Rates are effective as of August 1, 2018, and are subject to change without notice.
| Checking | |||
|---|---|---|---|
| Type | Amount | Nominal Rate | APY* |
| Rewards Checking ** | 0.249% | 0.25 % | |
| Money Market $2,000 Minimum Balance | $100,000 and over | 0.995% | 1.00 % |
| $50,000 - $99,999.99 | 0.896% | 0.90 % | |
| $2,000 - $49,999.99 | 0.797% | 0.80% | |
*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. The nominal rate is the rate used to calculate the monthly dividend.
** Please refer to rewards checking page for account requirements and fees.
| Savings | ||
|---|---|---|
| Type | Nominal Rate | APY* |
| Savings | 0.249% | 0.25 % |
| Special Savings | 0.249% | 0.25 % |
| Holiday Club Savings # | 0.299% | 0.30 % |
| Health Savings Account (HSA) | 0.299% | 0.30% |
*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. 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 or Share Certificate.
| Certificates | |||
|---|---|---|---|
| Type | Term | Nominal Rate | APY* |
Certificates (CDs) # $500 Minimum Balance | 6 months | 1.095 % | 1.10 % |
| 12 months | 1.243 % | 1.25 % | |
| 24 months | 1.490 % | 1.50 % | |
| 36 months | 1.736 % | 1.75 % | |
| 48 months | 1.982 % | 2.00 % | |
| 60 months | 2.472 % | 2.50 % | |
Certificate Special1 | 30 months | 2.957% | 3.00% |
Variable Rate Certificate** $500 Minimum Balance | 24 months | 2.15% | 2.128% |
| HSA Certificates # $500 Minimum Balance | 12 months | 1.342 % | 1.35 % |
| 24 months | 1.588 % | 1.60 % | |
| 36 months | 1.835 % | 1.85 % | |
| 48 months | 2.080 % | 2.10 % | |
| 60 months | 2.570 % | 2.60 % | |
Variable Rate HSA Certificate** $500 Minimum Balance | 24 months | 2.15% | 2.128% |
Variable Rate HSA IRA Certificate** $500 Minimum Balance | 24 months | 2.15% | 2.128% |
| Rewards Checking Certificate Bonus Rates + $500 Minimum Balance | 6 months | N/A | |
| 12 months | 1.253 % | 1.26 % | |
| 24 months | 1.510 % | 1.52 % | |
| 36 months | 1.766 % | 1.78 % | |
| 48 months | 2.021 % | 2.04 % | |
| 60 months | 2.521 % | 2.55 % | |
IRA Share Roth, Traditional, Education | 0.299% | 0.30 % | |
IRA Certificates # Roth, Traditional, Education $500 Minimum Balance | 12 months | 1.342 % | 1.35 % |
| 24 months | 1.588 % | 1.60 % | |
| 36 months | 1.835 % | 1.85 % | |
| 48 months | 2.080 % | 2.10 % | |
| 60 months | 2.570 % | 2.60 % | |
Variable Rate IRA Certificate** $500 Minimum Balance | 24 months | 2.15% | 2.128% |
*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. 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 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 HSA, IRA, or Variable Rate Certificates.
**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 July 31, 2018, the rate is 2.00%. The rate floor is 0% APY.
1Prerequisites to open account: An ALEC Share Draft account with total monthly Direct Deposit(s) of $500 or more. Available as a regular savings certificate, or Traditional, ROTH or Coverdell (Education) IRA. All rates subject to change.
| 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. | 9.70 % |
| Select Rewards Visa® 3 Introductory rate of 1.95% APR for the first twelve months on | 11.70 % |
| Visa Signature® Rewards | 13.70 % |
| Student Select™ Visa® 3 Introductory rate of 1.95% APR for the first twelve months on | 13.70% |
Student Select Rewards™ Visa® 3 Introductory rate of 1.95% APR for the first twelve months on | 15.70% |
*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. View the VISA Application and Solicitation Disclosure for additional rate information.
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 Home Equity Line of Credit Introductory Rate of 1.99% APR for the first 6 months. | 5.00 % |
| 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. Minnesota applicants are responsible for a mortgage registration tax.
