Banking » Guides » Alliant Credit Union Review: Competitive Rates, Few Choices
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Alliant Credit Union Review: Competitive Rates, Few Choices

Alliant Credit Union is a Chicago-based institution that offers a variety of high-yield deposit accounts with minimal fees.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Alliant Credit Union

Alliant Credit Union
Alliant Credit Union

Alliant Credit Union

Fees

$0

Minimum Deposit

$25

Current Promotion

None

APY Savings

3.06% – 3.10%

Alliant Credit Union is a Chicago based institution and it offers a variety of high-yield deposit accounts with minimal amount of fees. Its product line includes various products and services with competitive rates and even account options for teens and children.

Alliant offers membership to members, employees, retirees or various organizations, relatives of current Alliant credit union members and people who work or live near the Alliant Chicago headquarters. However, the credit union also makes it easy to become a member if the above criteria do not fit your circumstances.

You can become a member of FC2S (Foster Care to Success) by paying $5. This organization provides scholarships and education grants to teens in the foster care system throughout the U.S. This means that you can access Alliant’s products and services, and support a good cause.

Alliant has a solid reputation with an A+ rating with the Better Business Bureau.

  • Competitive Rates
  • Large ATM Network
  • No Overdraft Fees
  • Open to Everyone
  • No Specialty CDs
  • No Branches
  • No Peer to Peer Payments
  • Minimal Account Choices

What is required to open an Alliant account?

As with other financial institutions, you’ll need to provide your personal details including Social Security Number, full name, date of birth, address and email address. You will also need to support your application with proof of ID and proof of your address.

Is my money safe on Alliant?

Alliant does have NCUA coverage. This is National Credit Union Association insurance that is similar to the FDIC cover provided with bank accounts. You will have up to $250,000 in coverage, so you can feel reassured that your money is safe even if the credit union fails.

Can you buy/invest in gold via Alliant ?

No, Alliant does not have the facility for members to buy or invest in gold.

Is Alliant worth it for Joint Accounts?

Alliant does offer joint accounts and considering that there are no monthly maintenance fees or overdraft charges, it could be beneficial for your shared finances. You can also open up to 19 supplemental savings accounts to save for specific goals.

 

Table Of Content

Banking Services
Credit Options
Savings Accounts
Mortgage
Checking Accounts
Government Mortgage
CDs
Credit Cards
Money Market Account
Debit Card
Investing Capabilities
Personal Loans

Alliant High Yield Savings

APY Savings

3.06% – 3.10%

Minimum Deposit

$5 To earn interest, you must maintain a daily average minimum balance of $100

Promotion

None

Fees

$0

Alliant High Yield Savings

APY Savings

3.06% – 3.10%

Minimum Deposit

$5 To earn interest, you must maintain a daily average minimum balance of $100

Promotion

None

Fees

$0

Alliant has several savings account options, including:

  • High-Rate Savings: This is a high-yield account with a minimum deposit requirement of $5. However, you do need to maintain a $100 average daily balance to qualify for dividends. So, if your balance drops below this, you’ll miss out on the impressive APY. There is no monthly fee for this account, but if you want to receive paper statements, there is a $1 per month charge.
  • Supplemental Savings: After you have opened a High Rate savings account, you can open supplemental savings accounts. Alliant allows you to open as many as 19 supplemental accounts and you can name these accounts as you like to keep track of your savings goals.

 Each one of these accounts earn the same APY as your main high rate savings account, but you do need to keep a minimum of $5 in each account to maintain them. The minimum $100 balance also applies for each account to earn dividends.

  • Kids Savings Account: If you have children aged 12 or younger, you can open them their own savings account. The account will need a co-owner with a parent, grandparent or guardian who is already an Alliant member. There are no monthly fees, apart from the paper statement charge if you opt for this. The account offers the same high yield rate, but the $100 minimum balance applies to receive dividends.

Alliant Checking Accounts

Fees

$0

Minimum Deposit

$0

Promotion

None

APY Checking

0.25%

Alliant Checking Accounts

Fees

$0

Minimum Balance

$0

Promotion

None

APY Checking

0.25%

Alliant also offers two checking account options:

This is an interest bearing checking account, but it does not have minimum balance requirements or monthly service fees. However, you must make a minimum of one electronic deposit each month to earn dividends on balance. The fact you can interest on your balance makes it one of the top checking accounts available.

