Alliant Credit Union Review: Our Verdict
Looking for a credit union that has better rates and lower fees because it doesn’t have to worry about making profits for shareholders? Alliant Credit Union is here for you. It offers high interest rates on savings accounts and CDs (Certificates of Deposit), and its fees are lower than what you’d find at a traditional bank. Plus, it has a good online and mobile banking experience, which is super convenient.
Alliant also offers a ton of what you need without the usual headaches, like those pesky maintenance fees or minimum balance requirements you see at traditional banks. And its savings rates? Pretty impressive compared to most financial institutions out there. But, of course, it’s not perfect for everyone.
So, if you like managing your money online and want to earn more interest on your savings without dealing with a bunch of fees, Alliant Credit Union is your new best friend.
Pros
- Offer high-interest rates on savings accounts, which helps you grow your money faster.
- Provide an excellent online and mobile banking experience, making it easy for you to manage your finances from anywhere.
- Charge no monthly maintenance fees on most accounts, saving you money over time.
- Allow easy membership access, as you can join through a simple donation to a partner charity if you don’t meet other eligibility criteria.
- Offer competitive loan rates, which can make borrowing more affordable for things like homes, cars, or personal expenses.
- Include extensive ATM access nationwide, ensuring you can withdraw cash without extra fees at many locations.
Cons
- Lack of physical branches, which can be inconvenient if you prefer in-person banking or need complex financial services.
- Require higher minimum balances for some accounts to earn the best interest rates.
- Limit the availability of certain customer service options, like face-to-face interactions.
- Focus heavily on digital banking, which might not be ideal if you’re not comfortable with online or mobile-only banking.
- Charge fees for out-of-network ATM withdrawals, which can add up if you frequently need cash and aren’t near an Alliant affiliated ATM.
1. Alliant Credit Union Review: Who Alliant Credit Union Is Best For
Consider Alliant Credit union if you:
- Prefer doing everything online or through your phone.
- Love the convenience of digital banking and want to manage your finances without ever stepping into a branch.
- Want to grow your savings with higher interest rates.
- Dislike paying unnecessary bank fees.
- Look for low-cost loans and credit cards.
- Appreciate a streamlined, hassle-free banking experience.
2. Alliant Credit Union Review: Who Alliant Credit Union Isn’t Right For
Look for an alternative if you:
- Prefer going into a branch to handle your banking.
- Dislike jumping through hoops to open an account.
- Want to avoid the extra step of qualifying for membership, which is required with Alliant as a credit union.
- Use cash frequently and need easy access to deposit it.
- Want a broad range of financial products
- Prefer the assurance of walking into a branch to resolve issues or seek advice
3. Alliant Credit Union Review: What the Alliant Credit Union Offers
Checking Accounts
Alliant’s checking account offers an account called the High-Rate Checking, and the name says it all—it pays you interest on your balance. The rates are better than what you can get at most of other financial institutions, and there are no monthly maintenance fees. Plus, it doesn’t require a minimum balance, which is great if you don’t keep a ton of money in your checking account all the time.
Savings Accounts
It High-Rate Savings account is where Alliant really shines. The interest rate here is much higher than what you may find at traditional banks. And just like with its checking, there are no monthly fees or minimum balance requirements. It’s a great place to stash your emergency fund or any other savings you’re trying to grow.
Certificates (CDs)
Alliant offers Certificates of Deposit (CDs) if you’re looking to lock your money away for a set period in exchange for a higher interest rate. The rates are competitive, and it offers terms ranging from 3 months to 5 years. This could be a good option if you’re saving for a specific goal and don’t need immediate access to your money.
Loans
Whether you’re looking for a car loan, a mortgage, or a personal loan, Alliant got you covered. Its loan rates is lower than what you may find at a bank, which can save you a ton of money over the life of the loan. It also offers home equity lines of credit (HELOCs) if you need to tap into your home’s equity.
Credit Cards
Alliant has a few credit card options, including one with cash-back rewards. Its cards offer lower interest rates, which is a huge plus if you carry a balance from time to time. Plus, it doesn’t charge foreign transaction fees, which is great if you travel internationally.
