Last Updated: 04/18/2025
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Highlights
APY (Annual Percentage Yield)
1.00%(Verified 06/21/2024)
Minimum Opening Deposit
$5
Minimum Balance to Earn APY
N/A
ALEC Savings Account Review
ALEC Savings Account is offered by ALEC, a credit union founded in 1990 and based in Gurnee, IL. ALEC Savings Account are available in 50 states and Washington, DC.
Key Takeaways
- Higher than average APY. ALEC Savings Account has an annual percentage yield of up to 1.00%, which is higher than the average interest rate for savings accounts.
- No monthly maintenance fees. This account does not charge any monthly account fees.
- Small minimum initial deposit. You only need $5.00 to open an account.
ALEC Savings Account Pros & Cons
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ALEC Savings Account FAQ
Are savings accounts from ALEC federally insured?
Yes, your savings 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.
Does ALEC offer a signup bonus?
ALEC Savings Account doesn't offer a signup bonus.
What is the minimum initial deposit for ALEC Savings Account?
The minimum deposit to open a ALEC Savings Account is $5.00.| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Average Balance to Avoid Monthly Service Fee | $0.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Opening Deposit | $5.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Required Balance | $5.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What APY does ALEC Savings Account offer?
ALEC Savings Account offers an APY of 1.00% (APY stands for annual percentage yield, rates may change).
The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually. What fees does ALEC Savings Account charge?
ALEC Savings Account does not charge a monthly service fee. See the fee breakdown section below to view all fees.
- Outgoing domestic bank transfers come with a $25.00 fee.
- Outgoing international bank transfers come with a $55.00 fee. You can save a ton of money in fees if you use use a nonbank money transfer service.
- ALEC Savings Account charges a $15.00 fee for an early account closure. Contact ALEC Savings Account for more details on what is considered an early closure.
- An overdraft on your account will trigger a $29.00 fee per item.
- ALEC Savings Account charges $5.00 every time you request a paper statement.
Does ALEC Savings Account charge overdraft fees?
Yes, ALEC Savings Account charges a $29.00 overdraft fee.What features and perks does ALEC Savings Account offer?
This savings account includes the following features:
- Mobile Banking Services - ALEC Savings Account allows you to manage your money online or with a mobile app.
- Nationwide ATM network - Conveniently transact at a nearby ATM.
Can you set up a direct deposit to ALEC Savings Account?
Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.
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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