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Savings Accounts

savings accounts

Perhaps money can't buy happiness. But saving money can sure make life easier.

People who are financially successful tend to have one thing in common:

They recognize the value of saving money.

ALEC offers a variety of savings accounts that can help you achieve your financial goals and provide the comfort of knowing you have the money you need set aside for important purposes. Compare the features of each account below.

Features of our Savings Account

Make your money work harder. Our Savings Account offers a competitive dividend rate, and also allows you to reap the many other benefits of your ALEC membership.**

Features of our Holiday Club Savings Account

We believe the holidays are a time to give generously — not a time to stress over shopping bills. That’s why many ALEC members establish a Holiday Club Savings Account. It’s a smart, easy way to put money aside earlier in the year, so that when the holidays roll around, you’ll be rolling in cash.

  • Make your holiday saving easier by setting up automatic withdrawals from your paycheck or automatic transfers from your Checking or Savings account
  • Dividends are paid monthly
  • All proceeds are distributed on November 1 in advance of the holidays
  • 24/7 account access via Online Banking, Mobile Banking and Telephone Banking
  • View your account on E-Statements

Features of our Special Savings Account

If you know you’re going to need money for a specific purpose or certain event, our Special Savings Account is a smart way to make sure you’ll have enough to cover the expense. Typical uses include such obligations as making tax payments, saving for a home escrow, paying insurance premiums — or even just setting aside a pool of cash for unexpected emergencies.

Savings Rates

Account TypeNominal RateAPY*
Savings Account0.747%0.75%
Special Savings0.747%0.75%
Holiday Club Savings #0.747%0.75%
* 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.
# A penalty may be imposed on an early withdrawal of a Holiday Club. View our fee schedule. Holiday Club funds will be transferred into a members savings account on November 1st.

Your savings are safe.

Nothing is more important to us than protecting your money. All ALEC accounts are insured up to $250,000 by American Share Insurance (ASI), the nation's largest private deposit insurer. No credit union member has ever lost a penny in an ASI-insured account.

Your Savings Are Safe

** A $5 minimum balance must be in the account to maintain active membership and be eligible to use other ALEC products and services. Effective August 1, 2013, savings account transactions will be limited. The nominal rate is the rate used to calculate the monthly dividend. View our fee disclosure information.