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Alliant High-Rate Checking Account Review: All the Basics, Plus a High Yield

Review Updated
Kailey Hagen
Author: Kailey Hagen
Kailey Hagen
Kailey Hagen
Writer

Kailey Hagen has been writing about small businesses and finance for almost 10 years. Articles she's written for The Motley Fool have been syndicated to USA Today, MSN, and Yahoo! Finance. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

Interest-bearing checking accounts are becoming increasingly popular, especially if they have low minimum balance requirements. The Alliant High-Rate Checking Account fits this bill, offering a competitive APY with no minimum balance requirements and other industry-leading perks, like ATM fee reimbursements. Read our full review to learn more about the credit union’s membership requirements, what you have to do to earn the APY, and all the other perks the account has to offer.

Ratings Methodology
Rates as of Dec 20, 2024

Alliant High-Rate Checking

Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
APY
0.25%
Min. To Earn APY
$1
  • No monthly fees or overdraft fees
  • No monthly minimum balance requirements
  • Network of 80,000 ATMs
  • Reimburses up to $20 ATM fees
  • No monthly fees, overdraft fees, and no monthly minimum balance requirements
  • No physical branches
  • Higher APY available at other financial institutions
  • Need to meet certain requirements to receive the dividend

Alliant is an online-only credit union based out of Chicago; however, anyone can qualify for membership. There is no monthly maintenance fee, no overdraft fees, and no monthly minimum balance requirement. To qualify for the high-yield account, you only need to meet two monthly requirements. It's not a bank, so it's not a member of the FDIC, but Alliant accounts are federally insured through the National Credit Union Administration.

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We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.

Account APY Promotion Next Steps
0%
Min. to earn: N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
Open Account for Discover® Cashback Debit

On Discover Bank's Secure Website.

up to 1.10%
Min. to earn: $1
High APY when you complete 10 or more qualifying debit card purchases each month

Full Alliant High-Rate Checking Account review

Top perks

Competitive APY: The Alliant High-Rate Checking Account has a competitive APY that's far above the national average. Since it also has no minimum balance requirement, it's a good option to consider if you can't (or don't want to) meet minimums to qualify for a high APY at other banks.

No minimum balance requirements: As mentioned, Alliant doesn't require its High-Rate Checking Account holders to maintain a minimum balance to avoid monthly maintenance fees or earn interest. This makes it an appealing choice if you don't usually keep a lot of cash in your checking account.

Big network of surcharge-free ATMs: Alliant Credit Union has more than 80,000 ATMs nationwide that have no surcharge when you use your provided Visa® debit card to access your funds. You can find the ATM nearest you using the locator tool on Alliant's website or on its mobile app..

Monthly ATM fee reimbursements: You shouldn't have to worry about ATM fees, even if you can't find an ATM in Alliant's network near you. The credit union offers up to $20 in monthly ATM fee reimbursements for out-of-network ATMs. Be aware that while this does include international withdrawals, it does not include the 1% foreign transaction fee Visa charges you to use your debit card in a foreign country. Alliant will deposit these rebates into your checking account at the end of each day.

FDIC insured: Finally, the Alliant High-Rate Checking Account is covered by the same FDIC insurance as a traditional bank account. You're covered for as much as $250,000 per depositor, per institution in the event of a bank failure.

What could be improved

Interest not available to all account holders: To claim the APY, you must enroll in eStatements and have at least one electronic deposit into your Alliant High-Rate Checking Account every month. However, these requirements aren't that stringent, and anyone who has their paychecks direct deposited into their account should qualify.

Membership requirements: Applicants must become members of the credit union to join. This isn't particularly difficult, but it is a hoop to jump through. You can qualify for membership in any of the following ways:

  • Your immediate family member is already an Alliant member.
  • You live or work in a qualifying community near Alliant's Chicago headquarters.
  • You're an employee of one of the organizations Alliant partners with.
  • You become a member of Foster Care to Success. If you choose this option, Alliant Credit Union will pay the $5 membership fee on your behalf.

Fees

Fees Monthly Maintenance ATM Withdrawal Overdraft Stop Payment Insufficient Funds
Alliant High-Rate Checking Account $0 $0 $0 $25 per item, but $0 for checks if done online or over the phone $0
Data source: Alliant Credit Union

How to access your money

Alliant Credit Union gives you the following options for depositing and withdrawing money from your Alliant High-Rate Checking Account.

Deposit options

You can deposit money into your account in any of these ways:

  • ACH transfer
  • Wire transfer
  • Mailed check
  • Mobile-deposited check
  • Cash deposit at an ATM

There are no restrictions on the number of deposits you can make in a day or in a month (although mobile deposit limits can vary), but it could take a day or two for the money to show up in your account, especially if you're mailing in a check. Be sure to deposit your funds in advance of when you will need them.

Not all ATMs accept cash deposits. You can check which ATMs within Alliant's network do so by using its ATM Locator tool on its website or in its mobile app.

Withdrawal options

You can withdraw funds from your Alliant High-Rate Checking Account using any of the following methods:

  • ACH transfer
  • Wire transfer
  • Request a mailed check
  • ATM withdrawal
  • Point-of-sale cash withdrawal

Visiting an ATM or making a point-of-sale withdrawal is your best option if you need cash quickly. ACH transfers, wire transfers, and mailed checks may take a day or two to process.

This checking account is right for you if:

The Alliant High-Rate Checking Account is a good fit for those with lower average daily balances who want to earn interest without being bogged down by fees. Its APY is not the highest we've seen, but it's easy to qualify for and higher than rates at many banks. With its large network of surcharge-free ATMs, monthly ATM fee reimbursements, and lack of monthly maintenance fees, this could be the right account for you.

That said, those with several thousand dollars in their checking account may be able to earn a higher APY elsewhere. If that's you, look into the alternatives above, or think about putting some of your money into a high-yield savings account.

Keep reading about Alliant Credit Union:

Our checking account methodology

At Motley Fool Money, we rate checking accounts on a five-star scale (1 = poor, 5 = best). We evaluate all checking accounts across four main criteria: brand and reputation, APY and rewards, fees and minimum requirements, and perks.

Our scores are weighted as:

  • Brand and reputation: 40%
  • APY and rewards: 30%
  • Fees and minimums: 15%
  • Other perks: 15%

Learn more about how Motley Fool Money rates bank accounts.