6. Home Equity Line of Credit Introductory Rate: After the initial 6 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 July 31, 2018, the Prime Rate is 5.00%. 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 4.00% 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 - 2017-2018 less than 5,000 miles | Up to 36 months^ | 2.24 % |
| 48 months | 2.74 % | |
| 60 months | 2.99 % | |
| 72 months | 3.24 % | |
| 84 Months | 4.99% | |
Used Auto 2 Used Auto - 2011-2017 | Up to 36 months^ | 2.24 % |
| 48 months | 2.74 % | |
| 60 months | 2.99 % | |
| 72 months | 3.24% | |
Late Model Used Auto 2010 and older | Up to 60 months | 6.24 % |
Motorcycles 2011-2018 | Up to 24 months | 3.60 % |
| 36 months | 3.85 % | |
| 48 months | 4.10 % | |
| 60 months | 4.35 % | |
| 72 months | 4.60 % | |
| 84 months | 5.10 % | |
*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 APR = Annual Percentage Rate. Disclosed rates include ALEC’s 0.25% APR discount. ALEC members will automatically earn a 0.25% APR discount if they are new members applying for a loan within the first 60 days of membership OR if they are a returning ALEC loan member. Existing members that do not meet the above criteria earn the 0.25% APR discount with a $500 monthly direct deposit into an ALEC Checking account and enrollment in E-Statements. Discount not valid on credit cards, mortgage and home equity line of credit. Your rate may be higher depending on your credit history, age of vehicle, term of your loan and services used. Maximum financing up to 115% MSRP for qualified borrowers.
2. Refinance of existing ALEC Auto Loans excluded.
3. 84 month loans are available with a minimum $25,000 loan amount.
^ By members’ choice, your deposits are insured by American Share Insurance up to $250,000 per account. This institution is not federally insured. *APR is Annual Percentage Rate. The advertised APR is reserved for qualified individuals and applies to new and used vehicles, model years 2011-2018, for terms to 36 months. The advertised APR reflects two different 0.25% APR discounts. One 0.25% discount is for those who purchase their car at a TrueCar certified dealer through the ALEC Auto Buying Service. A separate 0.25% discount is automatically given to members new to ALEC who apply for a loan within the first 60 days of membership. (Members who are not new to ALEC automatically earn this 0.25% loan discount if they already have a loan from ALEC. Members not new to ALEC who don’t meet that requirement earn this 0.25% APR discount with a $500 monthly direct deposit into an ALEC checking account and enrollment in E-Statements.) 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. The special 2.24% APR is not available to refinance existing ALEC auto loans. Payment example: A $20,000 loan with a 36-month term and 2.24% APR would have 35 payments at $574.95 and a final payment of $574.91.
| Marine & Recreational Vehicles | ||
|---|---|---|
Type | Loan Term | APR* as low as 1 |
New & Used Boat New Marine & RVs 2 2011-2018 | Up to 24 months | 3.60 % |
| 36 months | 3.85 % | |
| 48 months | 4.10 % | |
| 60 months | 4.35 % | |
| 72 months | 4.60 % | |
| 84 months | 5.10 % | |
Extended Term Boat & RVs 2011-2018 | 120 months | 4.74 % |
| 180 months | 5.24 % | |
| 240 months | 5.74 % | |
*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. Disclosed rates include ALEC’s 0.25% APR discount. 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 | 7.25 % |
| Personal Line of Credit 2 | 10.00 % | |
| Certificate Secured | Up to 60 months | Certificate + 3.00 % |
| Savings Secured | Up to 60 months | Share + 3.00 % |
| Stock Loans - Single Pay | Up to 15 months | 3.75 % |
| Stock Loans - Installment | Up to 60 months | 4.75 % |
*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. Disclosed rates include ALEC’s 0.25% APR discount. ALEC members will automatically earn a 0.25% APR discount if they are new members applying for a loan within the first 60 days of membership OR if they are a returning ALEC loan member. Existing members that don't meet the above criteria earn the 0.25% APR discount with a $500 monthly direct deposit into an ALEC Checking account and enrollment in E-Statements. 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 June 30, 2018, the Prime Rate is 5.00%.
| Student Loans | |||
|---|---|---|---|
| Learn more about the Sallie Mae Smart Option Student Loan by clicking here. | |||