Alliant Credit Union Review: Robust Digital Banking and Savings Rates

4.8

GBR RATING

GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

GOBankingRates Score

Quick Take: Alliant Credit Union offers some of the highest interest rates available on checking and savings accounts. This branchless credit union has an impressive range of options for managing your money on the go which makes financial decisions just a little bit easier.

Alliant Credit Union Overview

Alliant Credit Union got its start in 1935 when a handful of United Airlines employees decided to create a credit union. Today, Alliant Credit Union has more than $19 billion in assets and serves more than 800,000 members across the country.

In addition to banking services, it provides a range of other products and services, including retirement planning and investment, financial management and budgeting tools. Although Alliant Credit Union has phased out its physical locations, you can easily find fee-free ATMs across the United States. GOBankingRates has ranked it as one of the Best Credit Unions.

Key Features

Here are more details about the features Alliant Credit Union offers.

Checking Accounts

Alliant offers one main checking account — High Rate Checking — along with Teen Checking for members younger than 18. For the most part, both accounts are identical, but a teen account must be opened with a parent or guardian. There is no monthly or minimum balance requirement on either account, and both pay interest.

Account holders get access to more than 80,000 fee-free ATMs and $20 per month in ATM fee rebates for using non-network machines. The APY on Alliant checking accounts is .

Savings Accounts

Alliant’s high-yield savings account, aptly called High-Rates Savings, is a completely free account as long as you opt out of paper statements. The credit union even pays the initial $5 deposit for new members. To earn interest, though, you have to maintain a daily balance of $100.

The credit union offers two additional savings accounts, Supplemental Savings and Kids Savings Account. Supplemental Savings is identical to High-Rates Savings, but members have the ability to open up to 19 Supplemental Savings accounts. Members can open a Kids Savings Account for children 12 and younger. All Alliant savings accounts have no monthly fees and a competitive APY of , significantly higher than the national average.

CD Accounts

Alliant offers a decent selection of certificates of deposit including traditional certificates as well as traditional IRA, Roth IRA and SEP IRA certificates. Terms range from 3 to 60 months for standard certificates, and the minimum deposit is only $1,000. Dividends are compounded monthly. APYs are very competitive, ranging from to .

Banking and Customer Experience

Since Alliant has no physical branches, it gives members alternative ways to take care of their banking, including ATM banking, automated and live phone service, online banking and mobile banking.

Online banking offers the most banking services, and members can call the Member Care Center whenever they need assistance or customer service. The mobile app has a rating of 4.5 out of 5 on Google Play, with mostly 5-star reviews from members. It has a rating of 4.7 out of 5 on the App Store.

Alliant Credit Union Fees

Alliant Credit Union ensures that banking is streamlined and efficient, and their fees are competitive, making it a cost-effective choice.

Membership Requirements

If you are looking to open an account, Alliant Credit Union offers several ways to become a member, including, but not limited to, the following:

• If you are a current or retired employee of one of the businesses that Alliant partners with.
• If you are an immediate family member or spouse of an Alliant member.
• If you live or work in one of the communities near Alliant’s headquarters in Chicago.
• If you join Alliant Credit Union Foundation, you will be eligible for membership and Alliant will cover the $5 fee.

Comparable Credit Union Options

See how Alliant Credit Union stacks up against other banks and credit unions.

Navy Federal Credit Union

Navy Federal Credit Union offers more checking account options and fewer savings options than Alliant, but Alliant has the edge when it comes to APY. At Navy Federal, the APY for its standard checking account is . The APY for a Navy Federal Savings account is compared to Alliant’s .

Navy Federal Credit Union might be preferable if you want the option of visiting a physical branch and you qualify for membership. Navy Federal operates over 300 branches around the country, and Alliant has no physical branches. Alliant Credit Union makes it easier for people to become members, since all they have to do is join their foundation. To join Navy Federal, you must be a current or retired service member, current or retired Department of Defense employee, or a relative of a current member.

Randolph-Brooks Federal Credit Union

Texas-based Randolph-Brooks Federal Credit Union has a single checking and savings account for adults. Like Alliant’s offerings, these accounts are fee-free and come with access to a robust mobile app. RBFCU can’t compete with Alliant’s APY. The APY for its checking account is and for its savings account. Randolph-Brooks offers a greater range of certificates, with terms up to seven years and tiered rates depending on your balance.

Final Take To GO

Alliant Credit Union has enough features in the plus column that it should appeal to a wide range of banking customers. Fee-free accounts and competitive interest rates go a long way toward helping members meet their savings goals. The credit union also offers a fully functional mobile app and a user-friendly web-based interface, but it’s lacking when it comes to branch locations. It’s best for individuals who are comfortable with digital banking and don’t need to speak to a representative in person.

See All Best Banks

John Csiszar, Caitlyn Moorhead and Vance Cariaga contributed to the reporting for this article.

To discover the Best Credit Unions, GOBankingRates looked exclusively at the 50 credit unions in terms of total asset size that had available published data. To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the NCUA; (2) number of branch locations as sourced from the NCUA; (3) minimum deposit to open a checking account; (4) monthly checking fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (5) checking APY; (6) minimum to open a savings account; (7) minimum balance needed to achieve savings APY; (8) savings APY; (9) minimum to open a 12-month CD account; (10) 12-month CD APY; (11) 60-month CD APY; (12) customer service options offered (24/7 customer service and live chat with a human); (13) Bauer rating (out of 5 stars); (14) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (15) the average mobile app rating between the Android and Apple app stores. All factors were then scored and combined, with the lowest score being best. Factors (1), (2) and (12) were weighted 0.5 times, and factor (14) was weighted 2 times. For all savings and checking account data, only the basic accounts/products offered at each institution were analyzed.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Nov. 12, 2024.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

The information related to Chase Savings was collected by GOBankingRates and has not been reviewed or provided by the issuer of this product/card. Product details may vary. Please see the issuer’s website for current information. GOBankingRates does not receive commission for this product.

Share This Article: