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ALEC Promotional Rates

home equity line of credit

you have plans. let your home pay for it.

A HELOC is an easy and affordable way to finance whatever plans you’ve made. From home improvements to college tuition, dream vacations and more, we're here to make it happen. Set up your HELOC today and have a flexible financing option to borrow cash against the equity in your home.

    Be entered to win a $500 Home Depot® gift card when you apply before May 31st.^

    Fund a new HELOC at ALEC or make a $5,000 or more advance on your current HELOC at the credit union and you’ll automatically be entered to win a $500 Home Depot® gift card.

    Apply online or through the ALEC Mobile app. You can also visit an ALEC Service Center or call us 24/7 at 800.762.9988. HELOC - it's the smart way to let your home pay for whatever you're planning.

    * 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. Home Equity Loans/Lines are available in Illinois, Ohio, Wisconsin and Minnesota only and limited to owner occupied properties. All borrowers will be required to pay a $350 appraisal fee at closing. Maximum loan to value may be reduced due to underwriting factors. Minnesota applicants are responsible for a mortgage registration tax. Home Equity Line of Credit Introductory Rate: After the initial 12-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 March 31, 2024, the Prime Rate is 8.50%. The rate floor is 4.00%. Maximum APR during the life of the loan is 18% APR. $5,000 minimum initial draw required. NMLS# 421478
    ^ No purchase or loan advance necessary to enter or win. Purchase does not increase your chances of winning. Sweepstakes is open to members with a current ALEC Home Equity Line of Credit or those that complete an advance of $5,000 or more during the promotional period. Limit one automatic entry per member household. Complete sweepstakes rules available at alecu.org or any ALEC Service Center.
    apply online

    choose a higher rate certificate of deposit with ALEC.

    More than 2X higher than the national average

    More than 3X higher than the national average

    More than 3X higher than the national average

    Savings amounts based on comparisons to ALEC’s Certificate rates as of February 1st, 2024, and monthly rate data reported to the FDIC as of January 16th, 2024. We cannot and do not guarantee their applicability in regard to your individual circumstances.

    * 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. Rates subject to change monthly. The nominal rate is the rate used to calculate the monthly dividend.

    variable rate certificates

    ALEC Variable Rate Certificates offer highly competitive rates, currently at 5.43% APY* and vary on a monthly basis with the 13-week U.S. Treasury Bill (Index + 0.15%)**. Variable rate certificates can benefit from rising interest rates, even if there’s a chance that rates could also go down. But compared to traditional savings and money market accounts, ALEC Variable Rate Certificates typically offer a higher rate of return.

    ALEC Variable Rate Certificates feature:
    • $500 minimum to open the account
    • Available as a traditional certificate, IRA or HSA
    • Term of 24 months
    • Dividends tied to the U.S. Treasury Bill paid monthly
    • Automatically reinvested dividends for maximum compounding
    * 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. Rates subject to change monthly. The nominal rate is the rate used to calculate the monthly dividend.
    ** 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 February 28, 2023, the rate is 4.75%. The rate floor is 0% APY.
    No Fee Balance Transfers

    start the new year with a better rate.

    Now’s the perfect time to start saving money by you transferring your high balances to your ALEC VISA® card with a 3.99% APR*. There’s no balance transfer fee, so your savings begin immediately.

    Don’t have an ALEC Visa® credit card? Apply online, use the ALEC Mobile app, call us 24/7 at 800.762.9988, or speak with a Member Service Representative in person at any ALEC Service Center.

    * APR = Annual Percentage Rate. The promotional rate is valid on balance transfers made 1/1/2024 through 2/29/2024. Remaining promotional balances after the 12-month promotional period will revert to the following: for fixed cards, the standard fixed rate based on the cardholder’s creditworthiness at account opening; for variable rate cards, rates are determined by adding a margin to 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 quarter. Standard variable rate is between 13.20% and 24.20% APR. Promotional rate is not valid on accounts with a current introductory offer. Balances on current ALEC Visa® cards or loans are not eligible to be transferred to a new ALEC Visa® account and receive the promotional rate. All loans are subject to credit approval. Minimum balance transfer amount of $25.00.
    Apply Online

    Explore more great rates and products!

    Rates

    Compare the most current rates on all the ALEC products.

    Certificates

    Earn a better rate of return with an ALEC Certificate of Deposit.

    HELOC

    Borrow what you need, when you need it, using your home’s equity to establish a flexible line of credit.

    Auto Loans

    Purchase a vehicle with flexible terms, fast approval, excellent service, and great low rates.

    Have questions? We are here to help!

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