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Rates

Rates are effective as of January 1, 2017, and are subject to change without notice.

Checking
Type Amount Nominal Rate APY*
Rewards Checking**
0.050% 0.05 %
Money Market
$2,000 Minimum Balance
$100,000 and over 0.349% 0.35 %

$50,000 - $99,999.99 0.299% 0.30 %

$25,000 - $49,999.99 0.249% 0.25 %

$2,000 - $24,999.99 0.200% 0.20 %

*The Annual Percentage Yield (APY) 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.

** Please refer to alecu.org for account requirements and fees.

Savings
Type Nominal Rate APY*
Savings 0.050% 0.05 %
Special Savings 0.050% 0.05 %
Holiday Club Savings # 0.100% 0.10 %
Health Savings Account (HSA) 0.249% 0.25%

*The Annual Percentage Yield (APY) 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.

# A penalty may be imposed on an early withdrawal of a Holiday Club or Share Certificate.

Certificates
Type Term Nominal Rate APY*

Certificates ( CDs)#

$500 Minimum Balance

6 months 0.299 % 0.30 %

12 months 0.449 % 0.45 %

24 months 0.648 % 0.65 %

36 months 0.846 % 0.85 %

48 months 1.490 % 1.50 %

60 months 1.982 % 2.00 %

HSA  Certificates #   $500 Minimum Balance


0.249 % 0.25 %

12 months 0.549 % 0.55 %

24 months 0.747 % 0.75 %

36 months 0.946 % 0.95 %

48 months 1.588 % 1.60 %

60 months 2.080 % 2.10 %
Rewards Checking Certificate Bonus Rates +
$500 Minimum Balance
6 months N/A

12 months 0.459 % 0.46 %

24 months 0.668 % 0.67 %

36 months 0.877 % 0.88 %

48 months 1.529 % 1.54 %

60 months 2.031 % 2.05 %

IRA Sh are Roth, Traditional, Education

0.10 %

I RA Certificates # Roth, Traditional, Education $500 Minimum Balance

12 months 0.549 % 0.55 %

24 months 0.747 % 0.75 %

36 months 0.945 % 0.95 %

48 months 1.588 % 1.60 %

60 months 2.080 % 2.10 %

Accelerator Bump-Up
Certificate^

24 months 0.995% 1.00 %

*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.

#A penalty may be imposed on an early withdrawal of a Holiday Club or Share Certificate.

+Rewards Checking account holders can receive up to 0.05% bonus on certificate  terms 12 to 60 months. New accounts only. Not valid on renewals. Not valid on Accelerator Certificates.

^APY= Annual Percentage Yield. During the term of the Bump Up Certificate, you are permitted to make a one-time request to adjust your dividend rate at your discretion. Your request to adjust your dividend rate is limited to the rate in effect for the current 24 month certificate at the time of your request. When you elect to exercise the bump-up option, the new dividend rate will be paid for the remaining term of your account. A one-time dividend rate will not extend the original maturity date of your account. Dividend rates are not tied to any index. They are established at the discretion of ALEC. ALEC makes no guarantee that you will ever be able to exercise this option since we have no way of predicting future interest rates. $500 minimum balance to open account. Offer valid from December 1, 2016, to March 31, 2017. A penalty may be imposed on an early withdrawal of a certificate outside of the maturity window. Fees could reduce earnings on the account. For full disclosure, please click here.

Credit Cards
Type APR* as low as
Select Visa® 3

Introductory rate of 1.95% APR for the first twelve months on
balance transfers and cash purchases.

8.45 %
Select Rewards Visa® 3

Introductory rate of 1.95% APR for the first twelve months on
balance transfers and cash purchases.

10.45 %
Visa Signature® Rewards
12.45 %
Student Select™ Visa® 3

Introductory rate of 1.95% APR for the first twelve months on
balance transfers and cash purchases.

12.20%

Student Select Rewards™ Visa® 3

Introductory rate of 1.95% APR for the first twelve months on
balance transfers and cash purchases.

14.20%

*APR = Annual Percentage Rate. All loans subject to credit approval. Rates subject to credit history, term and other factors. Not all applicants will qualify for our lowest rates. Rates can change daily.

3. All purchases and balance transfers posted to the account during the first twelve  months, will receive an introductory rate of 1.95% APR. After the initial twelve months,  any remaining balances and future purchases and balance transfers will revert to the  rate assigned at account opening. After the initial twelve months, any remaining balances and future purchases and balance transfers will revert to the rate assigned at account opening. Introductory rate does not apply to current  cardholders or Visa Signature Rewards cardholders.

