It has been a while since Alliant Credit Union has changed its CD rates. The last change was in December when many CD rates were cut. So I’m happy to report of one recent rate hike. The CD rates for terms of 48 to 60 months were increased by 15 basis points. The new yield for a $25K minimum deposit is now 2.45% APY (2.35% for a $1K minimum). These rates are listed in the credit unions rates page as of 5/20/2011, and they are available for both regular and IRA CDs.
The 2.45% APY isn’t that great for a 5-year term. However, it ties with Fort Knox Federal Credit Union for the best 4-year CD rate that’s available nationwide. Based on the changes made by Fort Knox FCU, Alliant wins in this tie in my opinion.
Alliant’s shorter-term CD rates remain the same. The best deal continues to be the 18-month CD with a 1.55% APY for a minimum deposit of $25K (1.45% for $1K minimum).
Alliant’s CD early withdrawal penalty is 180 days of interest for terms of 24 to 60 months. Please refer to the Alliant’s certificates FAQ for the full details.
As I reported in my last weekly summary, long-term CD rates appeared to have bottomed. If we start to see similar CD rate hikes at other institutions, it may be an indication that we’re nearing the tail end of this bottom.
Alliant Savings and Checking Accounts
In addition to top CD rates, Alliant Credit Union has good deals on its savings and checking accounts. Not only do they have competitive rates, but they provide several nice features as I described in my last Alliant savings and checking account review.
There two easy ways to qualify for membership into Alliant. First is through the PTA (either national or local). Second is through the Orphan Foundation of America. According to Alliant's Orphan Foundation of America page:
Members of the OFA are eligible to join Alliant Credit Union and experience the Alliant Advantage [...] By making a $10 or greater donation to the Orphan Foundation of America, you will become a member of OFA, receive literature and other information from OFA, and qualify to join Alliant.
For the full details on membership, please refer to Alliant's membership page. Those who live or work in parts of Chicagoland can be immediately eligible to join.
Alliant Credit Union Overview
In addition to Chicago, Alliant Credit Union has branches in the Los Angeles and San Francisco Bay areas, Denver and the Washington DC metro area.
With $7.59 billion in assets, Alliant Credit Union is the seventh largest credit union in the nation. It has an overall health score at EpBooks.us of 5 stars (out of 5) with a Texas Ratio of 4.14% (excellent) based on December 2010 data. Please refer to our financial overview of Alliant Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 67955).