Alliant Credit Union review of 2024
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“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.
BLUEPRINT
Updated 10:00 a.m. UTC July 2, 2024
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Alliant Credit Union
Pros
- Competitive rates.
- Low fees and ATM reimbursements.
- Easy membership requirements.
- Strong customer service.
Cons
- No physical branches.
- No money market accounts.
- No business checking accounts.
Alliant Credit Union basics
- Checking accounts: Alliant Credit Union High-Rate Checking and Alliant Credit Union Teen Checking.
- Savings accounts: Alliant Credit Union High-Rate Savings, Alliant Credit Union Supplemental Savings and Alliant Credit Union Kids Savings Account.
- Certificate of deposit (CD): Alliant Credit Union share certificates.
- Other products: Credit cards, mortgages, auto loans, personal loans, insurance and a brokerage platform.
- Bank branches or online only: Online only.
Account details and annual percentage yields (APYs) are accurate as of July 2, 2024.
Alliant Credit Union share certificates
Alliant accounts
Alliant Checking
Alliant Credit Union has two checking accounts — a checking account for teens between the ages of 13 and 17, and an interest-bearing account for everyone else.
Both are very similar. You can earn a yield of 0.25% across all balances with no monthly service fees, overdraft fees or minimum balance requirements. You also get $20 per month in ATM fee reimbursements.
Alliant Savings
If you’re in the market for a high yield savings account, Alliant will fit the bill, but it’s not the highest rate you can find. The High-Rate Savings earns a yield of 3.10% when you maintain a $100 minimum balance, and does not charge a monthly fee if you enroll in e-statements. For comparison, the Federal Deposit Insurance Corporation (FDIC) national average for savings accounts rate is 0.45% as of June 17, 2024 — so significantly lower.
You can open multiple savings accounts for different goals through Alliant’s Supplemental Savings Accounts with the same 3.10% yield. You can give these account nicknames to remind you of what exactly you are saving for.
Lastly, Alliant has a stand-out savings account for kids, known as the Kids Savings Account. It’s for kids 12 years old and younger and earns 3.10% APY with an average daily balance of $100 or more, so they can watch their money grow. Even though this account has a $5 opening deposit, Alliant pays it on your behalf to get your child saving even sooner.
Alliant CDs
Alliant’s certificates range from 4.00% to 5.05% on terms between three months and five years. Regular certificates have a low minimum deposit of $1,000 and jumbo certificates require a minimum $75,000 balance, which is lower than most jumbo loans. The certificates are federally insured up to $250,000 per depositor.
You can also open up any of its certificates as a traditional IRA, Roth IRA or SEP IRA certificate with the same rates. With its low minimum deposits and excellent rates, Alliant has some of the best CD rates for anybody looking to earn a guaranteed return.
| ALLIANT CREDIT UNION CERTIFICATE RATES | |
|---|---|
Term
| Yield
|
3-month
| 4.25%
|
3-month Jumbo
| 4.25%
|
6-month
| 5.00%
|
6-month Jumbo
| 5.00%
|
12-month
| 5.05%
|
12-month Jumbo
| 5.10%
|
18-month
| 4.50%
|
18-month Jumbo
| 4.55%
|
24-month
| 4.30%
|
24-month Jumbo
| 4.40%
|
36-month
| 4.15%
|
36-month Jumbo
| 4.25%
|
48-month
| 4.00%
|
48-month Jumbo
| 4.05%
|
60-month
| 4.00%
|
60-month Jumbo
| 4.05%
|
Alliant other products
Whether you need a credit card, loan, investment help or insurance, Alliant has you covered with competitive rates and products tailored for credit union members.
Credit cards. You can choose between the Alliant Cashback Visa® Signature Credit Card * The information for the Alliant Cashback Visa® Signature Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. with unlimited 2.5% cash back on up to $10,000 spent each billing cycle with qualifying accounts and all other purchases earn 1.5% or the Alliant Visa® Platinum Card * The information for the Alliant Visa® Platinum Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. with an introductory APR. Neither card has an annual fee.
Loans. Get competitive rates on personal loans, auto loans, RV loans, Tesla loans, mortgages and home equity lines of credit.
