For the second straight quarter, Alliant Credit Union has boosted its quarterly savings dividend rate, this time to 3.25%-with a compounded APY of 3.29%. The dividend is paid to members with savings of $100 or more.
Alliant said that research by DataTrac shows it pays more on savings dividends than many banks are paying on CDs; it said DataTrac's research showed that of 16,622 institutions nationwide, in mid-June banks were paying on average 0.57% on a comparable savings account, and 2.84% for a one-year CD with a $10,000 minimum.
"Like most market-watchers," explains Mooney, "we expect the Federal Reserve to continue its policy of increasing short-term rates, and continue to believe that Alliant's regular share accounts will offer the best value over time," said David Mooney, CEO of the $4.5-billion credit union.