This can be a direct deposit, payroll payment, mobile deposit, or transfer from another financial institution. The account is provided with a Visa debit card and if you link your Alliant savings account, it is eligible for free overdraft protection.  

Members who are 13 to 17, can open a teen checking account, but it needs to be jointly owned with a member parent. The account has no monthly fee or minimum balance requirement.

The account is eligible for APY and the accompanying Visa debit card has a daily ATM and purchase limit.

Alliant Credit Union Certificate

APY Range

5.08%-5.20%

Minimum Deposit

$1,000

Terms

3 months – 5 years

Fees

$0

Alliant Credit Union Certificate

APY Range

5.08%-5.20%

Minimum Deposit

$1,000

Terms

3 months – 5 years

Fees

$0

Alliant Credit Cards

Alliant has several credit card options which are available for members.

The most popular is the Alliant Cashback Visa® Signature Credit Card. This is Alliant's rewards credit card and has no annual fee. You can earn unlimited cash back without any categories to monitor or track.

Cardholders can earn up to 2.5% cash back on your first $10,000 of qualifying eligible purchases (1.5% for purchases over $10,000). The card also has no foreign transaction fees, making it ideal for travel.

To qualify for the top tier rewards, the primary cardholder must meet several requirements on their Alliant High Rate Checking account, including receiving eStatements, maintaining a daily balance of $1,000+ on average, and receiving at least one electronic deposit per calendar month. 

Alliant also offers another card, the Alliant Visa Platinum card. This card has no annual fee and offers a 0% APR introductory rate for 12 months, making it a good choice for consolidating debt. The Visa Platinum offers a $0 fraud liability guarantee with low standard APRs. It is also compatible with Apple Pay, Samsung Pay and Google Pay.

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Pros and Cons

Alliant credit union is one the most popular credit unions in the nation and offers decent customer benefits. However, there are some drawbacks to consider before joining:

Pros
Cons
Competitive Rates
No Specialty CDs
No Overdraft Fees
No Branches
Open to Everyone
No Peer to Peer Payments
Large ATM Network
Minimal Account Choices
Good App

Alliant checking, savings and CDs all offer competitive rates, although there are some conditions to receive dividends. 

If you link your Alliant savings account, you can enjoy free overdraft protection and you’ll not incur any overdraft fees.

Although there are some eligibility requirements, if these don’t match your circumstances, you can support FC2S and become eligible to join the credit union.

Alliant account holders can access a network of 80,000 plus ATMs with no surcharges or fees.

Alliant has a decent mobile app that is available for iOS and Android devices.

Unlike some credit unions, Alliant does not have any specialty CDs, so if you’re looking for a no penalty CD, this is not the right financial institution for you.

Alliant does not have a branch network, so you’ll need to be comfortable with conducting all of your banking activity online. If you're looking for a traditional bank account, it may not be the best place.

Alliant does not have any options for peer to peer payments.

 While the product line is solid, there are limited account options in each category.

Alliant Customer Service

Alliant has a solid reputation for its customer service. In addition to a comprehensive help section on its website, there is a toll free helpline, email and chat function to access the support team.

Unfortunately, consumer reviews do highlight some issues with Alliant customer support. On Trustpilot, Alliant’s rating has dropped to a poor 2.0/5. Common complaints include admin errors when opening and closing accounts, poor communication and being kept waiting on the helpline for unreasonable amounts of time.

How to Join And Open an Alliant Account

Alliant is one of the easiest to join credit unions. You’ll need to open a savings account to become an Alliant member.

You can start the process by clicking the “Become a member” button on the main website home page. You will need your Social Security Number, basic personal information and employment details such as your address, date of birth and contact details.

As with other financial institutions, Alliance also needs to verify your ID, so you’ll need to provide a valid U.S government issued ID, such as a passport or driver’s licenses, but a military or state ID can also be used.

The website will walk you through the account opening process including how to support FC2S to become eligible to be an Alliant member.

FAQs

Yes, the High Rate Checking account has no maintenance fees. The only fee you’ll encounter is if you opt for paper statements, which attracts a $1 per month charge.

If you’re interested in lending products from Alliant, the best rates are only available to those with excellent credit.

So, if you have bad credit, you will need to carefully consider your options and may find that Alliant is not the most competitive.

The main reason to not use Alliant is if you prefer to have several account options to choose from in each category. Alliant only has one or two types of accounts, which some people may find a little on the basic side.

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Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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