Pros And Cons Of Alliant Credit Union – If you’re on a Galaxy Fold, consider opening your phone or viewing it in full screen to best optimize your experience.
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Pros And Cons Of Alliant Credit Union
Most or all of the products here are from our partners who compensate us. How we make money. But our editorial integrity ensures that our experts’ opinions are not influenced by compensation. Terms and conditions may apply to offers listed on this page. APY = Annual Percentage Yield
Alliant Credit Union Review 2023
Alliant Credit Union can connect with the best online banks in terms of product offerings and APY. Its products charge few fees and offer some rare perks you don’t see at many other banks, such as the option to hold multiple savings accounts for different purposes. Read the full Alliant Credit Union review below to decide if it’s right for you.
4.50/5 Circle with letter I. Our ratings are based on a 5-star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Therefore, our ratings are biased toward offers that offer versatility while reducing out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Alliant Credit Union offers a wider range of financial products than you’d typically find at an online bank, including no-fee deposit accounts and credit cards, retirement accounts and insurance. The option to link multiple savings accounts is also a nice touch for people saving for multiple goals.
Alliant’s three savings accounts offer powerful digital services like mobile deposits and allow you to withdraw money from more than 80,000 in-network ATMs nationwide. If you’re looking for a good savings account, this is what Alliant has to offer.
Alliant Credit Union Review: Checking, Savings And Cds
Alliant’s most popular account is the Alliant High-Rate Savings account, which has a low minimum deposit requirement and no monthly maintenance fee for customers who choose eStatements. Its interest rate is quite competitive, especially compared to brick and mortar banks, but low compared to other online banks. This account includes an ATM card. If you also have a checking account, you will be issued a debit card that gives you access to both your savings and checking accounts.
An Alliant-specific Supplemental Savings account is an additional account that you can add to your regular savings account. Its purpose is to help you focus on a savings goal, such as a house or car, by moving money into a separate account. You can even give the account a nickname to remind you what it’s for.
You can have up to 19 Alliant Extra Savings accounts. These accounts will earn the same APY as the Alliant High-Rate Savings account as long as you maintain a minimum daily balance of $100 in each account. An account is free when you choose electronic reports.
The Alliant Kids Savings Account is designed for children 12 and younger. This account is shared with a parent or guardian and has no initial deposit requirement and no monthly fee for members who choose eStatements. Its APY is the same as the APY for Alliant’s other savings accounts.
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We recommend comparing high-yield savings account options to make sure the account you choose is the best fit for you. To make your search easier, here is a short list of notable accounts.
4.75/5 Circle with the letter I. Our ratings are based on a 5-star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Therefore, our rankings are biased toward offers that offer versatility while reducing out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Information about assessment Circle the letter I. You can earn the maximum APY by making a Direct Deposit (no minimum required) or by earning $5,000 or more in Required Deposits every 30 days. See the SoFi Checking and Savings rate sheet: https://www.sofi.com/legal/banking-rate-sheet.
4.00/5 Circle with letter I. Our ratings are based on a 5-star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Therefore, our ratings are biased toward offers that offer versatility while reducing out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
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Information about assessment Circle the letter I. In order to continue to get the highest rate at UFB, you need to pay attention to their rates. Sometimes the bank opens new accounts with higher rates. Existing accounts should contact the bank to request a transfer to one of these new accounts.
Information about assessment Circle the letter I. 5.05% APY on balances of $5,000 or more; otherwise, 0.25% APY
Alliant Credit Union offers what it calls “certificate” CDs with terms ranging from three to 60 months. All CDs require a minimum deposit of $1,000, which is not unreasonable for a CD. Alliant Credit Union offers a Dividend Withdrawal option that allows you to receive an interest payment each month instead of waiting until the end of the CD term to collect your earnings. Not all banks offer this, so Alliant may be an option if you want to receive your earnings up front.
Alliant offers CD rates on general terms that align well with the other banks on this list. Credit union rates tend to hold up better than most, albeit for longer periods, so for savers interested in locking in rates for a few years, Alliant may be a good home for your money. Note that the $1,000 minimum is at the top of this list.
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Alliant’s CDs aren’t always the best CD prices available, so we suggest looking at a number of options to find the right CD account. Check out our side-by-side CD ratio comparison below to find alternatives to consider.
Alliant Credit Union offers two checking accounts — the High Rate Checking account and the Teen Checking account.
The Alliant High Rate Checking account’s APY of 0.25% isn’t bad for a checking account, but it’s not as high as its savings account APYs. The account has no minimum balance and includes a free debit card. You can access more than 80,000 ATMs with no additional fees, and you can also get $20 off your monthly out-of-network ATM fees. Those who still prefer checks can also look forward to a free check box when you sign up.
The Alliant Teen Checking account is for children ages 13-17 and requires a parent or guardian to co-own the account. Alliant offers many of the same features as the High Rate Checking account. Both the guardian and the child receive a debit card, so both can access funds when needed.
The Pros And Cons Of Opening A Cd Account With A Credit Union
Alliant Credit Union has received mixed reviews from consumers. Although it has an A+ rating with the Better Business Bureau, customer reviews come in at less than 1.1 out of 5 stars on that site. Moreover, Alliant scores only 1.8 out of 5 from Trustpilot. It’s worth noting that many users turn to third-party sites to complain rather than praise, so it can be difficult to judge Alliant Credit Union’s customer service team from these negative reviews alone.
Customer ratings are something to keep in mind when comparing your options, but if you rarely interact with your current bank, it may not be a concern. Alliant Credit Union offers all the online and mobile banking tools you’re used to, so it’s incredibly easy to manage most of your money without ever having to contact the credit union.
Alliant Credit Union doesn’t offer much in the way of relationship benefits, but that’s not surprising at an online credit union. Relationship benefits are more common among brick-and-mortar banks, which often charge fees for their accounts and waive them for customers who sign up for multiple services. But online banks rarely charge maintenance fees in the first place.
Other types of relationships include sign-up bonuses and higher APYs on deposit accounts, but Alliant Credit Union’s rates beat what most banks offer.
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If Alliant Credit Union isn’t right for you, consider a few other banks here.
Vio Bank offers Vio Bank High Yield Online Savings Account with competitive APY. It also has more different CD terms. The bank doesn’t offer a checking account, so it’s not very suitable for those who want to do all their banking in one place, but if you want to earn high interest on your savings, you can link your Vio Bank account. transfer to your existing checking account at another bank
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