Alliant Credit Union Review 2021

Banking
Updated: 29th Sep 2021
Written by Justin Estes
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Credit unions are becoming more popular for consumers because they typically offer lower interest rates on auto and home loans, have stellar customer service, and are generally on par with their banking counterparts.

Today we will look at the award-winning Alliant Credit Union based out of Chicago, which offers a high yield checking account, savings accounts, and impressive rewards credit cards.

Keep reading our Alliant Credit Union Review to see if they are up to your standards and a good place to park your hard-earned capital.

Alliant Credit Union Overview

Feature(s):Details:
Minimum Deposit:$5 to Join, $100 for High-Yield Savings
High Yield Savings APY:0.55%
High Yield Checking APY:0.25%
CD Term Lengths:12 to 60 Months
Products Offered:Checking, Savings, CDs, Credit Cards, Loans
Year Founded:1935

What is Alliant Credit Union?

Founded in 1935 as the United Airlines employees credit union, Alliant Credit Union is one of the largest online credit unions in the United States.

They have over 500,000 numbers and $12 billion in assets. What is more impressive is their suite of products, low rates, and commitment to their customers.

What Does Alliant Credit Union Offer?

Alliant Credit Union is a modern, online credit union that offers checking accounts, savings accounts, credit cards, CDs, various loans, and much more.

Alliant Credit Union Featured Products

Their high-rate checking and high-rate savings accounts are both prevalent among Alliant offerings because they offer competitive interest rates on accounts that typically do not generate much interest.

They are also known for their certificates of deposits (CDs) which offer competitive rates as well.

Alliant Credit Union Checking Accounts

#1. High-Rate Checking

The Alliant High Rate Checking Account offers a 0.25% APY, which is 6.2x the national average for checking accounts. And account holders have access to over 80,000 fee-free ATMs across the country.

This account does not have any monthly service fees or minimum balance requirements.

High rate checking accounts come with contactless Visa debit cards and access to the online banking and mobile banking app.

#2. Teen Checking

Teens who want to manage their own money and parents who wish to teach their kids healthy financial habits can open a joint team checking account through Alliant.

This teen checking account is like the regular high rate checking account because it also touts a 0.25% APY. There is no minimum balance or monthly service fee. They issue two debit cards – one for you and one for your teen.

>> More: Best Checking Accounts

Alliant Credit Union High-Rate Savings

  • Account Minimum: $5 (which they pay)
  • APY: 0.55%

The Alliant high-rate savings offers a generous 5.5% APY with no minimum balance except for the initial $5 deposit, which Alliant pays.

Monthly fees are waived if members opted for e-statements instead of the traditional paper statements. They will also provide a debit card upon request to make deposits and withdrawals in their network of ATMs.

>> More: Best High Yield Savings Accounts

Alliant Credit Union High-Rate Savings

  • Account Minimum: $5
  • APY: 0.55%

The Alliant high-rate savings offers a generous 5% APY with no minimum balance except for the initial $5 deposit, which Alliant pays.

Monthly fees are waived if members opted for e-statements instead of the traditional paper statements, and they will also provide a debit card upon request to make deposits and withdrawals in their network of ATMs.

Alliant Credit Union CD Rates

TermAPY
12 - 17 Months:0.50%
18 - 23 Months:0.50%
24 - 35 Months:0.55%
36 - 47 Months:0.60%
48 Months:0.60%
60 Months:0.65%

You can open a CD account with an initial deposit of $1,000 or more, and you can obtain an interest rate as high as 0.65% for the most extended CD terms.

Opening an account is easy, and your money is insured by the NCUA for up to $250,000 per account.

>> More: Compare the Best CD Rates

Additional Financial Products Offered by Alliant Credit Union

Credit Cards

Alliant offers three unique credit cards that complement different spending habits. Whether you need a low-interest rate or want to earn significant cash back, Alliant has a credit card for you.

Visa Platinum Rewards

The Visa Platinum Rewards card from Alliant Credit Union generates 2 reward points for every dollar spent on the card, and they have a $0 fraud liability guarantee from Visa.

This card is best suited for consumers who want flexibility in their credit card rewards. The points can be used to cover charges, transferred for travel, or turned into gift cards.

Apple pay, Google play, a Samsung pay are all compatible with this credit card, and the interest rates range from 13.24% up to 23.24% with no annual fee.

Visa Platinum

The Visa Platinum from Alliant is an amazing card for balance transfers and debt consolidation from higher interest credit cards.

Rates can be as low as 10.24% up to 22.24%. * It is important to note that a balance transfer fee of 2% is applied at the time of the transfer, with a minimum of $5.

There is no annual fee on the Visa Platinum from Alliant Credit Union. They also have an EMV chip that provides an extra layer of security.

