Alliant Credit Union Review

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Alliant Credit Union

Product Name: Alliant Credit Union

Product Description: Alliant Credit Union offers a full range of bank accounts and everyone is eligible to become a member.

Alliant Credit Union

Summary

Alliant Credit Union is a credit union that anyone can join. It offers a suite of accounts, including checking, savings, CDs, credit cards, mortgages, car loans, and personal loans. It offers strong interest rates and low fees.

Pros

Competitive interest rates
Low fees
Easy to join credit union
Kids accounts

Cons

No physical branches outside of Illinois
Not the highest rates available

Alliant Credit Union has a wide variety of accounts and loans that will allow you to do most of your banking there. It offers a high-yield checking account and a high-yield savings, plus CDs. The checking and savings have decent rates, but the not the highest, and the CD rates are competitive. For loans, it has credit cards, mortgages, car loans, and personal loans.

It is a credit union, but the membership requirements are easy for anyone to meet, so you are sure to qualify.

At a Glance

Low fees
Competitive interest rates
Wide varitey of accounts
Anyone can join

Who Should Use Alliant Credit Union

If you like the credit union concept – where you’re a member and not just a customer – and you haven’t been able to find a satisfactory one where you live, Alliant Credit Union could be a great choice. With such a variety of bank accounts and lending, you’ll be able to do most, if not all, of your banking in one place.

It’s not a good choice for “rate chasers” since the rates on savings are competitive, but not the highest you can find.

Alliant Credit Union Alternatives


Savings APY	4.86% APY	3.80% APY	3.85% APY
Accounts offered	Several checking accounts, savings, personal loans, auto loans, and mortgages, and small business and commercial banking	Checking, savings, CDs, credit cards, auto loans, small business and commercial banking	Checking, savings, CDs, money market, and mortgages
In-person banking	No	Yes	No
	Learn more	Learn more	Learn more

Table of Contents

Savings Accounts

Based in Chicago, Illinois, Alliant Credit Union has been in business since 1935. The credit union has more than $19 billion in assets and 800,000 members nationwide. It’s the largest credit union in Illinois and one of the largest in the country.

Alliant Credit Union offers interest-bearing checking, teen checking, high-yield savings accounts, and CDs with some of the best rates in the country. They also offer a suite of loan products, including credit cards, auto, personal, home, and commercial real estate loans.

The credit union is easy to join, and if you don’t meet one of its requirements, you can join the Alliant Credit Union Foundation, which will make you eligible for the credit union.

Alliant Credit Union Features & Benefits

Available Accounts: Checking, savings, CDs, minor accounts; traditional, Roth and SEP IRAs; trust accounts. Loan programs available include the following: credit cards, personal loans, auto and recreational vehicle loans, home loans, and commercial real estate financing.

Geographic availability: Nationwide.

Online Banking: Offers all banking services including transfers, making payments, managing credit and debit cards, and even opening new accounts.

Mobile Banking: Available for both Android and iOS mobile devices, the app provides all the services of online banking. You can also locate one of the 80,000 surcharge-free ATMs or even check your ATM fee rebate status. It even lets you log in with biometrics.

Free credit scores: Members are provided with free quarterly credit scores.

Customer service: Available by phone and email on a 24/7 basis.

Account Security: Accounts are protected by the US Government-sponsored National Credit Union Association (NCUA) for $250,000 per depositor.

Checking Accounts

Alliant has two checking accounts, a high-rate checking and a teen checking. Both accounts earn 0.25% APY if you choose electronic statements and receive at least one electronic deposit per month. You’ll also have access to over 80,000 free ATMs, and receive up to $20 per month in ATM fee reimbursements.

Electronic deposits include direct deposit, ATM deposits, mobile deposits, and transfers from another bank.

High-Rate Checking

Currently paying 0.25% APY, the account requires no minimum balance and has no monthly service fees or overdraft fees.

