ALEC
Quick Summary
- HSA savings account
The Verdict
ALEC provides essential HSA features with zero monthly maintenance fees and self-directed brokerage access, mutual fund investing, CD options, earning a 0/5.0 rating from HSA Orbit.
There’s a big difference between simply having a financial institution — and joining a financial institution that truly cares about you.
As a credit union, we exist solely to serve the diverse financial needs of our members — people like you. In fact, ALEC is owned by the very individuals it serves — not private investment groups or public shareholders.
That’s an important distinction from many other financial institutions. As a not-for-profit financial co-operative, after paying our credit union’s expenses and setting aside its mandated reserves, we return the money that’s left over right back to ALEC members.
Key Features
Banking & Access
Includes debit card, online banking and check-writing.
Investment Options
Offers self-directed brokerage, mutual fund investing and CDs.
Security & Insurance
Deposits are FDIC/NCUA insured for your protection.
Account Details
No minimum balance to open. no account opening fees.
Fee Analysis
| Fee Type | This Provider | Industry Average | Verdict |
|---|---|---|---|
| Monthly Maintenance | $0.00 | $0.69 | EXCELLENT |
| Account Opening | $0.00 | $1.88 | EXCELLENT |
| Account Closing | $0.00 | $1.95 | EXCELLENT |
Industry averages calculated from 853 providers in the HSA Orbit database.
Investment Options
Brokerage Access
ALEC provides a self-directed brokerage window for investing your HSA funds in the broader market.
Mutual Fund Investing
Access mutual fund investments through your HSA with ALEC.
- Minimum ThresholdNo minimum
- Fees0.50% annual fee charged by myHSAinvestments
Interest Rates
Standard Rates
| Balance Range | APY |
|---|---|
| $0+ | 1.00% |
Last updated: 06-12-2025
Contact Information
Address
325 Tri-State Parkway Gurnee, IL 60031-5280 Customer Service Mailing Address ALEC 325 Tri-State Parkway Gurnee, IL 60031-5280
Customer Service
800-762-9988
325 Tri-State Parkway Gurnee, IL 60031-5280 Customer Service Mailing Address ALEC 325 Tri-State Parkway Gurnee, IL 60031-5280
At a Glance
Pros & Cons
The Good
- •No monthly maintenance fees
- •No account opening or closing fees
- •Self-directed brokerage access
- •Invest from the first dollar
User Sentiment
Based on community feedback
Sentiment data coming soon
Compare with Related Providers
Michigan State University Federal Credit Union
Founded in 1937, MSUFCU is owned and operated by members of the Michigan State University and Oakland University communities. We offer financial services to MSU and OU faculty, staff, students, alumni association members, and their families as well as a variety of select employee groups.
Read Review →Pinnacle Financial Partners
Pinnacle Financial Partners provides a full range of banking, investment, trust, mortgage and insurance products and services designed for businesses and their owners and individuals interested in a comprehensive relationship with their financial institution. Pinnacle's focus begins in recruiting top financial professionals. The American Banker recognized Pinnacle as the sixth best bank to work for in the country in 2016. The firm began operations in a single downtown Nashville location in October 2000 and now operates in the state's four largest markets, Nashville, Memphis, Knoxville and Chattanooga, as well as several surrounding counties.
Read Review →American State Bank
American State Bank and American Investment & Trust employ over 100 employees and manage over $800,000,000 in assets. We have 8 locations across Iowa and South Dakota: Sioux Center, Alton, Alvord, Hull, Hospers, Granville, Orange City, and Sioux Falls. American State Bank is the largest bank in Sioux County and the second largest agricultural bank in Iowa. We are locally owned & support many community projects and organizations.
Read Review →Latest HSA Strategies
View all articles
Ineligible HSA Contribution? How to Fix It and Avoid Penalties
Made an ineligible HSA contribution? Learn how to fix excess contributions, avoid the 6% penalty, and handle Form 8889 before the tax deadline.
Why Does Tax Software Say My HSA Contribution Is Taxable?
Your tax software shows HSA contributions as taxable income? Learn why it happens, how to fix it in TurboTax and FreeTaxUSA, and avoid penalties.