Visa Signature

The Visa signature card from Alliant is their top-tier, premium rewards credit card. They designed it for people with higher spending habits and excellent credit.

This card offers 2.5% cashback on all purchases without any special categories to track. They limit maximum cashback for the billing cycle to $250, around $10,000 in qualifying purchases.

There is an annual fee of $99, but they waived that for the first year so you can try out the card and enjoy the rewards before committing and paying the fee.

Rates for this card and be as low as 12.24% APR, and there are no foreign transaction fees which is a massive benefit for people who like to travel.

Alliant Credit Union Review: Fees, Customer Support, & Experience

Banking Experience

Whether you need a checking account, savings account, or another financial product, Alliant is easy to work with, and their website has a straightforward navigation.

Since they are an online credit union, they have representatives available around the clock, additional tools, and a slick mobile app for their members to utilize.

If you need to withdraw cash, they have an extensive network of over 80,000 ATMs across the United States, and they offer up to $20 in monthly rebates for out-of-network ATMs as well.

Customer Support

Alliant Credit Union is well known for its customer support and accessibility for its members. Customers and members can reach them via email, phone, Twitter, and the app and website.

Overdraft Fees

Alliant charges $28 for overdraft charges. However, these can be avoided by linking an Alliant savings account to your checking account, which will then automatically transfer overdraft protection into your checking account.

While there is no limit to how many overdraft fees you can incur per day, is overdraft protection is free if you link your accounts which is a significant benefit.

>> More: Explore the Best Bank Accounts

Alliant Credit Union Pros and Cons

Pros:

  • Alliant offers competitive rates on their high-yield savings accounts and certificates of deposit
  • Joining the Alliant network only costs $5 (which is donated to charity), and membership is open to most people
  • Monthly account fees can be waived by setting up e-statements instead of paper statements

Cons:

  • $1,000 CD minimum deposits are higher than average
  • As of 2021, Alliant does not offer peer-to-peer payment services like Zelle
  • Alliant does not participate in any shared branch program for credit unions

How Does Alliant Credit Union Compare?

#1. Alliant Credit Union vs. Chime Bank

Chime is a financial technology company that offers a no-fee checking account, interest bearing savings account, and an awesome credit building credit card.

Moreover, Chime has top-notch customer service and brings customers an awesome mobile experience. However, it is important to note that Chime has no physical branches. It is an online-only bank.

>> More: Chime Bank Review

#2. Alliant Credit Union vs. CIT Bank

CIT Bank is another online only bank that offers loans, checking accounts, savings accounts, and money market accounts.

With low-fees and great customer service, it is worth looking into and considering.

>> More: CIT Bank Review

#3. Axos Bank vs. Alliant Credit Union

Axos Bank was one of the first online banks. With low-fees and a myriad of financial products, Axos is a solid choice if you are on the market for a new bank account.

Axos Bank offers various rewards checking accounts, savings accounts, loans, and money market accounts.

>> More: Axos Bank Review

Alliant Credit Union FAQs

Is Alliant Credit Union Legit?

Alliant Credit Union has been in operation since 1935, and it has grown to over 500000 members with 12 billion dollars in Assets.

They have been developing and refining their service and reputation for close to a century, and they are considered to be one of the top credit unions in the United States.

Is Alliant Credit Union FDIC Insured?

Since Alliant is a credit union and not a bank, it is not insured under the FDIC; however, it is insured under the National Credit Union Administration (NCUA) Which operates very similarly to the FDIC, except specialized for credit unions.

Each depositor’s account is insured up to $250,000 per account.

Does Alliant Credit Union Have Local Branches?

Alliant Credit Union is an online credit union with its headquarters in Chicago, Illinois. Unfortunately, they do not have any physical branches.

However, they offer online banking, sport on their mobile app, and they have a network of over 80,000 ATMs for their customers and members to use.

How Do I Contact Alliant Credit Union?

Contacting Alliant Credit Union is very thanks to the variety of communication platforms they operate.

If you need to get ahold of somebody at Alliant, you can call them on the phone at 800-328-1935, on their website through their query portal, Twitter, or email.

>> More: Credit Unions vs. Banks

Bottom Line: Alliant Credit Union Review

If you are looking for a robust credit union, then Alliant Credit Union should be at the top of your life. From lows fees to competitive interest rates and great customer service, Alliant constantly puts its customers first.

Membership at Alliant grants access to high-yield savings accounts, rewards credit cards, and extremely competitive interest rates for auto and home loans.

They must be doing something right if they’re able to continuously evolve and offer new services to their members almost a century after they opened.

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Justin Estes
Justin Estes
Justin is an experienced personal finance writer, blogger, and author. His background in accounting and finance led to a passion for helping people make the most of their money and matching them with financial products that enhance their lifestyle. When he's not working, he enjoys hiking, playing guitar, and drinking coffee.