Alliant Credit Union did something that's rare these days. They raised rates on all of their CD terms. Their 12-month to 48-month CDs are now very competitive. The following is the list of all of the CD rates as listed in the Alliant's rate table as of 9/24/09:
- 2.30% APY for 12 to 17 months
- 2.40% APY for 18 to 23 months
- 2.55% APY for 24 to 35 months
- 3.00% APY for 36 to 47 months
- 3.25% APY for 48 to 60 months
Alliant's Certificate FAQ page is fairly thorough. Some things to note:
- CD can be opened by phone, at a branch, by mail and via online banking
- To open a CD, you must be a member with a minimum $5 balance in the savings account
- Dividends will post monthly
- You may elect to withdraw the dividends earned on the Certificate without incurring a penalty
- No partial withdrawals are allowed
- You may have both joint owners and/or beneficiaries on your Alliant Certificate
- 10 day grace period at maturity
- Early withdrawal penalties include: 90 days of interest for terms of 12 to 17 months, 120 days of interest for terms of 18 to 23 months and 180 days of interest for a 24 month term.
Savings Account Update
I received confirmation today from Alliant that the savings account rate will remain at 2.00% APY for the month of October. Alliant's board of directors typically meets around the middle of the month to decide on next month's rates. However, unlike the savings account, the certificates don't have a set date for rate changes. The current CD rate table has a 9/24/09 date, so it appears these rates changed today.
In addition to a top-notch savings account, Alliant also has a checking account (non rewards) that pays a very competitive rate. Refer to the following posts for a review of the savings and checking accounts:
Another useful service provided by Alliant is remote deposits through its eDepositPlus program which allows you to deposit checks electronically into your account using your home scanner. If you have used this feature, please leave a comment about how well it has worked.
Membership and Joining Alliant Credit Union
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.
Alliant has a top rating of 5 stars for safety and soundness at BauerFinancial based on 6/30/09 data. However, it only has a 3-star rating (performing) at Bankrate.com which based on 3/31/09 data. It's a large credit union with over $6.3 billion in assets.
The credit union is federally insured by the NCUA (Charter # 67955).
Other Competitive Savings Accounts and CDs