Alliant Credit Union is one of the best credit unions out there, especially if you want to earn high interest rates on savings, checking, and certificates.
Alliant Credit Union Review
Alliant Credit Union is an online institution, and you can open accounts from anywhere in the US.
Unlike banks, credit unions require you to become a member to open accounts — and Alliant makes it easier to join than most credit unions. Join Alliant by being an employee, retiree, or member of certain organizations. You can also qualify by living in certain parts of Illinois or being a relative of an existing Alliant member. But the easiest way to become a member is to join Foster Care to Success, and Alliant will cover your $5 joining fee.
Alliant pays competitive interest rates. But like most credit unions, it only compounds your interest monthly. Most banks compound interest daily, which helps you earn more money in the long run. If it's important to you to maximize your earnings, then you may prefer an online bank over a credit union.
But if you prefer a credit union over a bank, then Alliant is a strong contender.
The Alliant mobile app has received mostly positive reviews. It has 4.7 out of 5 stars in the Apple store, and 4.6 out of 5 stars in the Google Play store.
Speak to an Alliant representative by calling customer service 24/7. Alliant doesn't have a live online chat feature, but you can fill out an online form and wait for a response if you don't want to talk over the phone.
Your deposits are federally insured by the NCUA for up to $250,000, or $500,000 for joint accounts.
Alliant Trustworthiness and BBB Rating
The Better Business Bureau gives Alliant Credit Union an A+ rating. A good BBB rating signifies a company responds effectively to customer complaints, has honest advertising practices, and is transparent in how it handles business.
Alliant doesn't have any public scandals. Between the strong BBB rating and positive public image, you may decide you're comfortable banking with Alliant.
Alliant Pros and Cons
Pros
- High interest rates on savings account and CDs
- Low minimum opening deposits
- Interest-earning checking account
- Reimburses up to $20 in out-of-network ATM fees
- No overdraft fees
Cons
- No money market accounts
- Interest compounded monthly, not daily
Alliant Credit Union Rates
Alliant Savings Account
Alliant High-Rate Savings Account is a solid online savings account. It pays a great interest rate, and there is no monthly service fee. There's technically a $5 minimum opening deposit, but Alliant will cover the cost. Keep in mind that you do need to keep a $100 balance to earn interest, though.
Alliant Checking Account
If you're searching for an online checking account, then the Alliant High-Rate Digital Checking is a worthwhile option. You don't need any money to open an account, and there is no monthly service fee. You'll also earn 0.25% APY (Annual Percentage Yield), regardless of your balance.
Alliant CDs
An Alliant Credit Union CD pays pretty high rates. Its early withdrawal penalties are relatively low, especially for longer-term certificates. Alliant requires $1,000 to open a CD, but if you don't have that much money on hand, you can find other institutions that require less.
Alliant Credit Union Alternatives
Alliant Credit Union vs. Pentagon Federal Credit Union
Pentagon Federal Credit Union is the clear choice if you want to open a money market account, because Alliant doesn't have money market accounts.
You'll probably prefer PenFed if you want a combination of online and in-person banking, and live near a PenFed branch. You can open a PenFed account online, but there are also branches in 13 US states and DC, and on military bases in Guam, Puerto Rico, and Japan.
But you might like Alliant if you use ATMs regularly. Both credit unions have large free ATM networks, but PenFed doesn't reimburse any fees charged by out-of-network ATM providers. PenFed will also charge you a $1.50 fee for using an out-of-network ATM.
Alliant Credit Union vs. Ally Bank
Ally savings rates are much higher than what Alliant pays on its high-yield savings account. Ally also has savings features, such as assessing your checking account and spending habits to find "extra cash" and moving it over to savings up to three times per week.
Ally has a good checking account, but Alliant's is even stronger. Alliant lets you deposit cash at any ATM in its free network, while there's no way to deposit cash with Ally. Alliant also refunds up to $20 per month in out-of-network ATM fees, while Ally refunds up to $10 monthly.
Alliant is the better choice for regular CDs, because it pays higher rates on most terms. But Ally has special types of CDs you might like, including a no-penalty CD and Raise Your Rate CDs, which allow you to increase your rate in certain situations.
Business Insider's Rating for Alliant Credit Union
| Feature | Business Insider's Alliant Credit Union rating (out of 5) |
| Checking | 4.5 |
| Savings | 4.25 |
| CD | 4.25 |
| Trustworthiness | 5 |
| Total | 4.5 |
Why You Should Trust Us: How We Reviewed Alliant
We rate bank accounts on a scale from one to five stars. For Alliant's checking, savings, and money market accounts, we used Personal Finance Insider's bank account ratings methodology. The exact factors we evaluate vary depending on the type of account — for example, we look at overdraft fees for checking accounts and interest rates for savings and money market accounts.
For Alliant's CDs, we used our CD rating methodology which looks at interest rates, minimum opening deposits, early withdrawal penalties, CD variety, customer support availability, mobile app ratings, miscellaneous features, and the security and ethics of the company.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Alliant Frequently Asked Questions
You'll be able to join the credit union if you live in certain parts of Illinois or work at an eligible employer. You can also become a member of Alliant Credit Union if you join Foster Care to Success, a non-profit organization focused on foster youth (Alliant covers the $5 joining fee).
You'll need at least $5 to open an Alliant savings account, and a $1,000 minimum opening deposit for a certificate.
If you'd like to open a checking account, it'll depend on where you open the account. There's a $25 minimum opening deposit if you apply for the account online. But if you open an account through a paper application, by signing into your online banking with an existing Alliant bank account, or while you're applying for a loan, there's $0 minimum opening deposit.
No, Alliant Credit Union does not charge monthly service fees on its accounts.
