Alliant Credit Union Review: Pros, Cons, And Alternatives

Alliant Credit Union is an online credit union based in Illinois. It offers an array of deposit accounts and share certificates, as well as loans and mortgages, to its members. 

We consistently have highlighted Alliant Credit Union as one of the best credit unions nationwide.

In this Alliant Credit Union review, we explain who is eligible to join, and take a closer look at what this credit union has to offer to help you decide if it’s the right fit for your situation.

What Is Alliant Credit Union?

Alliant is a well-established online credit union with over $19 billion in assets. Over 800,000 members enjoy the services offered by Alliant Credit Union across the country. 

What Does It Offer?

For the purposes of this review, we're focusing on Alliant's deposit products, but Alliant also offers loan products, including mortgages, auto loans, and credit cards. 

Savings Accounts

Alliant Credit Union offers three different savings account options. Here’s a closer look at each:

• High-Rate Savings Account. With a minimum balance of $100, you can currently earn 3.10% APY through this account. If you opt for e-statements, you won’t face a monthly fee. 
• Kids Savings Account. Kids ages 12 and under can sign up for a joint account with their parents, grandparents, or legal guardians. Alliant will cover an initial $5 deposit to get your kid started and they won’t face monthly fees if they opt for e-statements. Currently, this account offers 3.10% APY. 
• Supplemental Savings Account. If you are saving for a particular goal, this is a helpful account. You can open many of these accounts to divy up your savings for different goals. Currently, this account also offers 3.10% APY. 

Checking Accounts

Alliant Credit Union offers two checking account options. The first is the High-Rate Checking account with a 0.25% APY. The account doesn’t have any monthly service fees, overdraft fees, or minimum balance requirements. If you use an out-of-network ATM, you can access up to $20 in ATM fee rebates per month.

Another option is the Teen Checking account, available for teens aged 13 to 17 who can be a joint account holder with their parents. You won’t face any minimum balance requirements or monthly service fees through this account.

Share Certificates

Alliant Credit Union offers a wide range of share certificates (certificates of deposit). 

These CDs come with a $1,000 minimum deposit. If you are able to tuck away at least $75,000, you might be able to earn a slightly higher rate through Alliant’s jumbo CD options. 

Are There Any Fees?

Alliant's fees vary based on the types of accounts you choose and the services you use. For example, most of the checking accounts don’t have a monthly fee. But if you opt for physical statements over e-statements for your savings account, you may face a monthly fee. 

Also, withdrawing funds from your share certificate early will lead to a penalty. Below is a look at those fees:

• A fee equal to the number of days the CD is open, up to 90 days, for terms of 17 months or less. 
• A fee equal to the number of days the CD is open, up to 120 days, for terms of 18 to 23 months.
• A fee equal to the number of days the CD is open, up to 180 days, for terms of 24 to 60 months.

How Does Alliant Credit Union Compare?

Alliant Credit Union isn’t the only option for savers. Here’s how the credit union stacks up.

Navy Federal Credit Union is another popular financial institution. While membership is limited to those with an appropriate affiliation to the Department of Defense, the credit union offers a range of certificates with attractive rates and deposit accounts with limited fees.

If you don’t want to jump through any membership hoops, then you might prefer a bank to a credit union. Ally Bank is one option for savers seeking high rates and ample account types available. One of its stand-out accounts is its online savings account, with a 3.00% APY on all balances.

How Do I Open An Account?

The process of working with Alliant Credit Union starts by becoming a member of the credit union. If you meet one or more of the following criteria, you are eligible to apply: 

• Current or retired employees from an Alliant-partner business
• Domestic partner or immediate family member of a current Alliant member
• Live or work in a community close to Alliant's Chicago corporate headquarters. Here is a list of eligible communities.
• You can also become a member by becoming an Alliant Credit Union Foundation digital inclusion advocate

When you meet the eligibility requirements, you can apply for membership in the credit union. Be prepared to provide a Social Security number or unexpired ITIN, a government-issued ID, and a document to prove your address. Be prepared to open both a High-Rate Checking and High-Rate Savings account to get started. 

Is It Safe And Secure?

Alliant deposit accounts are NCUA-insured, which means your funds are protected against loss for up to $250,000. Additionally, Alliant Credit Union implements a range of security measures, like fraud monitoring, to protect your information. 

How Do I Contact Alliant Credit Union?

If you need to get in touch, you can call 800-328-1935 for immediate support. Alliant has negative feedback on Trustpilot (1.8 out of 5 stars). But the positive ratings of the mobile app in both the Apple App Store and Google Play Store indicate many customers have a positive experience. 

Is It Worth It?

Alliant Credit Union offers competitive checking accounts and attractive share certificate APYs. Unfortunately, its savings account interest rates are lacklustre at best. For savers seeking the highest rates, scope out our list of the best high-yield savings accounts and top CD rates before moving forward.

Check out Alliant Credit Union here >>

Alliant Credit Union Features