Alliant Credit Union review: It's easy to become a member, with high interest rates on savings and checking

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Pros and cons

Alliant High-Rate Savings Account

Alliant High-Rate Savings is a solid online savings account. It pays a great interest rate, and there is Alliant High-Rate Savings Account - Fees Display. There's technically a $5 minimum opening deposit, but Alliant will cover the cost. Keep in mind that you do need to keep a $100 balance to earn interest, though.

Alliant High-Interest Checking Account

If you're searching for an online checking account, then the Alliant High-Interest Checking Account is a worthwhile option. You don't need any money to open an account, and there is Alliant High-Interest Checking Account - Fees Display. You'll also earn 0.25% APY APY (Annual Percentage Yield), regardless of your balance.

Alliant Certificate

An Alliant Certificate (the credit union version of a certificate of deposit) pays pretty high rates. Its early withdrawal penalties are relatively low, especially for longer-term certificates. Alliant requires Alliant Certificate to open a CD, but if you don't have that much money on hand, you can find other institutions that require less.

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How Alliant Credit Union works

Alliant Credit Union is an online institution, and you can open accounts from anywhere in the US.

Unlike banks, credit unions require you to become a member to open accounts — and Alliant makes it easier to join than most credit unions. Join Alliant by being an employee, retiree, or member of certain organizations. You can also qualify by living in certain parts of Illinois or being a relative of an existing Alliant member. But the easiest way to become a member is to join Foster Care to Success, and Alliant will cover your $5 joining fee.

Alliant pays competitive interest rates. But like most credit unions, it only compounds your interest monthly. Most banks compound interest daily, which helps you earn more money in the long run. If it's important to you to maximize your earnings, then you may prefer an online bank over a credit union.

But if you prefer a credit union over a bank, then Alliant is a strong contender.

The Alliant mobile app has received mostly positive reviews. It has 4.7 out of 5 stars in the Apple store, and 4.6 out of 5 stars in the Google Play store.

Speak to an Alliant representative by calling customer service 24/7. Alliant doesn't have a live online chat feature, but you can fill out an online form and wait for a response if you don't want to talk over the phone.

Your deposits are federally insured by the NCUA for up to $250,000, or $500,000 for joint accounts.

Alliant trustworthiness and BBB rating

The Better Business Bureau gives Alliant Credit Union an A+ rating. A good BBB rating signifies a company responds effectively to customer complaints, has honest advertising practices, and is transparent in how it handles business.

Alliant doesn't have any public scandals. Between the strong BBB rating and positive public image, you may decide you're comfortable banking with Alliant.

Alliant Credit Union vs. Pentagon Federal Credit Union 

Pentagon Federal Credit Union is the clear choice if you want to open a money market account, because Alliant doesn't have money market accounts.

You'll probably prefer PenFed if you want a combination of online and in-person banking, and live near a PenFed branch. You can open a PenFed account online, but there are also branches in 13 US states and DC, and on military bases in Guam, Puerto Rico, and Japan.

But you might like Alliant if you use ATMs regularly. Both credit unions have large free ATM networks, but PenFed doesn't reimburse any fees charged by out-of-network ATM providers. PenFed will also charge you a $1.50 fee for using an out-of-network ATM.

Alliant Credit Union vs. Connexus Credit Union 

You'll want to go with Connexus Credit Union for a money market account, because Alliant doesn't offer money market accounts.

You might prefer Alliant if you think you'll use out-of-network ATMs. Connexus has an ATM network and doesn't charge you for using out-of-network ATMs. But if a provider charges you for using an out-of-network ATM, then Connexus doesn't refund you. Alliant reimburses up to $20 per month for fees charged by ATM providers.

If you care about interest rates, then your choice between the two credit unions could depend on whether you keep more money in savings or checking. Alliant pays a better interest rate on savings, but you can earn a much higher rate with the Connexus Xtraordinary Checking Account.

Frequently asked questions 

Who can open an Alliant Credit Union account?

You'll be able to join the credit union if you live in certain parts of Illinois or work at an eligible employer. You can also become a member of Alliant Credit Union if you join Foster Care to Success, a non-profit organization focused on foster youth (Alliant covers the $5 joining fee). 

How much is needed to open an account at Alliant Credit Union?

You'll need at least $5 to open an Alliant savings account, and a $1,000 minimum opening deposit for a certificate.

If you'd like to open a checking account, it'll depend on where you open the account. There's a $25 minimum opening deposit if you apply for the account online. But if you open an account through a paper application, by signing into your online banking with an existing Alliant bank account, or while you're applying for a loan, there's $0 minimum opening deposit.

Does Alliant Credit Union charge monthly service fees?

No, Alliant Credit Union does not charge monthly service fees on its accounts.