AlumniFi Credit Union Review: Pros And Cons

AlumniFi Credit Union is an online banking platform that offers a digital checking and savings account, along with access to helpful financial tools for college and university grads. This includes free access to Changed, a automatic savings app which can expedite your student loan repayment. 

There are also self-paced lessons available to help you boost your financial knowledge. But with a limited product lineup, does AlumniFi have what it takes to draw college grads away from top online banking platforms such as Ally or Acorns? Find out in this full review. 

What Is AlumniFi Credit Union? 

AlumniFi Credit Union is an online banking brand of Michigan State University Federal Credit Union, a National Credit Union Administration (NCUA) member. This means that deposits made into AlumniFi Credit Union's digital checking and savings accounts are eligible for up to $250,000 of NCUA deposit insurance. Its accounts and financial tools are geared specifically to college and university grads. 

What Does It Offer?

AlumniFi Credit Union's product lineup is straightforward. It offers an online checking and savings account, and some helpful financial tools to make it easier to pay off debt, manage spending, and save toward various financial goals.

AlumniFi Checking

The AlumniFi checking is an interest-bearing account offering round-up savings, direct deposit, Bill Pay, P2P payment options, and access to over 30,000 no-fee ATMs. There are no monthly maintenance fees, overdraft fees, or minimum balance requirements. At the time of writing, the account pays a base annual percentage yield (APY) of 0.50%, while balances over $50,000 are eligible to earn 1.00% APY. 

AlumniFi Savings 

The AlumniFi Savings account is a high-yield savings account with no monthly maintenance fees. Current APYs are as follows: 

AlumniFi Credit Union members can use their AlumniFi savings account to create custom savings goals, automate savings and student loan payments, and make mobile deposits. 

Access to Changed App

One of the key benefits of opening an account with AlumniFi Credit Union is free access to Changed, a roundup savings app that applies your spare change to your student loan repayment. The automated service, which connects with AlumniFi mobile and online apps, is normally $3/month. So, if you have student loan debt, AlumniFi and Changed can help you repay your debt more quickly, at no charge. 

Financial Education 

AlumniFi has a dedicated financial wellness app called AlumniFi Fin-Life. It delivers three-minute lessons each week that can help you improve your financial knowledge. You can also access a variety of educational content via AlumniFi's financial blog, which is packed with content for college and university graduates. 

Mobile App

AlumniFi Credit Union's mobile app is available for download on iOS and Android devices. The app has a 5-star rating on the App Store, and a 4.2 star rating on the Google Play store. 

Are There Any Fees?

AlumniFi Credit Union does not charge any monthly maintenance fees on its checking and savings accounts. That said, you might encounter other fees or charges, depending on how you use your account. These include, but are not limited, to the following: 

• Dormant account: $5.00/month 
• Stop payment: $25 
• Replacement debit card: $10 (Expedited is $30 to $40) 
• Non CO-OP Network ATM: $1.00
• Incoming wire transfer: $5
• Garnishment: $75 for each garnishment received 
• Research: $25 per hour

How Does AlumniFi Compare?

AlumniFi offers a very competitive high-yield savings APY, in addition to convenient banking features with its digital checking account. However, other online banking apps, such as Ally and Acorns, have a larger product lineup, including credit cards, mortgages, and investments. 

Ally Bank is one of the most popular digital banks in the U.S. Its high-yield savings APY is lower than what AlumniFi offers, but it offer more products. In addition to no-fee checking and savings accounts, it offers a family of rewards credit cards, retirement investments, including self-directed trading, loans, and mortgages. If you're looking for a full-service online bank, it's probably a better fit than AlumniFi Credit Union. 

Acorns is an online banking and investment platform well known for its roundup savings feature. It offers a competitive APY on both its checking and Emergency Fund accounts, and its investment accounts include automatic contributions, rebalancing, and dividend reinvesting. Unfortunately, you must sign up for a Bronze membership ($3 month) if you wish to open a checking account. 

How Do I Open An Account?

AlumniFi Credit Union membership is limited to the following groups: Staff, alumni, and donors of the University of Olivet, Michigan State University, and Oakland University, and all Michigan residents. If you don't belong to one of these groups, you can become a member by making a $10 donation to the Desk Drawer Foundation. 

To open an account, select the "Get Started" button in the top right-hand corner of the AlumniFi Credit Union homepage. You will need to provide your Social Security number and valid ID. 

Once you've selected the account(s) you wish to open and created a password, you'll have an opportunity to connect an external bank account and fund your AlumniFi account. 

Is It Safe And Secure?

AlumniFi Credit Union is a division of Michigan State University Federal Credit Union, which is an NCUA member. This means that your deposits are insured up to $250,000. The credit union uses bank-level security protocols for its online and mobile banking apps, so you can be confident your money is secure.

Contact

You can contact AlumniFi by telephone at (855) 955-2965. Member support is also available via email at [email protected]. 

Is It Worth It?

If you're an eligible college or university graduate saving money while repaying your student loans, AlumniFi Credit Union is a great option. You'll have access to a free checking account, a competitive savings APY, and tools to help you automate your student loan payments. And with 30,000 fee-free ATMs nationwide, AlumniFi makes accessing your money easy.  

That said, if you're not a resident of Michigan, not a staff member, alumni, or donor of an eligible school, don't have student loans to repay, or need an online bank with a more comprehensive product lineup, you may be better off looking elsewhere. 

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