Alliant Credit Union Review

Is Alliant Credit Union the right bank for you? In this review, we’ll take a look at the pros and cons of banking with Alliant to help you decide. From their competitive interest rates to their nationwide ATM coverage, there are plenty of reasons to consider Alliant.

However, there are also a few potential downsides to keep in mind, such as their lack of brick-and-mortar branches. Ultimately, only you can decide if Alliant is the right bank for your needs. But our review will hopefully provide some helpful insights. So let’s get started!



About Alliant Credit Union.

Alliant Credit Union is a not-for-profit financial institution that’s been around since 1935. It was founded by a group of educators who wanted to help their colleagues save money. The credit union has since grown to include more than 300,000 members and assets of over $11 billion.

Alliant Credit Union is headquartered in Chicago, Illinois, and is chartered as a federally insured credit union. The National Credit Union Administration (NCUA) is an independent agency of the United States government that protects consumers’ deposits in federal and state-chartered credit unions.

This Union offers a wide variety of account options including special accounts for employees, retirees, and members of various organizations and accounts for kids and teens.

There are several ways to become a member, here a few:

  • One of the several businesses and organizations Alliant collaborates with in the United States.
  • A current Alliant member’s domestic partner or immediate family member
  • Live or work in one of the communities near the Corporate Headquarters in Chicago of Alliant.

There are other ways to become a member of Alliant. You can become a member through Foster Care to Success (FC2S). FC2S helps thousands of foster kids across the United States. They give out grants and scholarships for education and also care packages, mentoring, and internships. Alliant will pay the one-time $5 membership fee for any FC²S member who opens an account with direct deposit.

Now that we know a little more about Alliant, let’s take a look at some of the best product features they offer.

Savings Accounts

Alliant offers three types of saving accounts: (A). the High-Rate Savings account, (B). the Kids Savings account, and (C). the Supplemental Savings.

Let’s take a look at each of these accounts in more detail.

(A). the High-Rate Savings account.

The High-Rate Savings account is their most popular savings account. It offers a competitive interest rate and has no monthly maintenance fees. This account also comes with free online and mobile banking, as well as free Alliant ATM withdrawals worldwide.

To open this account, you’ll need at least $5 to deposit but you must maintain an average daily balance of $100 to earn dividends.

The Interest rate on this account is 0.55% APY which is higher than the average savings account interest rate.

(B). the Kids Savings account.

The Kids Savings account from Alliant Credit Union is a great way to start teaching kids about money and how to save for their future. This account offers a competitive interest rate, no monthly fees, and free online and mobile banking.

Plus, Alliant will pay the $5 opening deposit for you. To open this account, your child must be 12 years old or younger and have a parent or guardian who is an Alliant Credit Union member.

However, to earn the same interest rate as the High-Rate Savings account, your child will need to maintain a minimum balance of $100.

(C). the Supplemental Savings.

The Supplemental Savings account is a great option for those who want to save for specific goals. This account offers a competitive interest rate and no monthly maintenance fees. Plus, you can have up to 19(Nineteen) sub-accounts with different names and purposes.

For example, you could have one account for your emergency fund and another for your vacation fund. This account also comes with free online and mobile banking.

To open this account, you’ll need at least $5 to deposit but you must maintain an average daily balance of $100 in each sub-account to earn dividends.

The interest rate on this account is 0.55% APY, which is higher than the average savings account interest rate.

Now let’s discuss some of the cons of Saving account options with Alliant Credit Union.

Pros & cons of Saving account with Alliant credit union

+Pros

  • Interest rates are higher than the national average
  • No monthly maintenance fees
  • No minimum balance requirement.
  • Free online and mobile banking
  • Can have up to 19 sub-accounts with different names and purposes.

-Cons

  • You must maintain a balance of $100 in each sub-account to earn dividends.
  • Do not offer peer-to-peer payments.

Now that we’ve looked at Alliant’s savings accounts, let’s take a look at their checking account options.

The High-Interest Checking account also offers overdraft protection. If you don’t have the appropriate funds in your account, they’ll pull funds from a savings account at Alliant instead of having your card declined. Unlike most banks, there’s no fee for doing that.

Alliant’s Courtesy Pay will cover electronic payments, transfers, and checks that won’t clear due to insufficient funds. There is no charge for each Courtesy Pay and the overdraft balance must be paid within 30 days.

Checking accounts

Alliant offers two types of checking accounts (A). High-Rate Checking and (B).Teen Checking.

High-Rate Checking Account.

The High-Rate Checking account from Alliant Credit Union is a great option for those who want to keep their finances simple. This account offers 0.25% APY without monthly service fees or minimum balance requirements.

Plus, you can earn dividends on your balance by making just one electronic deposit per month.

This account comes with a Visa debit card and is eligible for free overdraft protection when you link an Alliant savings account. Plus, checking dividends are paid on the last day of the month.

