Alliant Credit Union Review 2021

Published December 2020 by Lance Davis

AT A GLANCE
4.6

Bankrate Score

bank-logo

ATM fee refunds

High APYs

Alliant Credit Union is ideal for eligible customers who want a range of high-yielding product options and to minimize fees. Alliant makes it easy to become a member despite its status as a credit union.

  • Savings
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    5.0
  • CDs
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    4.0
  • Checking
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    4.9
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    1yr

    Term

    $ 500

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    1yr

    Term

    $ 500

    Min. deposit

    Overall

    4.6

    Bankrate Score

    Alliant Credit Union is an NCUA-insured credit union based in Chicago.

    What we like

    • The savings accounts, checking accounts and CDs offer competitive yields.

    • Alliant offers surcharge-free access to over 80,000 ATMs.

    • The credit union has manageable membership requirements.

    What we don't

    • The credit union doesn’t offer any specialty CDs such as no-penalty CDs.

    • The credit union doesn’t offer peer-to-peer payments.

    Savings accounts

    5.0

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Alliant Credit Union’s high-yield savings account is among the best savings accounts nationwide. It pays a top-tier APY, rewarding members for keeping their savings with the credit union. Account holders must maintain an average monthly balance of at least $100 to earn interest. A minimum balance of $5 is required to keep the account open.

    The high-yield savings account doesn’t charge a monthly fee to members who sign up for e-statements. Otherwise, the monthly fee is $5 and each paper statement costs $1.

    Alliant also lets members open up to 19 savings accounts (called supplemental savings accounts) to save for specific goals. Members can name each account based on their goals, allowing them to easily track progress.

    What we like

    • The high-yield savings account pays a top-tier APY.

    • There’s no monthly fee for members enrolled in e-statements.

    • Members can open multiple accounts to track specific savings goals.

    What we don't

    CD rates

    4.0

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    1yr

    Term

    $ 500

    Min. deposit

    Alliant offers a range of CD term lengths, and all of them carry high APYs. Customers can choose from CD terms ranging from 12 months to 60 months. The range of term lengths gives customers the ability to build a CD ladder. All CDs are insured by the NCUA and require $1,000 to open.

    The credit union doesn’t offer any specialty CDs such as no-penalty CDs. Customers looking for CD terms shorter than a year will need to look elsewhere or consider stashing their money in Alliant’s high-yield savings account.

    What we like

    • CD yields are competitive compared with the typical account.

    • The credit union offers term lengths ranging from 12 to 60 months.

    • CDs require a manageable $1,000 to open.

    What we don't

    • The credit union doesn’t offer any specialty CDs such as no-penalty CDs.

    Checking accounts

    4.9

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Quontic Bank

    Member FDIC

    Checking account

    1.01 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    Alliant’s Basic Checking Account gives members a no-frills option with no fees.

    Alliant also offers its High-Rate Checking account, which pays a decent yield, charges no monthly service fee and doesn’t require a minimum balance. Customers who open this account will get a free Visa debit card and first box of checks. Non-sufficient funds fees are $25 apiece.

    The credit union offers access to over 80,000 surcharge-free ATMs and also offers rebates of up $20 per month for out-of-network ATM use. The only drawback to Alliant’s checking account offerings is there’s no peer-to-peer payments service like Zelle available to members.

    What we like

    • The High-Rate Checking account pays a competitive APY, especially for checking accounts.

    • There’s no monthly service fee or minimum balance requirement.

    • Members get access to 80,000 surcharge-free ATMs and $20 in monthly rebates.

    What we don't

    • The credit union doesn’t offer peer-to-peer payments.

    Bank experience

    Alliant is easy to join despite its status as a credit union. If you don’t meet specific criteria listed on its website, you can become a member of Foster Care to Success (FC2S) to become eligible for Alliant membership. Alliant will pay a $5 membership fee to FC2S on your behalf.

    Alliant offers highly rated mobile apps on Android (4.5) and iOS devices (4.7). The app allows you to deposit checks, transfer money between accounts, pay monthly bills and track your finances with a personal financial management tool.

    The credit union has a phone number you can call 24/7 for emergency issues. You can also send Alliant a message online and wait for them to respond through email.

    About Alliant Credit Union

    Alliant Credit Union is an NCUA-insured credit union based in Chicago. It's ideal for eligible customers who want a range of high-yielding product options and to minimize fees. Alliant makes it easy to become a member despite its status as a credit union.

    Lance Davis Twitter Created with Sketch. @LRD0015

    Lance Davis Twitter Created with Sketch. @LRD0015

    Lance Davis is the senior editorial director for Bankrate, overseeing content for mortgages, deposits, investing, loans and insurance. Lance leads a team of more than 20 editors and reporters who are passionate about creating content that helps readers make smarter financial decisions. Lance started at Bankrate as a copy editor in 2013, where he learned the finer points of personal finance while reading almost every article before it was published. In this role, Lance saw how small moves today can have a big impact on your financial future. He developed a passion for sharing these lessons to help others budget their money, buy a house, save for retirement and more. Lance also gets involved with fun projects like hosting Bankrate’s webinars with Greg McBride and publishing the annual Best Banks list, which has been cited by MSN, Fox Business, The Points Guy, among others. When he’s not reading Bankrate articles or playing around on the retirement calculator, Lance enjoys following sports, going on runs and reading books. He dreams of being able to retire early and buy a home on a beach where the temperature rarely falls south of 60. Lance earned his bachelor’s degree in journalism from Auburn University in 2013. Have feedback or suggestions for the editorial team? Send Lance an email at lance.davis@bankrate.com.