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Alliant Credit Union Review 2022

Published January 2022 by Karen Bennett

AT A GLANCE
4.7

Bankrate Score

bank-logo

24/7 Customer Service

ATM fee refunds

High APYs

Low Minimum Deposit

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, providing several methods of eligibility.

  • Savings
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    5.0
  • Checking
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    4.9
  • CDs
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    4.5
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Capital One

    Member FDIC

    Savings account

    0.70 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.70 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    2.10 % APY

    2yr

    Term

    $ 500

    Min. deposit

    Overall

    4.7

    Bankrate Score

    Alliant Credit Union is an NCUA-insured credit union based in Chicago that offers deposit accounts with competitive APYs and minimal fees. It offers a highly rated mobile app as well as access to a wide network of surcharge-free ATMs.

    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.

    • Peer-to-peer payment options are not offered.

    Savings accounts

    5.0

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Capital One

    Member FDIC

    Savings account

    0.70 % 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, a $1 monthly fee is charged for paper statements.

    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 track progress easily.

    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

    Checking accounts

    4.9

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    SoFi

    Member FDIC

    Checking account

    1.25 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    Alliant’s High-Rate Checking account pays a decent yield, requires no minimum balance and charges no service fees or overdraft fees. Customers who open this account receive a Visa debit card.

    The credit union offers access to over 80,000 surcharge-free ATMs and also offers rebates of up to $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.

    • 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.

    CD rates

    4.5

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    2.10 % APY

    2yr

    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 one to five years. The range of term lengths provide 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 placing their money in Alliant’s high-yield savings account.

    What we like

    • CD yields are competitive compared with the typical CD account.

    • The credit union offers term lengths ranging from one to five years.

    • 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.

    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 for Android (4.6) and iOS devices (4.7). The app allows customers to deposit checks, transfer money between accounts, pay monthly bills and track expenses with a personal financial management tool.

    The credit union provides a toll-free 24/7 phone number for issues that need immediate attention. It also offers an online contact form for other account and service questions.

    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-yield deposit products with minimal fees. Alliant makes it easy to become a member, providing several ways to become a member, including proximity to the credit union’s headquarters, employment and familial status, or by donating to a cause it supports.

    Karen Bennett Twitter Created with Sketch. @

    Karen Bennett Twitter Created with Sketch. @

    Karen Bennett is a consumer banking reporter at Bankrate. She uses her finance writing background to help readers learn more about savings and checking accounts, CDs, and other financial matters. Karen brings decades of writing and reporting experience to the table, including the roles of credit cards writer for travel website Million Mile Secrets and money and career writer for The Cheat Sheet. Her work has also appeared in USA Today, Illinois Legal Times, and several Chicago, Milwaukee, and Washington, D.C. newspapers. In addition, she’s worked in the areas of marketing and business development, and she was product manager for a consumer money-saving website. When she’s not writing Bankrate articles, she can often be found cheering her kids on at soccer games, cooking and reading up on saving for retirement and other personal finance topics.