On April Fool’s Day, Alliant Credit Union (Alliant) raised the rate on its Savings account to 1.05% APY, a five bps increase. To quote my April Alliant blog post,
While not an outstanding rate increase by any stretch of the
imagination, given the size of Alliant, the new APY needed to be acknowledged.
It’s the 4th of July weekend and Alliant has just added six bps to the Savings account rate, moving the rate up to 1.11% APY.
Alliant’s Savings account can be opened with a minimum $5 deposit, but a daily average minimum $100 balance must be maintained to earned the stated APY. There is no monthly service fee for the Savings account, but there is a $1 fee for each paper statement requested. While there is no debit card associated with the Savings account, Alliant does provide a convenience card only for transactions at an Alliant network ATM.
Sometimes it’s just not about the numbers only, as demonstrated by these comments by DA readers concerning Alliant.
What continues to distinguish Alliant is their consistency. Rates are always decent and devoid of gimmicks, service is always reliable. – Sylvia
All of these [Alliant] promises came to fruition. Brand loyalty is a lost art with many institutions, financial or otherwise. Alliant has brand loyalty nailed. – Bozo
But I bank with them, and have for years, primarily because of their absolutely world class overnight ACH service. – Kaight
And speaking of ACH transactions, in September 2015, Alliant began offering same-day funds availability for incoming ACH transfers that have been initiated from other financial institutions. According to Alliant’s Money Transfer FAQs,
With same-day ACH, all incoming ACH transfers received from your outside financial institution by 1:45pm CT will post by 5:00pm the same day to your Alliant account.
Same-day outbound ACH transactions are not yet available, but we have plans to introduce these in late 2017.
Thanks to DA readers, midas89 and Steve Starks, for their Forum posts about today’s rate increase.
Alliant Certificate Rates
Alliant also raised a few of its certificate rates. As in the case of the savings account rate increase, the certificate rate increases are small (increases of 5 bps). The Jumbo Certificates ($25k minimum) continue to have rates 5 bps above the Share Certificate rates ($1k minimum). The Jumbo Certificates with higher rates include the 12-17 Month (1.40% APY), the 24-35 Month (1.50% APY), and the 60-Month (2.10% APY).
Headquartered in Chicago, Alliant Credit Union’s field of membership (FOM) provides a way for almost anyone to join.
Easy Membership: Any member of Foster Care to Success (FCS), regardless of residency or employment status, is eligible for membership. Individuals can join FCS with a one-time $10 donation and Alliant's website provides a link to FCS to facilitate joining.
Residency: Individuals who live or work in 20 Chicagoland communities are eligible to join.
Employment: Employees and retirees of hundreds of Qualifying Companies also qualify.
Affiliation: Members of 37 different organizations are also eligible for membership.
Complete details about joining Alliant can be found on the Join Us page.
Joining Alliant and/or opening a Savings account can be done online, via mail (application available for download,) by phone, or in person at any of 12 branches located in California (5), Colorado, Illinois (3), Texas (2), and Virginia.
Note: As Alliant 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.
Credit Union Overview
Alliant Credit Union has an overall health grade of "A" at EpBooks.us, with a Texas ratio of 3.20% (excellent), based on March 31, 2017 data. In the past year, Alliant has increased its total deposits by $898.62 million, an excellent annual growth rate of 11.92%. Please refer to our financial overview of Alliant Credit Union (NCUA Charter # 67955) for more details.
Ten years after United Airlines was founded, a small group of the company’s employees came together to organize a credit union in October 1935. At the end of the first year, the newly established United Airlines Employees’ Credit Union had 146 members and $5,088 in assets. The FOM was opened to organizations outside the airline industry in 2003, and since that time, Alliant has grown to become the seventh largest credit union in the country, with more than 357,000 members and assets in excess of $9.8 billion.
How the Savings Account Compares
When compared to the 206 Personal Savings accounts tracked by EpBooks.us that are available nationally, Alliant Credit Union’s Savings account APY currently ranks seventh.
The above rates are accurate as of 7/1/2017.