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Alliant Credit Union Review: A Leading Credit Union With High Rates and Low Fees

Review Updated
Steven Porrello
Author: Steven Porrello
Steven Porrello
Steven Porrello
Writer

Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.

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Ashley Maready
Reviewer: Ashley Maready
Ashley Maready
Ashley Maready
Writer and Editor

Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

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Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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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.
Offer image for
Member FDIC.

Alliant

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
Bottom Line

Alliant Credit Union offers mostly fee-free deposit accounts and a broader range of financial products than a typical online bank, including credit cards, retirement accounts, and insurance. Alliant Credit Union also offers the option to open multiple savings accounts to save for multiple goals at the same time.

Pros
  • Earn interest on all savings and checking accounts
  • No monthly maintenance fees
  • Multiple linked savings accounts for different goals
  • High-quality mobile app
  • Good variety of financial products
Cons
  • Higher APYs offered by other institutions
  • No physical branches

  • Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

    These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

    We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

    Learn more about how The Motley Fool Ascent rates bank accounts.

Is Alliant Credit Union right for you?

Alliant Credit Union is a good fit for you if:

  • You prefer having many savings accounts for different goals.
  • You like to manage all your money in one place.
  • You want to earn interest on all your accounts, not just savings accounts and CDs.

Bank fees

Alliant Credit Union Fee Charge
Monthly service fee $0
Non-bank ATM fee $0
Debit card foreign transaction fee 1% of transaction
Overdraft fee $0
Outgoing wire transfers $25 for domestic, $50 for international
Replace lost card (debit or savings ATM card) $0
Data source: Alliant Credit Union.

Savings accounts

Alliant's three savings accounts offer helpful digital services, like mobile check deposits, and let you get cash from your savings account at over 80,000 in-network ATMs nationwide.

Alliant High-Rate Savings

Alliant's most popular account is the Alliant High-Rate Savings account, which has a low minimum deposit requirement and no monthly maintenance fees for customers who choose eStatements. Its interest rate is pretty competitive, especially compared to brick-and-mortar banks, but lower than the best high-yield savings accounts.

This account does include an ATM card. If you have an Alliant Credit Union checking account too, you will be issued a debit card that allows you to access both your savings and checking accounts.

Ratings Methodology
Rates as of Dec 20, 2024

Alliant High-Rate Savings

Read Review
Member FDIC.
Rating image, 3.75 out of 5 stars.
3.75/5 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, 3.75 out of 5 stars.
3.75/5 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
Read Review
APY
3.10%
Min. To Earn APY
$100
  • Competitive APY
  • Earn interest on all deposit accounts
  • No monthly maintenance fees when you choose electronic statements
  • Comes with an ATM card
  • Must maintain an average daily balance of $100 or more to earn interest 
  • Requires credit union membership to open an account
    test

Alliant High-Rate Savings earns one of the highest APYs among credit unions, but you need to meet average daily balance requirements to earn interest. You must be a member of the credit union to open a savings account, but it's fairly easy to qualify for membership.

  • The Supplemental Savings account is a special type of savings account that lets you open multiple additional savings accounts for various savings goals. If you want to save for a specific goal like a house, car, wedding, or vacation, Alliant's Supplemental Savings accounts help you focus on those goals by funneling money into separate accounts for each purpose. You can even nickname the account to remind you what it's for.

    You can have up to 19 Alliant Supplemental Savings accounts. These accounts will earn the same APY as the Alliant High-Rate Savings account if you keep a minimum daily balance of $100 in each account. The account has no monthly fees when you sign up for electronic statements.

  • The Alliant Kids Savings Account is designed for children 12 and younger, and it ranks among the best savings accounts for kids. This account is co-owned with a parent or guardian, and has no initial deposit requirement and no monthly fees for members who choose eStatements. Its APY is the same as the APY for Alliant's other savings accounts.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of December 28, 2024. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 4.00%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
3.80%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

Certificates of deposit

Alliant Credit Union offers CDs, which it refers to as "certificates," with terms ranging from three to 60 months. All CDs require a minimum deposit of $1,000, which is not unreasonable for a CD.

Alliant Credit Union offers a Dividend Withdrawal option that lets you receive an interest payment every month, rather than waiting until the end of the CD term to collect your earnings. Not all banks offer this, so Alliant could be an option if you are interested in receiving your earnings upfront.

Its CD rates are on par with the top online banks.

Rates as of Dec. 18, 2024

APY = Annual Percentage Yield

Offer image for Alliant CD
Alliant CD
Bottom Line

Alliant offers CD rates across common terms that stack up well with other banks on this list. The credit union's rates hold up better than most though over the longer terms, so for savers interested in locking in rates for multiple years, Alliant could be a good home for your money. Note that the minimum of $1,000 is on the higher end for this list.

MINIMUM DEPOSIT $1,000
Read Review
6 Mo. APY 1 Yr. APY 1.5 Yr. APY 2 Yr. APY 3 Yr. APY 4 Yr. APY 5 Yr. APY
4.45% 4.50% 4.25% 4.00% 3.80% 3.65% 3.65%

Compare CD rates

Rates as of Dec. 18, 2024
Bank & CD Offer APY Term Min. Deposit Next Steps
APY: 4.00% Term: 1 Year Min. Deposit:  $0
Open Account for Discover® Bank CD

On Discover Bank's Secure Website.