Real Estate Loans
Type APR* as low as
Home Equity Line of Credit 5,6,7
Home Equity Line of Credit Introductory Rate
of 1.99% APR for the first six months.

4.00 %
Second Mortgage - 36 Month Fixed Rate 1,8 3.00 %
Second Mortgage - 60 Month Fixed Rate 1,8
3.75%
Second Mortgage - 84 Month Fixed Rate 1,8
4.75%
First Mortgages Daily Quote

*APR= Annual Percentage Rate. All loans subject to credit approval. Rates subject to credit history, term and other factors. Not all applicants will qualify for our lowest rates. Rates can change daily.

1. Returning loan members who have a current loan with ALEC and are applying for a new loan will automatically receive a 0.25% APR rate discount. New loan members who do not have any current loans with ALEC must have an ALEC Checking Account (Free or Rewards) with $500 in direct deposit per statement cycle AND be enrolled in E-Statements to be eligible for the 0.25% APR discount.  Discount not valid on credit cards, mortgage, Personal Lines of Credit and Home Equity Line of Credit.

5. Home Equity Loans/Lines are available in Illinois, Ohio and Wisconsin only and limited to owner occupied properties. ALEC will waive closing costs up to $500 for fees including Property Appraisal, Title Insurance, Recording Fees, and Flood Certification. Maximum loan to value may be reduced due to underwriting factors.

6. Home Equity Line of Credit: The Annual Percentage Rate (APR) is variable and is subject to change monthly based on Prime. Prime Rate is “prime” as listed in the “Money Rates” section of the Wall Street Journal from the last business day of the previous month. As of December 31, 2016, the Prime Rate is 3.75%. The rate floor is 4.00%. Maximum APR during the life of the loan is 18% APR. $5,000  minimum initial draw required.

7. Home Equity Line of Credit Introductory Rate: APR = Annual Percentage Rate. After the initial six month period, the rate will be variable based on the Prime Rate. Prime Rate is "prime" as listed in the "Money Rates" section of the Wall Street Journal from the last business day of the previous month. As of December 31, 2016, the prime rate is 3.75%. The rate floor is 4.00%. Maximum APR during the life of the loan is 18% APR. $5,000 minimum initial draw required.

8. Home Equity Loan: The 3.75% Annual Percentage Rate is for a 60 month note loan rate. Rate displayed includes a 0.25% APR rate discount. Returning loan members who have a current loan with ALEC and is applying for a new loan will automatically receive a 0.25% APR rate discount. New loan members who do not have any current loans with ALEC must have an ALEC Checking Account (Free or Rewards) with $500 in direct deposit per statement cycle AND be enrolled in E-Statements to be eligible for the 0.25% APR discount. Rates subject to credit history, term, and other factors.

Vehicle
Type Loan Terms APR* as low as 1

New Auto 2, 3 New Auto - 2016-2017 less than 5,000 miles

Up to 48 months 1.99 %

49 to 60 months 2.24 %

61 to 72 months 2.49 %

73 to 84 months 4.24 %

Used Auto 2

Used Auto - 2010-2016 

Up to 48 months 2.24 %

49 to 60 months 2.49 %

61 to 72 months 2.74 %

Late Model Used Auto

2009 and older

Up to 60 months 6.24 %

New  Motorcycle

2016 -2017

Less than 5,000 miles

Up to 24 months 3.45 %

25 to 36 months 3.70 %

37 to 48 months 3.95 %

49 to 60 months 4.20 %

61 to 72 months 4.45 %

73 to 84 months 4.95 %

*APR= Annual Percentage Rate. All loans subject to credit approval. Rates subject to credit history, term and other factors. Not all applicants will qualify for our lowest rates. Rates can change daily.
1. Returning loan members who have a current loan with ALEC and are applying for a new loan will automatically receive a 0.25% APR rate discount. New loan members who do not have any current loans with ALEC must have an ALEC Checking Account (Free or Rewards) with a $500 monthly direct deposit AND be enrolled in E-Statements to be eligible for the 0.25% APR discount. Discount not valid on credit cards, mortgage, Personal Line of Credit and Home Equity Line of Credit.
2. Refinance of existing ALEC Auto Loans excluded.
3. 84 month auto loans are available with a minimum $25,000 loan amount.

1 APR = Annual Percentage Rate. The advertised APR is reserved for qualified individuals and applies to new vehicles, model years 2016 and newer, with terms to 36 months. The APR requires use of the ALEC Auto Buying Service, TrueCar. Rate reflects a 0.25% discount. ALEC members with a loan from the credit union who receive approval for another loan automatically receive the 0.25% discount. Members with no loan form ALEC must have an ALEC Checking Account with a $500 direct deposit per statement cycle and be enrolled in E-Statements to qualify for the 0.25% discount. Rates as low as 1.74% APR available on used vehicles. Your actual APR depends on credit history, age of vehicle, loan term and ALEC services used. Rates subject to change without notice. All loans subject to credit approval.

