Alliant Credit Union increased the rate on its savings account in November. The savings account rate increased 5 basis points to 1.00% APY. It’s the third rate increase in the last year. The new rate doesn’t quite make Alliant a rate leader for internet banks, but it’s nice to see another addition to the 1% club.
Thanks to DA member fife who first mentioned the rate hike in the DA forum.
Alliant’s last two savings account rate increases were in August and February. For much of 2013 and 2014, Alliant’s savings account rate was stuck at 0.70% which was a little low when compared to savings account rates at internet banks. Alliant Credit Union had very competitive savings account rates for several years before 2010. During that time the rate was close to the leading savings account rates at internet banks. Things changed at Alliant a few years ago. The savings account rate went down more than it did at several internet banks.
Lower ACH Transfer Limit
Alliant recently changed its policy regarding ACH transfer limits which makes it more difficult for members to electronically move their money out of Alliant. The maximum amount for outbound ACH transfers has been reduced from $100,000 to $25,000 per day. The inbound ACH transfer limit is $100,000 per day. I was told by an Alliant CSR that some members may have lower limits.
Many DA readers had been using the Alliant savings account as their hub account that they used to fund CDs and other deals that pop up. It was useful as a hub account since the ACH transfers are fast and there’s no limit on the number of linked external accounts. With the new outbound transfer limit, many will be forced to find another hub account.
For those who may have to do multiple outbound transfers to transfer out more than $25K, make sure you don’t do more than six withdrawals per statement cycle. Due to federal regulations, all savings accounts are limited to no more than six electronic withdrawals per statement cycle. If you don’t want to be limited in the number of withdrawals, you may want to consider Alliant’s Free Checking with High Rate Option.
Headquartered in Chicago, Alliant Credit Union offers a variety of ways to join.
Residency: Individuals who live, work or worship in 20 Chicagoland communities.
Employment: Employees and retirees of hundreds of Qualifying Companies.
Membership: Members of 38 different organizations.
Other: Any member of Foster Care to Success (FCS), regardless of residency or employment status. Individuals can join FCS with a one-time $10 donation and Alliant CU's website provides a link to FCS to facilitate joining.
Complete details about joining Alliant CU can be found on the Membership Eligibility page.
Joining Alliant CU can be done online, via mail (application available for download), by phone, or in person at any of 14 branches located in Arizona, California (5), Colorado, Illinois (3), New Jersey, Texas (2), and Virginia.
N.B. As Alliant CU was originally the United Airlines Employees Credit Union, several of the branches are located in airport terminals and are not accessible by the general public. Also, Alliant CU is not part of any shared branch network.
Credit Union Overview
Alliant Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 3.00% (excellent), based on June 30, 2015 data. Alliant CU has an excellent capitalization level of 11.72%, a result of holding $8.37 Billion in assets, with $981.54 Million in equity. Please refer to our financial overview of Alliant Credit Union for more details.