Alliant Credit Union is an online credit union based in Illinois. It offers its members a range of deposit accounts and stock certificates, as well as loans and mortgages.
In this Alliant Credit Union review, we'll explain who can join and take a closer look at what this credit union has to offer to help you decide if it's right for your situation.
- Illinois-based online credit union
- APY for share certificates of up to 4.75%
- 0.25% annual savings interest
- Access to 80,000 fee-free ATMs
- No membership fee for the credit union
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Alliant Credit Union Details |
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What is Alliant Credit Union?
Alliant is an established online credit union with over $19 billion in assets, with over 800,000 members utilizing the services offered by Alliant Credit Union across the country.
What does it offer?
For the purposes of this review, we'll focus on Alliant's deposit products, but Alliant also offers lending products, including mortgages, auto loans, and credit cards.
Savings accounts
Alliant Credit Union offers three different savings account options. Here's a closer look at each of them:
- High-interest savings account. With a minimum balance of $100, you can currently earn 3.10% APY through this account. If you choose e-Statements, there is no monthly fee.
- Children's savings account. Children ages 12 and under can open a joint account with their parent, grandparent, or guardian. Alliant will take an initial $5 deposit to get your child started, and there are no monthly fees if they opt for electronic statements. Currently, this account offers 3.10% APR.
- Supplementary savings account. If you are saving for a specific goal, this is a helpful account. You can open many of these accounts to divide your savings for different goals. Currently, this account also offers 3.10% APY.
Current accounts
Alliant Credit Union offers two checking account options. The first is the High Rate Checking Account, which has a 0.25% APR. The account has no monthly service fees, overdraft fees, or minimum balance requirements. If you use an out-of-network ATM, you can receive up to $20 in ATM fee reimbursements per month.
Another option is the Teen Checking account, which is available to teens ages 13 to 17 who can co-own an account with their parents. This account has no minimum balance requirements or monthly service fees.
Share certificates
Alliant Credit Union offers a wide range of certificates of deposit. Below is an overview of the current rates and terms:
- Earn 4.25% APY on a 3-month term
- Earn 4.75% APY on a 6-month term
- Earn 4.75% APY over 12 months
- Earn 4.00% APY for 18 months
- Earn 4.20% APY over 24 months
- Earn 4.05% APY over 36 months
- Earn 4.00% APY on a 48-month term
- Earn 4.00% APY over 60 months
These CDs come with a $1,000 minimum deposit. If you can set aside at least $75,000, you may be able to get a slightly higher interest rate with Alliant's jumbo CD options.
Are there any fees?
Alliant's fees vary depending on the type of account you choose and the services you use. For example, most checking accounts don't charge a monthly fee, but if you opt for physical statements instead of electronic statements for your savings account, you may be charged a monthly fee.
In addition, early withdrawal of funds from your stock certificate will incur a penalty. Below is an overview of these fees:
- A fee equal to the number of days the CD is open (up to 90 days) for terms of 17 months or less.
- A fee equal to the number of days the CD is open (up to 120 days), for terms of 18 to 23 months.
- A fee equal to the number of days the CD is valid (up to 180 days), for terms of 24 to 60 months.
How does Alliant Credit Union compare?
Alliant Credit Union isn't the only option for savers. Here's how the credit union stacks up.
Navy Federal Credit Union is another popular financial institution. Membership is limited to those with appropriate ties to the Department of Defense, but the credit union offers a range of certificates with attractive interest rates and low-fee deposit accounts.
If you don't want to worry about membership, a bank may be better for you than a credit union. Bank of the Allies is an option for savers looking for high interest rates and a wide range of available account types. One of the outstanding accounts is the Online savings accountwith 4.20% effective annual interest on all balances.
How do I open an account?
Working with Alliant Credit Union begins with becoming a credit union member. If you meet one or more of the following criteria, you are eligible to apply:
- Current or former employees of an Alliant partner company
- Life partner or immediate family member of a current Alliant member
- Live or work in a community near Alliant's Chicago headquarters. Find a list of eligible communities here.
- You can also become a member by supporting the Alliant Credit Union Foundation's digital inclusion efforts
If you meet the eligibility requirements, you can apply for membership in the credit union. Have a Social Security number or valid ITIN, government-issued ID, and a document proving your address ready. Be prepared to open both a high-interest checking account and a high-interest savings account to get started.
Is it safe and secure?
Alliant deposit accounts are NCUA insured, meaning your funds are protected against loss up to $250,000. Additionally, Alliant Credit Union implements a number of security measures, such as fraud monitoring, to protect your information.
How do I contact Alliant Credit Union?
If you need to get in touch, you can call 800-328-1935 for immediate assistance. Alliant has negative feedback on Trustpilot (1.8 out of 5 stars). But the positive reviews of the mobile app on both the Apple App Store and Google Play Store show that many customers have had positive experiences.
Is it worth it?
Alliant Credit Union Features
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Current accounts, savings accounts, share certificates |
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$0 (if registering for e-statements |
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80,000 fee-free ATMs |
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Web/Desktop Account Access |
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