This account also offers a service called “Courtesy Pay,” which will cover checks, electronic payments, and transfers that would otherwise put your account in the negative. There is no fee for this service, but the overdraft balance is due immediately. To qualify for this service, you must have the account for at least six months and receive at least $600 per month in electronic deposits.

Teen Checking

This account is available for members between the ages of 13 and 17 and requires joint ownership with parents. There is no minimum balance requirement or monthly fees.

When the teen turns 18, the account automatically converts to a High-Rate Checking.

Alliant Credit Union Fees

Alliant Credit Union fees and early withdrawal penalties on CDs are as follows:

Stop payments, free if submitted by Online or Phone Banking, otherwise $25
Return deposit item, $15
Paper statement, $1
NSF, $25
Manually paid checks and ACH items, $5
Inactivity or dormant account fee, $10
Deposit of check drawn on non-US bank, $35
Courtesy Pay fee, $28 per occurrence
ACH initiated online, free ($10 if initiated by phone)
Account closed within 90 days of opening, $10
Wire fee, incoming, free
Domestic wire fee, outgoing, $25
Foreign wire fee, outgoing, $50
1% Visa foreign transaction fee with use of the debit card.

Savings Accounts

Alliant offers two savings accounts, a high-rate savings and a kid’s savings. Both earn 3.10% APY if you have an average daily balance of at least $100.

High-Rate Savings

This account has no monthly fees if you elect eStatements, otherwise paper statements are $1 per month. There is a minimum balance of $5, but you won’t earn interest if the balance is under $100. You can access your funds through the nationwide ATM network.

You can also open up to 19 supplemental savings accounts. Each supplemental account can be given a nickname so you can keep your goals organized.

This account can also be opened as an IRA.

Kids Savings Accounts

Designed for kids 12 and under, the account requires joint ownership with parents, grandparents or a guardian. There is a $5 minimum opening deposit, but Alliant will actually pay this on the child’s behalf. There are no monthly fees.

Kids over 12 can apply for a regular High-Rate Savings account or convert a Kid’s Savings Account into a Teen Checking account.

Certificates of Deposit (CDs)

Alliant Credit Union pays competitive interest rates on its CDs. Certificates are available with a minimum deposit of $1,000 and in terms ranging from 12 to 60 months.

3 month – 3.10% APY
6 month – 4.10% APY
12 month – 4.25% APY
18 month – 3.80% APY
24 month – 3.70% APY
36 month – 3.65% APY
48 month – 3.65% APY
60 month – 3.65% APY

Early withdrawal penalties on CDs occur if you liquidate some or all a CD prior to maturity. The following penalties will apply:

CD Term	Early withdrawal penalty
17 months or less	up to 90 days of interest
18 – 23 months	up to 120 days of interesdt
24 – 48 or 60 months	up to 120 days of interest

Credit Cards

Alliant Credit Union offers two different credit cards and has a prequalification tool that will allow you to see if you qualify without impacting your credit.

Alliant Cashback Visa Signature Credit Card

For those who have a High-Rate Checking account, the Alliant Cashback Visa earns strong cash-back rewards. You can earn 2.5% cash back on the first $10,000 of eligible purchases per billing cycle, and 1.5% cash back after that, all with no annual fee.

This card comes with rental car insurance, roadside dispatch, extended warranty protection, no foreign exchange fee, and travel accident insurance.

Alliant Visa Platinum Card

The Alliant Visa Platinum Rewards credit card has no annual fee and a 0% introductory APR for 12 months on both purchases and balance transfers, then 14.99% to 26.99% variable APR. The balance transfer fee is only 2% (min $5), which is low.

It also comes with rental car insurance and roadside dispatch.

Auto Loans

You can get a loan for a new or used car or refinance your existing car note. Loans have a max term of 84 months and rates are competitive. You can also finance an RV. Loans go up to $400,000 with a maximum term of 20 years. There are no pre-payment penalties, and you can get same-day approval in most cases.

