Alliant Credit Union can hang with the best online banks in terms of product offerings and APYs. Its products charge few fees, and it offers some rare perks you don't see with many other banks, like the option to keep multiple savings accounts for different goals. Read our full Alliant Credit Union review below to decide whether it's a good fit for you.
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Alliant
Rating image, 4.50 out of 5 stars.
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
4.50/5
Bottom Line
Alliant Credit Union offers fee-free deposit accounts and a broader range of financial products than you typically see with an online bank, including credit cards, retirement accounts, and insurance. The option to link multiple savings accounts is also a nice touch for people saving for multiple goals at the same time.
Pros
- Earn interest on all deposit accounts
- No monthly maintenance fees
- Multiple linked savings accounts for different goals
- High-quality mobile app
- Good variety of financial products
Cons
- Unimpressive CD rates
- Difficult to gauge the customer support
Alliant Credit Union savings accounts review
Alliant offers three types of savings accounts.
Alliant High-Rate Savings account
Alliant's most popular account is the 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. This account does include an ATM card. If you have a checking account too, you will be issued a debit card that allows you to access both your savings and checking accounts.
Alliant Supplemental Savings account
You can have up to 19 Alliant Supplemental Savings accounts to help you keep money for different financial goals separate. These accounts are essentially the same as the Alliant High-Rate Savings account, but you can give each Supplemental Savings account a nickname to remind you what it's for.
Alliant Kids Savings account
Alliant Credit Union's Kids Savings account is designed for children 12 and younger. 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 accounts
If you're interested in finding an online savings account that offers a higher APY than Alliant Credit Union, check out our list of the best savings accounts or compare a few select picks side by side to find the right account for you.
Rates asof Feb. 22, 2023
| Offer | |||
|---|---|---|---|
| Account | Alliant High-Rate Savings | American Express® High Yield Savings | Marcus by Goldman Sachs Online Savings Account |
| Rating | Rating image, 4.50 out of 5 stars. 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. | Rating image, 4.00 out of 5 stars. 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. | Rating image, 5.00 out of 5 stars. 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. |
| APY | 2.95% | 3.50% | 3.75% |
| Min. to earn APY | $100 | $1 | $0 |
| Next Steps | Read Review | Open Account for American Express® High Yield Savings Read full review | Read Review |
Alliant Credit Union CD accounts
Alliant Credit Union offers CDs, which it refers to as "certificates," with terms ranging from 12 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 up front.
Its CD rates are on par with the top online banks. And you can choose from a number of unusual terms, like 17 or 35 months if you choose.
Rates as of Feb. 17, 2023
Alliant CD
MINIMUM DEPOSIT $1,000
| 6 Mo. APY | -- |
|---|---|
| 1 Yr. APY | 4.65% |
| 1.5 Yr. APY | 4.25% |
| 2 Yr. APY | 4.25% |
| 3 Yr. APY | 4.45% |
| 4 Yr. APY | 4.30% |
| 5 Yr. APY | 4.35% |
Compare CD rates
Alliant's CDs aren't always the best CD rates available, which is why we suggest reviewing a selection of options to find the right CD account. See our side-by-side CD rate comparison below to find alternative CDs to consider.
Rates as of Feb. 17, 2023
Lender
Account
1 yr. apy
2 yr. apy
3 yr. apy
4 yr. apy
5 yr. apy
Min. deposit
Early Withdrawal Penalty
Next Steps
Member FDIC.
Discover High Yield CD
4.25%
4.30%
4.30%
4.10%
4.10%
$2,500
Yes
Open Account for Discover High Yield CD
Read review
Member FDIC.
Marcus by Goldman Sachs High Yield CD
4.40%
4.35%
4.00%
4.00%
3.80%
$500
Yes
Read Review
Member FDIC.
CIT Bank CD
0.30%
0.40%
0.40%
0.50%
0.50%
$1,000
Yes
Open Account for CIT Bank CD
Alliant Credit Union checking accounts review
Alliant Credit Union offers two checking accounts -- the High-Rate Checking account and the Teen Checking account.
Alliant High-Rate Checking account
The Alliant High-Rate Checking account's APY is much more competitive than its savings account APYs, and the account has no minimum balance requirements. It includes a free debit card and access to over 80,000 surcharge-free ATMs, as well as $20 in monthly out-of-network ATM fee rebates. Those who still prefer checks can also look forward to a free box of checks when you sign up.