Kids and Teen Accounts
Want to teach your kids about money? Alliant has accounts designed specifically for them. It offers a Teen Checking account and a Kids Savings account, both of which come with parental controls. This is a nice touch if you want to help your kids start building good financial habits early.
IRAs
Thinking about retirement, Alliant offers Individual Retirement Accounts (IRAs). You can choose between a traditional IRA or a Roth IRA, depending on your tax situation. These accounts come with no monthly fees and decent interest rates, making them a good option for your long-term savings.
4. Alliant Credit Union Review: Alliant Credit Union Details
Membership Requirements
Alliant is a credit union, which means you need to be a member to open an account. But don’t worry, it’s not as exclusive as it sounds. It made it pretty easy to qualify. If you’re employed by or retired from one of its partner organizations, you’re in. But even if you’re not, you can join by becoming a member of Foster Care to Success, which is a charity Alliant supports. It only costs $5, and Alliant even covers that for you.
Digital Focus
Alliant is all about online and mobile banking. It doesn’t have a ton of physical branches—just a couple in Illinois—so you do most of your banking digitally. But its app is well-rated and packed with features. You can do everything from depositing checks to paying bills, transferring money, and more. Plus, its online platform is user-friendly, which makes managing your accounts a breeze.
ATM Access
While Alliant doesn’t have its own ATMs scattered around the country, it does have a massive network of over 80,000 fee-free ATMs through various networks like Allpoint and MoneyPass. But if you happen to use an out-of-network ATM, it refund you up to $20 per month in fees.
5. Alliant Credit Union Review: Where Alliant Credit Union Stands Out
Low Fees
Alliant does not charge those annoying monthly maintenance fees that other banks love to slap on your account. Plus, its overdraft fees are relatively low compared to other institutions, and it gives you a few options to avoid them altogether, like linking your checking account to a savings account for automatic transfers. And don’t forget that ATM fee reimbursement—it’s like a little bonus that makes your life easier, especially if you travel or use ATMs a lot.
Digital Experience
Alliant is a leader when it comes to digital banking. Its mobile app and online platform are intuitive and packed with features, making it easy to manage your finances from anywhere. The app has all the tools you need—mobile check deposit, bill pay, money transfers, you name it. And the 24/7 customer support is a big plus if you value being able to get help whenever you need it.
Accessibility
Even though Alliant is primarily a digital credit union, it makes accessing your money simple. Its network of 80,000+ ATMs means you’re never far from cash when you need it. The ATM fee reimbursements add an extra layer of convenience, ensuring you’re not out of pocket just because you couldn’t find an in-network machine.
Flexibility with Membership
Alliant’s membership requirements are another area where it shines. Unlike some credit unions that are tied to specific industries or locations, Alliant opens its doors to just about anyone. If you’re not already eligible through your job or organization, you can join by supporting a charity for a few bucks, which Alliant covers for you. This makes it super easy to become a member and start enjoying their benefits.
6. Alliant Credit Union Review: Where Alliant Credit Union Falls Short
Limited Physical Branches
If you’re someone who likes to visit a bank branch in person, Alliant might disappoint you. It has very few physical branches, and unless you live near one of them in Illinois, you have to do all your banking online or through ATMs.
Cash Deposits Can Be Tricky
Because Alliant is so focused on digital banking, depositing cash can be a bit of a hassle. You have to rely on ATMs that accept deposits or use a service like shared branching, which might not be as convenient as walking into a local bank. If you regularly deal with cash, this might be something to think about.
No In-Person Customer Service
While Alliant offers 24/7 customer service over the phone and online, there’s no option for in-person support. If you values sitting down with a bank representative to sort out your issues, this could be a limitation.
Limited Product Offerings
Alliant covers the basics really well—checking, savings, loans, credit cards—but if you’re looking for more specialized financial products, like investment accounts, brokerage services, or small business banking, you might need to look elsewhere. It’s very focused on personal banking, so if your needs go beyond that, you may not find everything you’re looking for.
Membership Process
Even though Alliant makes it easy to join, the fact that you have to go through a membership process at all might be off-putting to some people. If you’re used to just walking into a bank and opening an account without any extra steps, the idea of “joining” might seem unnecessary or cumbersome.
