This has been a tough week for Alliant Credit Union members. Earlier this week we learned that the savings account rate will be falling from 2% to 1.50% APY starting in April, and today Alliant lowered many of its CD rates. The biggest cut was on the 12-17 month term. The yield fell from 2.10% to 1.75% APY for the Jumbo CD ($25K minimum). However, there was a bright spot. The 24-35 month CD rate actually went up from 2.10% to 2.25% APY. I hope this increase is not a mistake. After the incident at Melrose Credit Union, I'm a little suspicious now of any rate increase.
Below are the new Jumbo CD rates as listed at Alliant's rates page as of 3/25/2010 (old rates are in parenthesis):
- 1.75% APY 12-17 months (was 2.10%)
- 2.00% APY 18-23 months (was 2.10%)
- 2.25% APY 24-35 months (was 2.10%)
- 2.50% APY 36-47 months (was 2.60%)
- 3.00% APY 48-60 months (was 3.10%)
These Jumbo rates have a $25K minimum deposit. CD rates with a $1K minimum are 10 basis points lower. These are also available in an IRA.
Please refer to my Tuesday Alliant post for more details About Alliant Credit Union and membership eligibility. As I mentioned in that post, Alliant now makes it easy for anyone to join. For more details on Alliant CDs, please refer to my Alliant CD review.