Alliant Teen Checking account
The Alliant Teen Checking account is for children 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.
Compare checking accounts
For other checking account options, browse our experts' picks for best checking accounts.
Alliant Credit Union customer service and experience
Alliant Credit Union has received mixed reviews from consumers. While it has an A+ rating with the Better Business Bureau, customer reviews come in at less than 2 out of 5 stars on that site. Plus, Alliant only garners a 2.3 out of 5 from TrustPilot. It's worth noting that neither site has that many reviews, and there aren't many other third-party sites with customer reviews to give us more insight into the typical banking experience with Alliant Credit Union.
Customer ratings are something to keep in mind when comparing your options, but it might not concern you if you rarely contact your current bank. Alliant Credit Union offers all the online and mobile banking tools you're used to, so it's pretty easy to manage most of your money without needing to contact the credit union.
Alliant Credit Union relationship benefits
Alliant Credit Union does not offer much in the way of relationship benefits, but this is unsurprising in an online credit union. Relationship benefits are more common among brick-and-mortar banks that often charge fees for their accounts and waive them for customers who sign up for multiple services. But online banks rarely charge maintenance fees in the first place.
Other types of relationship benefits include sign-up bonuses and higher APYs on deposit accounts, but Alliant Credit Union's rates far outstrip what most brick-and-mortar banks offer.
Alternatives to Alliant Credit Union
If Alliant Credit Union doesn't seem like a good fit for you, here are a few other banks to consider.
Vio Bank
Vio Bank offers the Vio High-Yield Online Savings Account, with a competitive APY. It also has a greater variety of CD terms. The bank doesn't offer a checking account, so it's not a great fit for those who want to do all their banking in one place, but if you just want to earn a high rate on your savings, you can link your Vio Bank account to your existing checking account at another bank and transfer funds as needed.
Capital One Bank
Capital One Bank might be a better fit if you want some of the rewards of an online bank but aren't willing to completely sever ties with 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 kid and teen bank accounts, so it's worth considering if you're interested in one of these.
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.
RELATED: What is a credit union? See The Ascent's guide to learn more.
Other Alliant Credit Union products
Alliant Credit Union offers a lot more than checking, savings, and CD accounts.
Credit cards
- Alliant Visa Platinum card: The Alliant Visa Platinum card offers a 12-month 0% introductory APR on purchases and balance transfers, and it has no annual fee. But this card does not include rewards.
- Alliant Visa Signature card: The Alliant Visa Signature card offers a high rate of cash back on purchases, though there are limits on how much cash back you can earn per statement cycle. It has no annual fee and no foreign transaction fees.
Loans
- Alliant Credit Union mortgage: Alliant offers fixed- and adjustable-rate conventional and jumbo mortgages. It doesn't charge application fees, and it has low and no down payment options available.
- Alliant Credit Union home equity line of credit: You can borrow up to 90% of the equity in your home with an Alliant home equity line of credit. Terms range from 15 to 30 years, and you can apply online and pay no closing costs or appraisal fees.
- Alliant Credit Union auto loans: Alliant Credit Union offers loans with terms up to 84 months for new and used cars. It also offers discounts to those who purchase through the Alliant Car Buying Service.
- Alliant Credit Union RV loans: Alliant is one of the few online banks or credit unions to offer RV loans, which can have terms up to 20 years. In most cases, you can be approved the day you apply.
- Alliant Credit Union personal loans: Alliant offers a wider range of personal loan amounts than you typically see, so it's a good choice for those who need to borrow a little and those who need to borrow a lot. There are no prepayment penalties, and you can typically receive your funds the day you're approved.
Brokerage
- IRAs: Alliant Credit Union offers traditional, Roth, and SEP IRAs for those interested in saving money for retirement.
Insurance
- Life insurance: Alliant offers accidental death, whole, and term life insurance through its partnership with CMFG Life Insurance Company.
- Homeowners insurance: Alliant Credit Union partners with TruStage Insurance Agency to help members earn discounted rates on homeowners insurance with top insurers.
- Auto insurance: Alliant also partners with TruStage Insurance Agency to connect members with auto insurance policies.
Our Banking Expert
By:Kailey Hagen
Writer
Kailey Hagen has been writing about small businesses and finance for almost 10 years, with her work appearing on USA Today, CNN Money, Fox Business, and MSN Money. 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.
FAQs
Is Alliant Credit Union hard pull? ›
Alliant will do a hard credit check when you apply, so your credit score could temporarily dip. Make a plan to repay the loan.
