Update on Alliant Credit Union's Checking, Savings and CDs
POSTED
ON BY Ken Tumin
Update 7/01/09: The rates have fallen. Please check the credit union's website for the latest rates. Rates as of 7/01/09 include: 2.00% APY for Savings, 1.75% APY for High Rate Checking, 3.50% APY for HSA, CDs with $25K min: 2.15% APY 12mo-23mo, 2.30% APY 24mo-35mo, 2.75% APY 36mo-47mo, 3.00% APY 48mo-60mo
Update 6/02/09: The rates have fallen. Please check the credit union's website for the latest rates. Rates as of 6/02/09 include: 2.25% APY for Savings, 2.00% APY for High Rate Checking, 4.00% APY for HSA, CDs with $25K min: 2.40% APY 12mo-23mo, 2.55% APY 24mo-35mo, 3.00% APY 36mo-47mo, 3.25% APY 48mo-60mo
Like many credit unions Alliant Credit Union lowered several of its deposit rates for April. However, rates remain very competitive. The savings account rate dropped from 3% to 2.75% APY, and the high rate checking rate dropped from 2.75% to 2.50% APY. The savings and checking account rates typically last for the entire month.
I just noticed this morning that they also lowered the CD rates. Unlike the savings and checking rates, CD rates can change any time during the month. Even with these new cuts, the CD rates remain competitive. As listed in the rate table as of 4/02/09 the rates include:
In addition to the very competitive rates, the deposit products have several other nice features. Refer to the following posts for a review of these accounts:
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).
Update 6/02/09: The rates have fallen. Please check the credit union's website for the latest rates. Rates as of 6/02/09 include: 2.25% APY for Savings, 2.00% APY for High Rate Checking, 4.00% APY for HSA, CDs with $25K min: 2.40% APY 12mo-23mo, 2.55% APY 24mo-35mo, 3.00% APY 36mo-47mo, 3.25% APY 48mo-60mo
Like many credit unions Alliant Credit Union lowered several of its deposit rates for April. However, rates remain very competitive. The savings account rate dropped from 3% to 2.75% APY, and the high rate checking rate dropped from 2.75% to 2.50% APY. The savings and checking account rates typically last for the entire month.
I just noticed this morning that they also lowered the CD rates. Unlike the savings and checking rates, CD rates can change any time during the month. Even with these new cuts, the CD rates remain competitive. As listed in the rate table as of 4/02/09 the rates include:
- 2.90% APY for 12 to 23 months
- 3.05% APY for 24 to 35 months
- 3.50% APY for 36 to 47 months
- 3.75% APY for 48 to 60 months
In addition to the very competitive rates, the deposit products have several other nice features. Refer to the following posts for a review of these accounts:
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).
Applying this restriction would practically eliminate all credit unions, which as a group tend to be offering the best rates now. I cannot think of any credit union that has the retail presence (and open eligibility) we expect of national banks.
I'm lucky enough to live within driving distance of an Alliant branch. I've also tried their 24 hour phone service. There's little difference. You can be assured of good service using either.
Another positive about Alliant is the way they keep their rates steady. They don't use high rates to draw you in, only to yank them down within days or weeks. To be sure, rates are on a downward trend but that's happening all over.
Re: Credit Union Membership
The above poster sort of "caught my eye." I always wondered if Credit Unions even bothered to check your affinity group. For example, if I wanted to join NFCU, and just checked the box "retired", what are the odds they'd ever check?
Just curious, not having done that,
Bozo
As I recall, the Brightstar CU deal a few months ago also required some proof of eligibility which had people signing up for online classes at Broward Community College.
In any case, I tend to be more honest when people trust me to do the right thing. When someone is checking up on me, I think more about ways to fool them.
With Alliant, I had my e-mail confirmation from the PTA in hand and they asked to see it.
Re the CU membership discussion: makes you wonder if Alliant enticed the PTA to swell the CU's membership ranks. If they dropped the affiliation, their membership growth rate would probably fall to a fraction of what it is now.
I've seen some CU's that are very strict, and some that make it as easy as possible. For one I had to click on the qualifying institution, none of which I worked or belonged to. But there was also a choice for "I don't belong to any of these" and it said you could join by donating $5 to some High School athletics association. The CU took care of the donation for you.
Alliant has some annoying little quirks and restrictions, and CS does sometimes give misinformation (though less than elsewhere). But the benefits, many of which folks have already discussed here, FAR outweigh the negatives. It's a great institution.
I wasn't a member of any PTA and didn't want to pay $25 for a National membership. I tried to join the PTA at a local school, but without a kid they treat you kinda funny.
I just went to the branch and asked the best way to qualify for membership and the service rep said he could sign me up for the PTA through Alliant. No charge.
Been a happy Alliant customer ever since.
This could be a far-fetched guess on my part but I'm going to venture the increase is unlikely. While depositing a cashier check representing the proceeds from a CD that had matured, I was told by teller at my regular bank (Corus) that they'd been noticing banks holding clearance of checks, even cashier ones, in the name of fraud prevention. He offered this when I asked if my funds would be available the following day, by way of explaining it would all depend on when the issuing bank releases them. If this one data point is any indication, banks seem to be tightening, not loosening, controls.
Honestly, I don't care too much about it as I have no intention of opening any debt tools or accounts (except for a mortgage in the future), but it's neat to see.
On the credit score page, there is a FAQ link. Note the one bullet says the credit score is from Experian:
Is this the credit score Alliant uses?* No, Alliant uses a different scoring model for our lending. The credit score displayed on Alliant’s online banking system is produced by Experian and is similar to the one used by Alliant.
Not sure which credit score Alliant uses. Alliant's FAQ states that score will range from 150-950, but they send to VantageScore for more info which has range of 501-990. Therefore, theycould be using a Vantage score, or they could be referring to this sit for general Credit Score info.
I noticed this last month as well: the declared dates for the rates are 5/21 and 5/26 for the savings and checking accounts respectively. I am guessing the applied rate is back-dated.
Then again, Incredible Bank seems better in just about every way, and doesn't require any hoop-jumping to qualify.