I like the CD rates I’m finding during my reviews of big credit unions, including Alliant Credit Union, the sixth-largest credit union in the United States with more than 270,000 members.
The Chicago-based credit union’s best deal is its 48-month CD, which pays 1.55% APY — just about two-tenths of a percentage point below the 60-month term leader on our CD Rates Leaderboard.
The average rate large banks and thrifts offer for 60-month CDs is a significantly lower 0.78%.
When’s the last time you saw a 60-month CD rate that high at a big bank?
Alliant Credit Union requires a $1,000 minimum deposit for its certificates of deposit, and all of its rates are above average:
12- to 17-month CD rate is 0.75% APY versus an average rate of 0.24% APY for 12-month CDs. (Leaderboard leader is 1.05% APY.)
24- to 35-month CD rate is 1.05% APY versus an average rate of 0.37% APY for 24-month CDs. (Leaderboard leader is 1.25% APY.)
36- to 47-month CD rate is 1.25% APY versus an average rate of 0.47% APY for 36-month CDs. (Leaderboard leader is 1.50% APY.)
You have to be a member of Alliant Credit Union to buy its CDs. Membership is available to those who live or work in a handful of Chicago suburbs, or at Chicago’s O’Hare International Airport, or are employees or members of a qualifying organization, or are related to existing members. A list of the suburbs and qualifying organizations is on the website.
But anyone can join the credit union by first becoming a member of Foster Care to Success, which serves foster teens across the United States, for a minimum donation of $10.
Membership in Alliant Credit Union requires a $5 deposit in a share account.
Members can buy CDs online, over the phone, by mail or in person at one of Alliant Credit Union’s 15 service centers, many of which are located in and around the nation’s largest airports.
They are in Chicago and its suburb of Des Plaines; Denver; Houston; El Segundo, Oakland, San Francisco and San Mateo in California; Newark, N.J.; Tempe, Ariz.; and Dulles, Va.
Learn more about Alliant Federal Credit Union at www.alliantcreditunion.org or call 800-328-1935.
There are better deals out there, and you’ll find them if you compare Alliant Credit Union’s returns with the best CD rates from scores of other banks in our extensive database.