Last Updated: 04/18/2025
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Highlights
APY (Annual Percentage Yield)
1.50% - 1.80%(Verified 06/21/2024)
Minimum Balance to Earn APY
$2,000
Minimum Opening Deposit
$2,000
ALEC Money Market Account Review
ALEC Money Market Account is offered by ALEC, a credit union founded in 1990 and based in Gurnee, IL. ALEC Money Market Account are available in 50 states and Washington, DC.
Key Takeaways
- Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 1.80%, which is much higher than the national average for a money market account. However, you must keep a minimum balance of $2000.00.
- No monthly maintenance fees. This account does not charge any monthly account fees.
- $2,000.00 minimum deposit. This is a typical minimum initial deposit, but there are accounts that require a smaller initial deposit.
Pros & Cons of ALEC Money Market Account
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ALEC Money Market Account FAQ
Are money market accounts from ALEC federally insured?
Yes, your money market accounts are insured up to $250,000 per share owner for each account ownership category. The National Credit Union Administration (NCUA), a federal agency, administers the insurance fund and regulates federally insured credit unions. The fund is backed by the full faith and credit of the U.S. Government.
What are the dividends for ALEC Money Market Account rates?
ALEC Money Market Account offers an APY starting at 1.50% and ranging up to 1.80% (APY stands for annual percentage yield, rates may change). This is higher than the typical APY for online-only checking accounts, which is around 1% APY. However, to earn interest you must keep a minimum balance of $2000.00.
| Rates | Amount |
| APY (Annualized Percentage Yield) | 1.50% - 1.80% |
What are the fees for ALEC Money Market Account?
ALEC Money Market Account does not charge a monthly maintenance fee.
| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Monthly Service Fee | $0.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Paper Statement Fee | Starting at $5.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NSF Fee | $29.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What is the minimum balance for ALEC Money Market Account?
Minimum deposit of $2,000.00. You must make an initial deposit of at least $2,000.00 to open this account.
Interest rate minimum balance of $2,000.00. You must keep the account balance above $2,000.00 to earn interest.
What features and perks does ALEC Money Market Account offer?
This account includes the following features:
- Mobile Banking Services - ALEC Money Market Account allows you to manage your money through online banking and a dedicated mobile app.
- Nationwide ATM network - ALEC Money Market Account allows you to access your money from an ATM, a convenient feature only a few offer.
What is the customer service phone number?
The customer service number for this account is (800) 762-9988.
How to open an account with ALEC
- Visit the ALEC website.
- Fill in the application form. You will typically need to provide general financial information, such as your name, Social Security Number and address.
- Check the information is accurate and submit your application.
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Hours of Operation
Sunday
Closed
Monday
9:00AM - 5:00PM
Tuesday
9:00AM - 5:00PM
Wednesday
9:00AM - 5:00PM
Thursday
9:00AM - 5:00PM
Friday
9:00AM - 5:00PM
Saturday
9:00AM - 12:30PM