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Alliant’s growth and lean operating model lead to higher rates on savings accounts

08/03/2015• Press Releases

Alliant Credit Union is pleased to announce that it has increased the rate it pays on its savings accounts, IRAs, and Coverdell educational savings accounts for the third time in the past year.

Alliant’s latest rate increase brings the credit union’s savings account rate to 0.95% Annual Percentage Yield (APY)1 (from the previous rate of 0.90% APY), effective August 1, 2015.

As a result of the rate increase to 0.95% APY, Alliant members now earn a rate that is 13.6 times higher than the average rate2 for bank savings accounts nationally.

“Alliant’s membership growth and low operating expenses have put us in a strong financial position, and we’re thrilled to be able to pass on the benefits of our lean business model to our member-owners,” said Alliant President and CEO David W. Mooney.

“Our goal is to serve the best interests of our members, so even though the Federal Reserve has yet to implement its long-awaited interest rate increase, we’re not waiting to pay our members higher rates.”

Alliant member MJ recently posted a review on our website complimenting Alliant’s “phenomenal rate on a savings account with no minimum balance.”

 

 

(1) APY=Annual Percentage Yield. The August 2015 savings dividend provides an Annual Percentage Yield (APY) of 0.95% APY. The APY is accurate as of the 07/14/2015 dividend declaration date. Savings dividends are paid on the last day of the month to accountholders who have maintained an average daily balance of $100 or more in their savings. Savings dividend may change after account is opened and is subject to change monthly. There is no maximum balance limit. Maintenance or activity fees could reduce the earnings on the account.
(2) Comparison of Alliant’s August 2015 savings dividend of 0.95% APY vs. the bank national average savings rate of 0.07% APY as of 08/03/2015 sourced from the National Association of Federal Credit Unions in cooperation with SNL Financial and Datatrac Corp .

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