Alliant Credit Union review July 2024: checking, savings, CDs, and more

The credit union also customizes a savings account for children and a checking account for teens.  

Rates and fees are current as of July 22, 2024, and are subject to change.

Alliant Credit Union

Checking accounts:	Open with as little as $25
Savings accounts:	Up to 3.10% APY
CD rates:	Earn up to 5.15% APY

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at Alliant

Pros and Cons

Pros

• No fees on checking accounts: Alliant checking accounts have no monthly service fees as long as you opt in to e-statements.
• Extensive network of ATMs: Alliant customers have access to 80,000 fee-free ATMs nationwide.
• Competitive yields: Alliant’s savings accounts reach up to 3.10% APYs and CDs up to 5.15%.

Cons

• No business accounts: Alliant does not currently offer business checking or savings accounts, which can be an issue for those who need such services.
• No brick-and-mortar locations: There are no physical locations for this bank.
• CDs have high buy-in: CDs require a $1,000 opening deposit.

Who is Alliant Credit Union good for?

Alliant Credit Union is great for families who want to build steady savings. Its low-cost savings and checking accounts earn interest at fairly competitive rates. It offers more than 15 CD terms, reaching up to a 5.15% APY. The credit union also has some unique alternative savings accounts with access to 19 different accounts, as well as a savings product built for children and a checking account for teens.

Who shouldn’t use Alliant Credit Union?

Alliant has some solid personal banking products but it does not offer business accounts, which may be an issue for business owners who need both types of accounts. While the yields are competitive for Alliant’s low-cost savings and checking accounts, the credit union requires opening CD deposits of at least $1,000, which could be inaccessible for some.

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Alliant Credit Union rates and products

Alliant Credit Union offers high-interest checking accounts for adults and teens as well as more than a dozen different savings accounts with APYs up to 3.10%. Most of its banking products are low cost, but its most competitive CDs, with rates exceeding 5%, require a lot of money down. 

Checking accounts 

Alliant offers one free online checking account for adults with a high interest of 0.25% APY if you opt into e-statements and have at least one electronic deposit into your account every month—this could be a direct deposit, ATM or mobile deposit, or transfer from another financial institution.  

There are no monthly service or overdraft fees and there’s no monthly minimum balance requirement. Alliant also offers up to $20 in ATM rebates each month and access to its fee-free network of 80,000 ATMs nationwide.

In addition, Alliant has a similar checking account for teens, ages 13 to 17, that fetches the same high APY but it requires a joint ownership with a parent who’s a member of the credit union.  

Savings accounts

Alliant offers three different types of savings accounts: a high-yield savings account, a savings account for children, and a supplemental savings account where members can choose up to 19 accounts. The yields on all the accounts reach up to 3.10% APY, but obtaining that rate requires a minimum daily balance of $100.  

High interest rate savings account

Alliant’s primary high interest savings account offers a 3.10% APY if you have an average daily balance of at least $100. You must maintain a balance of at least $5 to keep the account open.

There are no monthly fees if you select e-statements. Otherwise, it’s $1 for a paper statement.  

Supplemental savings accounts

Alliant allows customers to open up to 19 supplemental savings accounts. There is no minimum amount to open the accounts but you must transfer a deposit later. To keep these accounts open, a $5 balance must be maintained. 

Also, you need an average daily balance of at least $100 to get the 3.10% APY. 

Alliant Credit Union savings rates compared to current top rates*

While Alliant is a great option, some institutions offer higher interest rates. Compare the rates above to this list of competitors:

CDs

Alliant offers 16 different CDs with maturity dates from 3–60 months. The rates range from a 4.00% APY for a 60-month CD, up to 5.20% for a 12-month jumbo CD that requires a $75,000 deposit. 

You need at least 5.15 to open a CD with Alliant. All deposits are federally insured up to $250,000 per account. 

The bank also offers other types of CDs, such as a traditional individual retirement account (IRA), Roth IRA, and Simplified Employee Pension (SEP) IRA CDs. You must open the corresponding retirement account to open a traditional, Roth, or SEP IRA CD.

Other services Alliant Credit Union offers 

Alliant Credit Union offers a handful of other financial products and services, including: 

• Auto loans: Alliant’s auto loans are as low as 6.75%. It also offers loans specifically for RVs and Teslas. 
• Alliant Signature Card: Credit cards are also available when banking with Alliant. The Signature card, which has no annual fee, offers up to 2.5% cash back on the first $10,000 of qualifying purchases and 1.5% for purchases after that point.
• Alliant Platinum Card: The Platinum card from Alliant offers a low introductory APR of 0% for one year on purchases and balance transfers. As with the Signature card, there is no annual fee. 
• Uniform Transfers to Minors Act (UTMA) custodial account: Alliant’s UTMA custodial account allows for saving on behalf of a child. Opening a UTMA requires $5, which Alliant offers to pay for customers. The account offers a 3.10% APY.

The Alliant Credit Union platform and customer support 

Alliant offers a well-developed mobile banking platform that allows customers to deposit checks, make payments, manage their debit and credit cards, and transfer funds between accounts 24 hours a day.

While the bank is entirely digital, customers can reach a customer service representative by phone 24 hours a day, seven days a week. Customers can also send secure messages through the bank’s online platform. The bank is located in Chicago and operates in Central time, but its headquarters are not open to the public.

Is Alliant Credit Union secure?

Alliant appears fairly secure as it’s stayed out of the public eye of data breach news. In early 2024, the company announced it had updated its mobile app, ramped up account alerts, and invested more in security in the past year. 

It also has up to $250,000 in deposit insurance per account through the National Credit Union Administration (NCUA). 

Alliant Credit Union user reviews

Finance guru Suze Orman has promoted Alliant Credit Union as the “ultimate opportunity savings account” because of its $100 sign-on bonus. But overall customer reviews online have been hit-or-miss, with some praising the savings offerings while others complained of problems accessing their account, loan issues, and poor customer service. 

Compare Alliant Credit Union alternatives

Alliant Credit Union	Quontic	Laurel Road
Top savings APY	Top savings APY	Top savings APY
3.10%	4.50%	5.15%
Top checking APY	Top checking APY	Top checking APY
0.25%	1.10%	0.01%
Top CD APY	Top CD APY	Top CD APY
5.15	-	N/A
Learn more	Learn more	Learn more
View offer at Alliant	View offer at Fiona	View offer at Fiona

Is Alliant Credit Union right for you?

Alliant could be a great option for someone looking for free online checking and high-yield savings options, plus a range of CD term lengths. However, someone looking for business checking or savings accounts will have to look elsewhere.

Frequently asked questions