2 Between 7/1/15 and 9/30/15, the average estimate savings off MSRP presented by TrueCar Certified Dealers to users of TrueCar powered websites, based on users who configured virtual vehicles and who TrueCar identified as purchasing a new vehicle of the same make and model listed on the certificate from a Certified Dealer as of 10/31/15, was $3,279. Your actual savings may vary based on multiple factors including the vehicle you select, region, dealer and applicable vehicle specific manufacturer incentives which are subject to change. The Manufacturer's Suggested Retail Price ("MSRP") is determined by the manufacturer, and may reflect the price at which vehicles are generally sold in the dealer's trade are as not all vehicles are sold at MSRP. Each dealer sets its own pricing. Neither TrueCar nor ALEC brokers, sells or leases motor vehicles. 

*APR = Annual Percentage Rate. The advertised APR is reserved for qualified individuals and applies to new vehicles (model years 2016 and newer with less than 5,000 miles) with terms to 48 months, as well as used vehicles (model years 2010 - 2016) with terms to 48 months. The advertised APR reflects a 0.25% discount. ALEC members with a loan from the credit union who receive approval for another loan automatically receive the 0.25% discount. Members with no loan from ALEC must have an ALEC Checking Account with a $500 direct deposit per statement cycle and be enrolled in E-Statements to qualify for the 0.25% discount. Your actual APR depends on credit history, age of vehicle, loan term and ALEC services used. Rates subject to change without notice. All loans subject to credit approval. This special offer of the same rate for new and used vehicles applies only to new loans originated at ALEC. It is not available for refinances of existing ALEC auto loans. Payment example: A $20,000 loan with a 48-month term and 1.74% APR would have 47 payments at $431.95 and a final payment of $431.48.

** The 90-day first-payment deferral is for qualified members. Finance charges will continue to accrue during the deferral period.

Marine & Recreational Vehicles

Type

Loan Term APR* as low as 1

New & Used Boat, Marine & RVs2 

2010 - 2017

Up to 24 months 3.45 %

25 to 36 months 3.70 %

37 to 48 months 3.95 %

49 to 60 months 4.20 %

61 to 72 months 4.45 %

73 to 84 months 4.95 %

Extended Term Boat & RVs

2010 -2017

120 months 3.99 %

180 months 4.49 %

240 months 4.99 %

*APR= Annual Percentage Rate. All loans subject to credit approval. Rates subject to credit history, term and other factors. Not all applicants will qualify for our lowest rates. Rates can change daily.

1. Returning loan members who have a current loan with ALEC and are applying for a new loan will automatically receive a 0.25% APR rate discount. New loan members who do not have any current loans with ALEC must have an ALEC Checking Account (Free or Rewards) with $500 in direct deposit per statement cycle AND be enrolled in E-Statements to be eligible for the 0.25% APR discount. Discount not valid on credit cards, mortgage, Personal Lines of Credit, Rapid Refi and Home Equity Line of Credit.

2. 84 month auto loans are available with a minimum $25,000 loan amount.

Stock, Secured and Personal Loans
Type Loan Term APR* as low as 1
Personal Up to 60 months 7.00 %
Personal Line of Credit 2
8.75 %
Certificate Secured Up to 60 months Certificate + 3.00 %
Savings Secured Up to 60 months 2.80 %
Stock Loans - Single Pay Up to 15 months 2.50 %
Stock Loans - Installment Up to 60 months 3.50 %

*APR = Annual Percentage Rate. All loans subject to credit approval. Rates subject to credit history, term and other factors. Not all applicants will qualify for our lowest rates. Rates can change daily.

1. Returning loan members who have a current loan with ALEC and are applying for a new loan will automatically receive a 0.25% APR rate discount. New loan members who do not have any current loans with ALEC must have an ALEC Checking Account (Free or Rewards) with $500 in direct deposit per statement cycle AND be enrolled in E-Statements to be eligible for the 0.25% APR discount. Discount not valid on credit cards, mortgages, Personal Lines of Credit and Home Equity Line of Credit.

2. Personal Line of Credit : The Annual Percentage Rate (APR) is variable and is subject to change quarterly based on Prime. Prime Rate is "prime" as listed in the "Money Rates" section of the Wall Street Journal from the last business day of the previous quarter. As of December 31, 2016, the Prime Rate is is 3.75%.

Student Loans
Learn more about the Sallie Mae Smart Option Student Loan by clicking here.