Member FDIC.
APY: 4.25% Term: 10 Months Min. Deposit:  $2,500
Open Account for

On Secure Website.

Member FDIC.
APY: 4.25% Term: 6 Months Min. Deposit:  $500
Open Account for

On Secure Website.

Checking accounts

Alliant Credit Union offers two checking accounts -- the Alliant High-Rate Checking account and the Teen Checking account.

Alliant High-Rate Checking

The Alliant High-Rate Checking account's APY of 0.25% isn't bad for a checking account, but not nearly as high as this credit union's savings account APYs.

The account has no minimum balance requirements and includes a free debit card. You can access over 80,000 surcharge-free ATMs, as well as get up to $20 in monthly out-of-network ATM fee rebates. People who still prefer writing checks can also look forward to a free box of checks when you sign up.

Although the Alliant High-Rate Checking account has some nice perks and minimal fees, some of the best checking accounts offer higher APYs.

Ratings Methodology
Rates as of Dec 20, 2024

Alliant High-Rate Checking

Read Review
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
Read Review
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.

  • The Alliant Teen Checking account is for children ages 13 to 17 and requires a parent or guardian to co-own the account. It offers many of the same features as the Alliant High-Rate Checking account. Both the guardian and child get a debit card, so both can access the funds as needed.

    The APY on the Alliant Teen Checking Account is higher than most of the best teen checking accounts. But in order to earn interest, you must meet a few simple account requirements: signing up for electronic statements, and making a recurring monthly electronic deposit.

Compare checking accounts

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

Customer experience

Alliant Credit Union is an online-only credit union with no physical branches, so its customer experience is based on online account tools, the mobile banking app, and contacting customer service.

Customer reviews

Like many banks and financial institutions, Alliant Credit Union has received mixed reviews from customers. Although Alliant Credit Union has an A+ rating with the Better Business Bureau and has been BBB accredited since 2004, customer reviews come in at 1.23 out of 5 stars on bbb.org. Plus, Alliant only gets 1.8 stars out of 5 based on customer reviews on Trustpilot.

  • Better Business Bureau rating: 1.23
  • Trustpilot rating: 1.8

It's worth noting that many bank customers use third-party sites to complain instead of praise. Alliant Credit Union has more than 800,000 members, and only a few of them are complaining online. The typical Alliant Credit Union member experience is probably not represented by these negative reviews alone.

Keep customer ratings in mind when comparing your options, but they might not concern you if you rarely contact your current bank. Alliant Credit Union offers many online and mobile banking tools, so it's pretty easy to manage most of your money without needing to contact the credit union.

But if you need to contact Alliant Credit Union customer service, call the Alliant member care center at 800-328-1935. If you're calling from outside the U.S., call the international customer service line at 773-462-2000. You can call these numbers 24 hours a day, seven days a week and talk to an Alliant member services representative.

Mobile app

The Alliant Credit Union mobile banking app gets excellent reviews. Unlike many banking apps, it gets about equally positive ratings from iOS and Android users. Some of the special features that Alliant's mobile app offers include fingerprint login, easy viewing of account balances without logging in, and personal financial management tools to help improve your personal finances.

Here is how the Alliant Credit Union app stacks up, based on user reviews on the App Store and Google Play:

  • App Store rating: 4.7 out of 5 stars
  • Google Play rating: 4.5 out of 5 stars

Physical locations

Alliant Credit Union is a 100% digital credit union, with no physical locations. But you can do all your banking online with Alliant. You can use the Alliant mobile banking app to deposit checks, you can get cash from more than 80,000 no-fee ATMs, and in case you ever need to use an out-of-network ATM, Alliant will reimburse up to $20 per month for ATM fees.

How does Alliant Credit Union compare?

If Alliant Credit Union doesn't seem like a good fit for you, here are a couple other banks to consider.

Alliant Credit Union vs. SoFi®

If you're comfortable doing your banking 100% online, SoFi® can be an even better choice than Alliant Credit Union. That's because SoFi® has higher annual percentage yields (APYs) on its unique SoFi Checking and Savings account, and offers other unique features like savings vaults to save for multiple goals. Like Alliant, SoFi® offers full-service banking and can be a one-stop-shop to manage your financial life, with everything from checking accounts to credit cards and investment accounts.

Alliant Credit Union vs. Capital One

Capital One might be a better fit if you want the rewards of an online bank but still want the benefits of brick-and-mortar banks. It offers the fee-free accounts and high APYs common with online bank accounts, and still has branches and Capital One Cafes throughout the country for when you need a little in-person support. Like Alliant Credit Union, Capital One also offers special bank accounts for kids, so it's worth considering if you're interested in one of these.

FAQs

  • Yes, you need to officially join Alliant Credit Union as a member to use its bank accounts and other services. But it's easy to do so. You just need to satisfy one of these requirements:

    • Be a current or retired employee with one of the U.S. businesses or organizations with which Alliant partners.
    • Be a domestic partner or immediate family member of a current Alliant member.
    • Live in one of the communities near Alliant's headquarters in Chicago.
    • Become a member of the Alliant Credit Union Foundation to help promote digital inclusion. Alliant will cover the $5 membership cost.

  • Certain ATMs within Alliant's network may allow you to deposit cash.

  • Yes. Alliant Credit Union accounts are protected by federal deposit insurance from the National Credit Union Administration (NCUA), up to $250,000. Just like FDIC insurance for banks, NCUA insurance helps protect credit union members in case of a credit union failure.