Alliant Credit Union also offers a car buying service. If you use it to purchase a vehicle and finance it through the credit union, your interest rate will be reduced by 0.50% from the rates shown above. The service also offers an upfront, discounted price on an extensive inventory of pre-owned vehicles. Participation is in a nationwide network of certified dealerships.

Personal Loans

Alliant Credit Union offers unsecured personal loans for just about any purpose. You can borrow from $1,000 to $100,000 and terms from one year to five years at competitive rates. The credit union is often able to provide same-day approvals and funding. Loans have no origination fees or prepayment penalties.

Home Loans

Alliant offers both mortgages and home equity lines of credit. Fixed-rate mortgages have terms of 15, 20, or 30 years, and adjustable-rate mortgages have fixed terms of 5, 7, or 10 years, then adjust every six months after that.

Alliant doesn’t charge an application or escrow waiver fee.

With the home equity line of credit (HELOC), you can borrow up to 85% of the value of your home minus your existing mortgage. There are no closing costs or appraisal fees for loans under $250,000. There is a 10-year interest-only draw period and then a repayment period of up to 20 years.

Commercial Real Estate Loans

Alliant Credit Union offers commercial real estate loans for a variety of property types, such as: office buildings, industrial and retail space, multifamily properties, self-storage facilities, hospitality, parking garages, and manufactured housing communities. Each loan is tailored specifically to the subject property as well as based on the financial profile of the borrowing entity.

Insurance

Alliant Credit Union offers whole- and term-life insurance, as well as homeowner’s, auto, and accidental death insurance. All policies are offered through either TruStage or CMFG.

Alliant Membership Requirements

As is the case with all credit unions, you have to qualify for membership. Fortunately, it’s really easy.

You qualify if:

Are a current or retired employee from one of the many businesses and organizations Alliant partners with in the U.S.
Are a domestic partner or immediate family member of a current Alliant member
Live or work in one of the communities near our Corporate Headquarters in Chicago. Check our website’s list of eligible communities to see if you qualify.
If you are not eligible through another option you can become a member of the Alliant Credit Union Foundation and be eligible for Alliant membership. The Foundation’s mission is to provide reliable digital access resources to underserved communities including rural and digitally-challenged populations. The Foundation awards grants for educational and digital inclusion efforts nationwide. Alliant Credit Union will make a one-time $5 contribution to the Foundation on your behalf.

That last bullet means anyone can join. Alliant even pays for the $5 membership fee.

Alliant Account Opening Process

The account opening process took just a few minutes. They ask for all the typical account opening information like name, address, Social Security Number, as well as what account you want to open.

You can fund it by linking an account via Plaid or by manually entering your information.

All in all, it took probably five minutes to open an account. I (Jim Wang) was able to gain eligibility by joining the Alliant Credit Union Foundation.

Alliant Credit Union Alternatives

Axos Bank

Axos Bank has most of what Alliant has, including both a high-yield checking account and a high-yield savings account with rates that tend to be higher than what Alliant offers. It also offers mortgages, personal loans, and auto loans.

In addition to those accounts, Axos offers investing and business accounts.

Here’s our full Axos Bank review for more information.

Go to Axos Bank

Capital One 360

The Capital One 360 checking account earns a little bit of interest, but not as much as with Alliant. The savings account, however, tends to earn more than Alliant’s high-yield savings. Capital One also has kids’ checking accounts, savings accounts, and CDs.

Capital One also has local branches you can access for in-person banking.

Here’s our full Capital One 360 review for more information.

Go to Capital One 360

Quontic Bank

Quontic’s high-yield checking can earn quite a bit more than Alliant’s, but you do have to jump through some hoops to qualify for the higher interest rate. Plus, Quontic’s high-yield savings and money market accounts are very attractive.

For lending, Quontic only has mortgages, so if you are interested in car loans or personal loans, and want them at the same bank where you have your checking account, then Alliant may be the better choice.

Here’s our full review of Quontic Bank for more information.

Go to Quontic Bank