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variable rate certificates
ALEC Variable Rate Certificates offer highly competitive rates, currently at 4.90% APY* and vary on a monthly basis with the 13-week U.S. Treasury Bill (Index + 0.15%)**. Variable rate certificates can benefit from rising interest rates, even if there’s a chance that rates could also go down. But compared to traditional savings and money market accounts, ALEC Variable Rate Certificates typically offer a higher rate of return.
ALEC Variable Rate Certificates feature:
- $500 minimum to open the account
- Available as a traditional certificate, IRA or HSA
- Term of 24 months
- Dividends tied to the U.S. Treasury Bill paid monthly
- Automatically reinvested dividends for maximum compounding
* The Annual Percentage Yield is the rate that is earned if the funds are left to compound for one year. All dividends are paid monthly based on the daily average balance. Rates subject to change monthly. The nominal rate is the rate used to calculate the monthly dividend.
** The “Index” is the 13-week Treasury Bill rate posted in the Money rates section of the Wall Street Journal on the last business day of the previous month. As of February 28, 2023, the rate is 4.75%. The rate floor is 0% APY.
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As a credit union, we exist solely to serve the diverse financial needs of our members — people like you. In fact, ALEC is owned by the very individuals it serves — not private investment groups or public shareholders.
That’s an important distinction from many other financial institutions. As a not-for-profit financial co-operative, after paying our credit union’s expenses and setting aside its mandated reserves, we return the money that’s left over right back to ALEC members.
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Last year our members saved an average of $1,231* by having accounts with ALEC.
