also offers a 5.15% APY Health Savings Account (HSA). The savings account and CDs with the rates above are also available in a Traditional, Roth, SEP IRA, and Coverdell ESA.

Credit union 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. 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).
Related Pages: CD rates, IRA rates, savings account, Alliant Credit Union, Chicago

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Previous Comments
  |     |   Comment #1
Anyone know whether Alliant is also dropping the rate on its HSA?
  |     |   Comment #2
I'm not sure if it's been mentioned here but Alliant picked up another huge credit union (Kaiser) a few months ago. This development may be affecting its rates and product configuration. I, for one, miss the previous simplicity of their CD selection.
  |     |   Comment #3
They dropped their HSA rate to 4.5 from 5.15% :-(
  |     |   Comment #4
Rate was cut gain to 3.25 APY
  |     |   Comment #5
I opened a checking and savings account in June of 2008 and have been very impressed with everything about Alliant. In LA they have deposit taking ATMs that are surcharge free even though they are not Alliant machines. No holding your deposit for five days. Deposits up to $2500 are available immediately and up to $5000 have a two day hold. The ACH transfers (in or out) take three days max, never more. Excellent customer service is 24/7;calls are answered within one or two rings. Being the 8th largest CU in the USA, they are a pretty safe bet and the interest 3.25% savings 3% checking is really good. I am glad that I am with them. With PTA membership you can join Alliant for life.
  |     |   Comment #6
according to fw, this rate will drop to 2.75% on 4/1

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