In the case of electronic payments, transfers, and checks that won’t clear because there isn’t enough cash available, Alliant’s Courtesy Pay will cover them. There is no cost for each Courtesy Pay and the overdraft balance must be settled within 30 days.

Teen Checking account

Alliant Credit Union’s Teen Checking account is great for young members who are looking to start building their financial history. There is no minimum balance or monthly fee, which makes it easy to stay on top of your finances.

Plus, the Visa debit card has a daily limit of $100 for ATM withdrawals and $300 for purchases, so you can still enjoy your freedom while you’re learning how to manage your money.

The Teen Checking account also earns 0.25% APY, so you can start earning interest on your balance right away. This is a great way to get started with saving for the future and watch your money grow over time.

However, there is one downside to this account, there’s no peer-to-peer payments service like Zelle.

Now that we’ve looked at Alliant’s checking account options, let’s take a look at the Pros and Cons of a checking account.

Pros and Cons of a checking account with Alliant Credit Union

+Pros

  • No monthly service fees or minimum balance requirements.
  • Earns interest on your balance.
  • Visa debit card with daily limits of $100 for ATM withdrawals and $300 for purchases.
  • Free overdraft protection when linked to an Alliant savings account.

-Cons

  • Does not offer peer-to-peer payments services like Zelle.

Certificates of deposit (CDs) 

Certificates of deposit (CDs) from Alliant Credit Union are a great way to save for the future. Alliant offers Certificates with maturity dates ranging from 12 to 60 months, and the highest APY you can earn is 0.65% for a 60-month term.

You must have active savings account with Alliant to open a CD, and a minimum deposit of $1000 is required. Dividends earned on Alliant Certificates are compounded every month.

Alliant also offers a Traditional IRA Certificate, Roth IRA Certificate, and SEP IRA Certificate. Each of these IRA certificates earns the same APY as the regular Alliant Certificate.

But there are a few things to keep in mind before you open a CD.

First, the credit union does not provide any special CDs, such as no-penalty CDs. Customers searching for CD terms shorter than one year will have to look elsewhere or consider putting their money in Alliant’s high-yield savings account.

Second, you must have active savings account with Alliant to open a CD.

Let’s take a look at the Pros and Cons of opening a CD with Alliant Credit Union.

+Pros

  • Earns interest on your deposited funds.
  • Term options range from 12 to 60 months.
  • Competitive APYs.

Cons

  • A minimum deposit of $1000 is required.
  • No-penalty CDs

Credit Cards

Alliant Credit Union offers a variety of Visa credit cards, each with its own set of benefits and rewards. Here’s a look at the different credit cards offered by Alliant:

  • Alliant Visa Platinum Rewards card: This card comes with a 0% introductory APR for the first 12 months on purchases and balance transfers. Plus, you’ll earn unlimited rewards points that can be redeemed for cash back, gift cards, or travel.
  • Alliant Visa Platinum card: This is a no-frills credit card that doesn’t come with any rewards program but does offer a 0% introductory APR for the first 12 months on purchases and balance transfers.

Other Product of Alliant Credit Union

Alliant Credit Union also offers a wide range of products and services to its members. These include:

  • Home Loans
  • Auto Loans
  • Personal Loans
  • Credit Cards
  • Savings Accounts
  • Certificates of Deposit (CDs)
  • Individual Retirement Accounts (IRAs)
  • Health Savings Accounts (HSAs)
  • Traditional, Roth, and SEP IRAs
  • Trust accounts
  • Custodial accounts

Alliant Credit Union has something for everyone who is looking to save and invest their money. You can find more information about all of these products and services on their website.

Alternatives of Alliant Credit Union

There are a few Alternatives to Alliant Credit Union if you’re not happy with their products or services.

The Best Alternatives to Alliant Credit Union are:

  • Vio Bank
  • Ally Bank
  • Capital One Bank

Each of these banks has its own set of products and services that may be a better fit for you. You can learn more about these Alternatives by reading our reviews of Vio Bank and Capital One Bank.

Here is are comprised of Alliant Credit Union and its Alternatives:

Alliant Credit Union vs Vio Bank

When it comes to choosing a bank, there are many factors to consider. Two of the most important factors are the products and services offered by the bank, and the rates it offers on its products.

Alliant Credit Union is a credit union that offers a variety of products, including checking and savings accounts, CDs, mortgages, and loans. It also has several features that make it attractive to consumers, such as no monthly fees and free ATMs nationwide.

However, Alliant Credit Union’s rates aren’t the best available. In fact, several banks offer better rates on their products.

One such bank is Vio Bank. Vio Bank is an online bank that offers a high-yield savings account. The APY on this account is much higher than what Alliant Credit Union offers.

Vio Bank offers higher rates than Alliant Credit Union on the same terms, with a wider selection of CD durations. The rates supplied by Vio Bank, on the other hand, are not significantly different from those offered by Alliant Credit Union.

