Alliant Credit Union Review

*APY accurate as of November 13, 2024

We score Alliant Credit Union’s checking accounts 4.6 stars. It offers two checking accounts: High-Rate Checking and Teen Checking. Both accounts come with no monthly maintenance fees or monthly minimum balance requirements.

Plus, unlike many checking accounts, you could qualify to earn a modest amount of interest. It’s paid in the form of a monthly dividend, and you’ll need to meet two requirements to earn it: opt into eStatements and make at least one eligible electronic deposit each month.

Both checking accounts provide access to 80,000 ATMs without fees nationwide. And if you accrue fees from out-of-network ATMs, Alliant will reimburse you up to $20 per month.

Additionally, incoming wire transfers are free, but you’ll have to pay $25 for outgoing domestic wires and $50 for outgoing foreign wire transfers. If you’re traveling abroad, using your debit card will result in a 1% foreign transaction fee.

High-Rate Checking

In addition to the perks outlined above, there are no overdraft fees with Alliant’s High-Rate Checking account, and you can connect your account to an Alliant savings account for overdraft protection. Alliant also offers a Courtesy Pay feature, where the credit union will cover checks, electronic payments and transfers that exceed approved overdraft protection limits.

Teen Checking

Alliant members who are 13 to 17 years old can open a Teen Checking account. The account must be jointly owned with a parent who is an Alliant member. Both the teen and parent will receive a contactless Visa debit card and mobile app access. Parents can also enroll in transaction alerts to check on the teen’s spending behavior.

The teen account comes with most of the perks of the High-Rate Checking account, but it doesn’t include access to Courtesy Pay, and only joint account holders can set up or end overdraft protection for the account. Because an eligible electronic deposit is needed to earn interest, this account is best for those teens who have a part-time job or get an allowance from parents that can be deposited each month.

*APY accurate as of November 13, 2024

We give Alliant Credit Union’s savings accounts 4.2 stars. There are three types of savings accounts available: High-Rate Savings, Supplemental Savings and Kids Savings Accounts. All three accounts earn a competitive APY if you maintain an average daily balance of at least $100.

There are no monthly fees as long as you enroll in eStatements. Otherwise, you must pay $1 per month for paper statements. Alliant’s savings accounts also come with an Alliant Savings ATM card. To keep any savings account open, you’ll need a minimum balance of $5.

High-Rate Savings

This high-yield savings account can serve as your main savings account with Alliant. Like Alliant’s other savings accounts, you’ll earn an APY that’s nearly seven times the national average savings accounts rate of 0.48%.

However, the best savings accounts on the market tend to offer over 4% APY currently, so you may be able to earn a better rate with a savings account from another financial institution.

Supplemental Savings

Opening a Supplemental Savings account is a way to save for specific goals. Alliant members can open up to 19 supplemental savings accounts for a specific purpose. For example, you may want to open a Supplemental Savings account to save for vacations, holiday gifts or a down payment on a home.

Kids Savings Account

A Kids Savings Account is designed for children 12 or younger. Either a parent, grandparent or guardian can act as a joint owner, as long as they’re an Alliant member. Another bonus is that Alliant covers the initial $5 deposit to encourage kids to start saving.

*APY accurate as of November 13, 2024

We score Alliant Credit Union’s CDs 4.2 stars. It offers regular, jumbo and IRA CDs. All of Alliant’s CDs offer APYs that are substantially higher than the FDIC’s national average rates for CDs in similar term ranges. You can open regular and jumbo CDs online, but IRA CDs can only be opened by phone.

Regular Certificates

Alliant’s standard CDs require a minimum deposit of $1,000. Terms are available from three months to five years with competitive rates at every level.

Jumbo Certificates

Alliant also offers jumbo CDs that require a minimum deposit and minimum balance of $75,000. If the balance on a jumbo CD drops below $75,000, the CD will be automatically converted to a standard CD.

IRA Certificates

Alliant also offers standard and jumbo CDs as IRA CDs. You can choose from traditional IRA CDs, Roth IRA CDs and Simplified Employee Pension (SEP) IRA CDs:

• Traditional IRA CDs: Designed for pre-tax retirement savings
• Roth IRA CDs: Designed for after-tax retirement savings
• SEP IRA CDs: Designed for self-employed people saving for retirement

IRA CDs are for people who want the tax advantage of an IRA without the risk of invested funds.