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Rates

 
 

Rates are effective as of December 1, 2018, and are subject to change without notice.

Checking
Type Amount Nominal Rate APY*
Rewards Checking **
0.349 % 0.35 %
Money Market
$2,000 Minimum Balance
$100,000 and over 1.094 % 1.10 %

$50,000 - $99,999.99 0.995 % 1.00 %

$2,000 - $49,999.99 0.896 % 0.90 %

*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 0.349% 0.35 %
Special Savings 0.349% 0.35 %
Holiday Club Savings # 0.399% 0.40 %
Health Savings Account (HSA) 0.399% 0.40%

*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 1.491 % 1.50 %

12 months 1.736 % 1.75 %

24 months 1.981 % 2.00 %

36 months 2.226 % 2.25 %

48 months 2.470 % 2.50 %

60 months 2.957 % 3.00 %

Variable Rate Certificate**

$500 Minimum Balance

24 months 2.491  %
2.52 % 
HSA Certificates #  
$500 Minimum Balance
12 months 1.982 % 2.00 %

24 months 2.226 % 2.25 %

36 months 2.470 % 2.50 %

48 months 2.714 % 2.75 %

60 months 3.199 % 3.25 %

Variable Rate HSA Certificate**

$500 Minimum Balance

24 months 2.491 % 2.52 %

Variable Rate HSA IRA Certificate**

$500 Minimum Balance

24 months 2.491 % 2.52 %
Rewards Checking Certificate Bonus Rates +
$500 Minimum Balance
6 months
N/A

12 months 1.746 % 1.76 %

24 months 2.001 % 2.02 %

36 months 2.255 % 2.28 %

48 months 2.509 % 2.54 %

60 months 3.005 % 3.05 %

IRA Share

Roth, Traditional, Education


0.399% 0.40 %

IRA Certificates #

Roth, Traditional, Education $500 Minimum Balance

12 months 1.982 % 2.00 %

24 months 2.226 % 2.25 %

36 months 2.470 % 2.50 %

48 months 2.714 % 2.75 %

60 months 3.199 % 3.25 %

Variable Rate IRA Certificate**

$500 Minimum Balance

24 months 2.491 % 2.52 %

Accelerator Step-Up Certificate***

$500 Minimum Balance

1st 6 months 0.996 % 1.00 %


2nd 6 months 1.984 % 2.00 %


3rd 6 months 2.963 % 3.00 %


4th 6 months 5.855 % 6.00 %


Blended Rate
3.00 %

*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. 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 November 30, 2018, the rate is 2.37%. The rate floor is 0% APY.

***Members have the ability to withdraw funds penalty-free at each step-up interval, within a 10-day window penalty. The penalty for early withdrawal outside the three periods will equal forfeiture of 180 days dividend on the withdrawn amount.

 
Credit Cards
Type APR* as low as
Select Visa®

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

9.95 %
Select Rewards Visa® 3

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

11.95 %
Visa Signature® Rewards
13.95 %
Student Select™ Visa® 3

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

13.95 %

Student Select Rewards™ Visa® 3

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

15.95 %

*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. 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.

5.25 %
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, Wisconsin and Minnesota 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 November 30, 2018, the Prime Rate is 5.25%. 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 2.74 %

48 months 2.99 %

60 months 3.24 %

72 months 3.49 %

84 Months 4.99 %

Used Auto 2

Used Auto - 2011-2017 

Up to 36 months^ 2.74 %

48 months 2.99 %

60 months 3.24 %

72 months 3.49 %

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.

 
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 4.99 %

180 months 5.49 %

240 months 5.99 %

*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. 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 7.50 %
Personal Line of Credit 2
10.25 %
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 4.00 %
Stock Loans - Installment Up to 60 months 5.00 %

*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 September 30, 2018, the Prime Rate is 5.25%.

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