Investments. Open a trust account or a traditional, Roth or SEP IRA with Alliant. It also has investment and retirement planning services to help you reach your goals.
Insurance. Through Alliant, get a wide range of insurance options like auto insurance, homeowners insurance, term life insurance, whole life insurance and accidental death insurance.
How Alliant Credit Union stacks up
Because it’s all-digital, Alliant is able to offer higher savings and checking rates than many of its competitors. Here’s how it compares to other credit unions.
Alliant Credit Union vs. Navy Federal Credit Union
Alliant Credit Union and Navy Federal Credit Union differ in who can join. Alliant membership is open to nearly anyone, while Navy Federal is limited to military members, veterans and their families.
Both credit unions are known for having great rates and low fees. For instance, Navy Federal Credit Union Flagship Checking earns a yield of 0.35% to 0.45%, slightly more than Alliant’s High-Rate Checking account. But you need at least $1,500 to earn interest, whereas Alliant has no minimum balance requirement.
As for which one is the best, it may boil down to personal preference. If you qualify for Navy Federal, the benefits it has for military members may be worth it. Otherwise, Alliant may be a better fit.
Alliant Credit Union vs. State Department Federal Credit Union
State Department Federal Credit Union (SDFCU) offers IRAs, share certificates, mortgages, credit cards, vehicle loans, savings accounts, interest-checking alternatives and more.
The State Department Federal Credit Union Advantage Checking Account has a yield of 0.75% but you must meet certain criteria to earn it, like having a $2,000 minimum balance, receiving a minimum monthly deposit of $200, making 10 debit card transactions per month and enrolling in SDFCU online banking and eStatements.
Similar to Alliant, anyone can join SDFCU if they become a member of its partner charity, the American Consumer Council (ACC).
Alliant Credit Union vs. PenFed
PenFed Credit Union provides checking and savings accounts, credit cards, loans and investment alternatives. Its checking and savings accounts have no minimum balance requirements or monthly fees.
The PenFed Access America Checking account has a rate of 0.15% APY on a balance of less than $20,000 and 0.35% APY on balances between $20,000 and $50,000. There’s a $10 monthly fee (waived by having direct deposits of at least $500 a month or maintaining a daily balance of at least $500).
PenFed has over 85,000 ATMs and competitive rates on savings accounts and CDs. PenFed membership is open to anyone; all you have to do is open a savings account with a minimum $5 deposit.
About Alliant Credit Union
Alliant Credit Union was established in 1935 by a group of United Airlines employees as the United Airlines Employees’ Credit Union (UAECU). Today, Alliant is an online credit union with no physical branches. Through its digital-only strategy, it’s been able to reach a large member base across the country with rates that are consistently higher than most major banks.
An Alliant Credit Union membership is available to anyone who meets one of these requirements:
- Be a member of Foster Care to Success (Alliant pays the $5 membership for you).
- Be a current or retired employee of one of Alliant’s partner organizations.
- Be a domestic partner or immediate family member of an existing Alliant member.
- Live or work in an eligible community near Alliant’s Chicago headquarters.
Frequently asked questions (FAQs)
Yes, Alliant has an A+ rating from the Better Business Bureau, has $19 billion in assets and over 800,000 members. Also, its deposit accounts are insured by the NCUA up to $250,000, so your money is safe up to this federal limit.
Yes. If you fall outside of Alliant Credit Union’s community and employer eligibility requirements, you can still join by becoming a member of Foster Care for Success. There’s usually a $5 membership fee to join, but Alliant pays this on your behalf.
Not necessarily. Credit unions are nonprofit institutions that are member-owned, so in that regard, they’re better than banks that operate for-profit. They’re also known for having better customer service.
But some credit unions charge fees and rates that are just as high as traditional banks. That said, Alliant Credit Union is one of the best credit unions there is, so if you’re set on opening an account with a credit union, it’s a great one to consider.
Yes, Alliant Credit Union supports money transfers through Zelle. Just download the Zelle app and follow the instructions to add your Alliant bank account to the app. Then, you’ll be able to send and receive money with friends and family.
*The information for the Alliant Cashback Visa® Signature Credit Card and Alliant Visa® Platinum Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