Is Alliant credible? ›Is my money safe at Alliant Credit Union? Yes. Alliant deposit accounts are insured by the National Credit Union Administration (NCUA) for up to $250,000, per depositor, for each account ownership category, in the event of a credit union failure.
What credit score is needed for Alliant Credit Union? ›Alliant Credit Union requires a minimum credit score of 620 and a debt-to-income ratio of 50% or less. Potential borrowers can start the preapproval process on the website to see if you qualify, as well as your potential rate.
Is ally better than Alliant? ›The bottom line: Alliant offers a more appealing checking account, but Ally narrowly beats Alliant on savings accounts. For CDs, it could be a tight race between the two banks and may ultimately hinge on which term you want to open.
How many people use Alliant Credit Union? ›Alliant ranks as the one of the largest credit unions in the nation, serving 700,000 members nationwide with more than $17 billion in assets. We offer better-than-bank rates, allowing our members to save more and earn more.
Is Alliant an ethical bank? ›Not directly ethical. Alliant High-Rate Savings isn't a socially responsible bank account, but this credit union uses its dollars to better the Chicago community.
What bank does Suze Orman use? ›This savings promotion is for new Alliant Credit Union members only. “I joined Alliant this year as part of Suze Orman's Ultimate Opportunity Savings Account promotion. I love seeing my savings account grow each month. I look forward to a long relationship with Alliant!”
Is Alliant a degree mill? ›THIS IS NOT a diploma mill. You need to work hard for your grade.
Who is Alliant owned by? ›Alliant Insurance Services was acquired by Blackstone Group on Jun 3, 2007 .
How hard is it to get Alliant credit card? ›You'll need at least fair credit to qualify for the Alliant Visa® Platinum Credit Card. By comparison, other balance transfer cards typically require good to excellent credit (a score of 690 or higher).
How long does Alliant take to approve? ›
For individuals looking for an unsecured loan they can access immediately, Alliant Credit Union's personal loans may help. The approval process for loan applications typically ends within the same day. Similarly, you may also get the funds on the same day. The lender offers loans ranging from $1,000 to $50,000.
Which credit union has the highest score? ›- Alliant Credit Union: Best for Credit union overall.
- Consumers Credit Union: Best for Checking APY.
- Connexus Credit Union: Best for Checking.
- PenFed Credit Union: Best for Vast ATM network.
- Service Credit Union: Best for Vast ATM network.
The Alliant Credit Union Visa Signature card mainly uses the TransUnion credit bureau for approval. But this doesn't mean it can't pull your report from the other major credit bureaus Experian and Equifax.
What is the safest bank to put your money in? ›- JPMorgan Chase.
- U.S. Bank.
- PNC Bank.
- Citibank.
- Wells Fargo.
- Capital One.
- M&T Bank Corporation.
- AgriBank.
Your accounts are federally insured!
Alliant has stood financially strong since 1935. And you can rest even easier, because your money is federally protected by the National Credit Union Administration (NCUA). No member of a federally insured credit union has ever lost one penny of insured savings.
The majority of Alliant's loan applications are processed using credit reports from Transunion, but any of the three major credit bureaus may be used to process your loan application.
Does Alliant run your credit? ›Soft credit inquiries
A third party may view your credit score in the following circumstances: Alliant membership application. Background checks. Checking your own credit score.
Credit unions and banks where you have accounts routinely make soft pulls on your credit to see how you're managing debt. The same goes for credit card companies and lenders before sending all those pre-approved loan and credit card offers that wind up in your mailbox.
Do credit unions run hard inquiries? ›Banks, credit unions, and credit card companies rely on hard inquiries to make sound lending decisions. They'll look at the information listed on your report to see if you are likely to pay back the money. These decisions affect all kinds of loans, including mortgages, private student loans, and car loans.
Who is Alliant Credit Union owned by? ›Alliant Credit Union is a member-owned financial cooperative headquartered in Chicago, Illinois.
Can anyone open an account with Alliant Credit Union? ›
You are eligible to join Alliant if you: Are a current or retired employee from one of the many businesses and organizations Alliant partners with in the U.S. Are a domestic partner or immediate family member of a current Alliant member.
Does Alliant have monthly fees? ›Are there any fees with an Alliant checking account? An Alliant checking account has no monthly maintenance fees, no overdraft fees,19 no monthly minimum balance requirement104 and no maximum balance limit.