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If you're looking to make more interest on your money, you might be eyeing Alliant Credit Union or Ally since both offer competitive interest rates right now.
We've compared each account below to see which bank accounts stand out the most, and so you can determine if one of these institutions may be a suitable option for you. We're also evaluating each bank's trustworthiness so you can know more about the institution's history.
Pros and Cons: Alliant Credit Union
Pros
Cons
24/7 customer service by phone
Anyone can become a member (Join Foster Care to Success, and Alliant will cover your $5 joining fee)
No monthly service fees
Competitive interest rates on savings account and CDs
Interest-earning checking account
Kids savings account option
With the savings account, earn Alliant High-Rate Savings Account - Intro Bonus
Alliant Certificate minimum opening deposit on CDs
No physical locations
Pros and Cons: Ally
Pros
Cons
24/7 live customer service over the phone or through live chat
No monthly service fees
$0 opening deposits on accounts
Competitive interest rates on savings account and CDs
Interest-earning checking account
Savings account comes with tools to help you save
Unique CDs, including no-penalty CDs, IRA CDs, and Raise Your Rate CDs
Ally and Alliant both offer a fee-free, interest-earning checking account. Alliant also has a teen checking account, if you're looking to open a bank account for a minor at least 13 years old.
Refunds up to $20/month in out-of-network ATM fees
Access to 80,000 free ATMs
May deposit cash at Alliant ATMs
Earn interest on your account
No overdraft fees
Early direct deposit
Spending buckets to help manage expenses
Free overdraft protection
No incoming wire transfer fees
Refunds up to $10/month in out-of-network ATM fees
Access to 43,000 free ATMs
Caveats
No physical locations
No physical locations
Doesn't accept cash deposits
Next steps
Alliant High-Interest Checking Account - CTA Text
Ally Interest Checking Account - CTA Text
Alliant vs. Ally Savings Account Comparisons
Alliant and Ally pay higher interest rates than the average savings account. Alliant also has a Alliant Credit Union Kids Savings Account featured in our best kids savings account guide.
Alliant doesn't have a money market account, but Ally does. Ally Money Market Account pays a competitive interest rate and has a Ally Money Market Account opening deposit — most banks usually require at least $1,000 to open a money market account.
It also provides you with a debit card and paper checks, making it a convenient savings tool for accessing money quickly if necessary.
Alliant vs. Ally Trustworthiness and BBB Rating
We use ratings from the Better Business Bureau, so you see how a bank deals with customer issues.
The BBB gave Alliant an A+ rating. Meanwhile, Ally received an A rating from the BBB because it has a few unresolved complaints.
A high BBB rating doesn't necessarily guarantee your relationship with a bank will be perfect. Consider chatting with current customers or reading online customer reviews, too.
Alliant and Ally haven't been involved in any recent public controversies.
Frequently Asked Questions
Is Alliant or Ally better?
You'll favor Alliant if you're looking to open savings or checking accounts for minors since Ally doesn't offer bank accounts for kids. If you're looking for a variety of CD options, you may lean more toward Ally. Alliant doesn't have no-penalty or step-up CDs.
Which bank has the highest interest rate?
Ally offers a higher interest rate on its savings account. Keep in mind interest can rates fluctuate on savings accounts, though.