Alliant Credit Union vs Ally Bank

Ally Bank and Alliant Credit Union are both online banks with a wide range of personal banking products. They offer competitive rates and almost no fees.

Ally is the better choice for savings accounts and CDs, whereas Alliant might be better for checking accounts and ATM access.

Here’s a closer look at the pros and cons of banking with Ally vs Alliant.

Savings Accounts

Ally offers one traditional savings account, while Alliant offers two. Both have competitive interest rates, but Alliant takes this category for its slightly higher rates and lowers fees.

Interest-Bearing Checking Accounts

Ally and Alliant both have interest-bearing checking accounts, but Alliant stands out for its higher interest rates and larger ATM network. Ally also has no minimum deposit requirements, while Alliant requires a $100 minimum to open an account.

Certificates of Deposit (CDs)

Both have multiple CD terms with competitive rates, but Ally has no minimum deposit requirements and has more CD options.

As you can see, both Ally Bank and Alliant Credit Union offer a lot of advantages. It really comes down to what’s most important to you in a bank.

If you’re looking for the best savings account or CD rates, Ally is the better choice. If you’re looking for an interest-bearing checking account with no minimum deposit requirements and a large ATM network, Alliant is the better choice.

Alliant Credit Union vs Capital One.

When comparing Alliant Credit Union and Capital One, it is important to look at the pros and cons of each. Alliant Credit Union is a good choice for people who want to have the benefits of an online bank, such as no fees and high APYs, but also want access to brick-and-mortar banks.

Capital One is a great choice for those who want to have the benefits of an online bank, such as no fees and high APYs, but also want access to physical branches and Capital One Cafes. Capital One also offers special kid and teen bank accounts.

Both banks offer fee-free checking and savings accounts. Ultimately, it comes down to what is important to you and your family.

Do you want the convenience of a physical branch? Or are you comfortable banking online? Whichever bank you choose, be sure to read the fine print so that you know what fees they may charge.

Alliant Credit Union customer service and experience

When it comes to customer service and experience, Alliant Credit Union falls short in comparison to other banks. Alliant Credit Union has a 2.8 out of 5 rating from TrustPilot, while other banks have ratings of 4 or 5.

Alliant Credit Union does have some good features when it comes to customer service, such as its online and mobile banking tools. These tools allow members to deposit checks, monitor balances, and make payments with bill pay, as well as feature a planning tool that helps users create and monitor budgets and set financial goals.

Alliant is a good example of an ATM company with a decent reputation. It has over 80,000 free ATMs in its network. Convenience and grocery merchants have access to participating ATMs, as well as some banks and credit unions. These perks don’t make up for Alliant’s poor customer service ratings, though.

Overall, Alliant Credit Union is a decent bank with some good features, but it falls short in customer service and experience. If you are looking for a bank with great customer service, you may want to consider another option.

Is Alliant Credit Union right for you?

Alliant Credit Union may be a good choice for you if you are looking for a bank with high APYs, no fees, and access to physical branches and ATMs. However, if you are looking for a bank with great customer service, you may want to consider another option.

To decide if Alliant Credit Union is right for you, take a look at the pros and cons. Consider what is most important to you in a bank. If you value high APYs and no fees, then Alliant may be a good choice. However, if you value great customer service, then another bank may be a better fit.

How to Open an account with Alliant Credit Union?

To open an account with Alliant Credit Union, you will need to provide a valid US Government Issued ID, your Social Security Number, or Individual Tax Identification Number, and be 18 years or older.

If you are opening an account for a child aged 0-12, you will need to refer to the Kids Savings product page. For ages 13-17, you will need to refer to our Teen Checking product page.

You can open an account online or in-person at any Alliant branch location.

When you open an account with Alliant Credit Union, a ChexSystems consumer report will be pulled. However, this will not affect your credit score.

Pros and Cons of Alliant Credit Union Explained

+Pros

  • Large 80,000 free ATMs: Easy to find an Alliant ATM, even when you’re out of state
  • No fees: You won’t be charged any monthly maintenance fees
  • High APYs: Earn more interest on your deposits than with other banks
  • No overdraft fees: If you accidentally spend more than you have in your account, Alliant won’t charge you a penny

-Cons

  • Poor customer service and experience ratings: Compared to other banks, Alliant Credit Union falls short in customer service.
  • No Branch: You can only bank online or through the mobile app.

The bottom line:

If you’re looking for a great interest rate on your checking and savings accounts, and don’t mind doing all of your banking online or through an app, then Alliant Credit Union is a great option. With more than 80,000 free ATMs and no overdraft fees, it’s easy to access your money when you need it.

And if you do have any questions or problems, the customer service team is available 24/7. So if you want to join a credit union that offers high-yield rates and broad membership criteria, Alliant is a great choice.

Have you had experience with this credit union? We’d love to hear about it in the comments below.

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