7. Alliant Credit Union Review: How to Qualify for Alliant Credit Union
- Check if your employer is a partner. If you work for one of Alliant’s partner companies or organizations, you’re already eligible to join. Just confirm with your HR department.
- See if a family member is already a member. If someone in your immediate family, like a parent, sibling, or spouse, is an Alliant member, you can qualify through them.
- Live or work in certain communities. Alliant partners with specific communities or associations. If you’re part of one, that could make you eligible as well.
- Join Foster Care to Success. If you don’t meet the above criteria, you can still qualify by joining a supporting organization like Foster Care to Success. It’s a simple process, and it automatically makes you eligible for Alliant membership.
- Provide necessary documentation. When you apply, you need to submit identification and possibly proof of eligibility, like a pay stub or membership in a partner organization.
- Make an initial deposit. After qualifying, you need to make a small initial deposit into a savings account to establish your membership. This deposit is usually $5, but it officially opens your account.
- Review all the eligibility criteria on Alliant’s website. This ensures you fully understand all your options and pick the easiest route to membership.
8. Alliant Credit Union Review: How to Apply for Alliant Credit Union
- Visit the Alliant Credit Union website. Start by going to its official website, where you can find the application section.
- Choose the type of account you want. Decide whether you’re opening a savings account, checking account, or another type of account. You can find this information on its website.
- Complete the online application form. Fill out the form with your personal details, such as your name, address, Social Security number, and employment information. Make sure you provide accurate information.
- Provide any required documentation. You need to upload or provide documents for identification, like a driver’s license or passport, and proof of eligibility if needed.
- Make your initial deposit. Once you complete the application, transfer a small amount, usually $5, to open your savings account and establish membership.
- Submit the application and wait for confirmation.
- Log in to your new account. Once you’re approved, you can log in to your account online or via the mobile app to start managing your finances.
9. Alliant Credit Union Review: Alternatives to Alliant Credit Union
Navy Federal Credit Union
If you’re eligible through military service or family connections, Navy Federal is another excellent credit union to consider. It offers a wide range of financial products, competitive rates, and great customer service. Plus, it has more physical branches than Alliant, which is nice if you prefer in-person banking.
PenFed Credit Union
PenFed is another strong contender, especially if you’re looking for competitive loan rates and credit cards with good rewards. It’s known for its low mortgage rates and flexible loan options. Like Navy Federal, it also has more branches than Alliant, which can be a plus.
Discover Bank
If you’re looking for an online bank with high interest rates and no monthly fees, Discover Bank is worth checking out. It offers great savings and checking accounts, plus cash-back rewards on its debit cards. The downside? It doesn’t have any physical branches, so it’s entirely online.
Capital One 360
Capital One 360 is another online-focused bank with a strong reputation. It offers no-fee checking and savings accounts with decent interest rates, and its mobile app is top-notch. Capital One also has a few physical locations called “Cafés,” where you can get some in-person help while enjoying a coffee.
Chase Bank
Chase Bank is one of the largest banks in the U.S., offering a comprehensive range of banking services. Whether you need a basic checking account, a high-yield savings account, or even more complex products like investments and business banking, Chase has you covered. The biggest advantage of Chase is its extensive branch and ATM network, so if you value being able to walk into a bank or find an ATM almost anywhere, Chase is hard to beat. However, be aware that its fees can add up, especially if you don’t meet certain balance requirements.
10. Alliant Credit Union Review: Customer Reviews
Many Alliant members rave about the high interest rates on their savings accounts and the minimal fees. They appreciate the credit union’s focus on customer service, with many people noting that Alliant representatives are helpful and responsive. The digital banking experience is another big hit, with users praising the app for being user-friendly and reliable. Members also like the ease of joining and the fact that Alliant is accessible to almost everyone, thanks to the Foster Care to Success option.
Some users also review how much money people save by switching to Alliant, especially those who previously banked with larger institutions that charged high fees. The ATM fee reimbursement is another highlight, with many customers loving the freedom to use virtually any ATM without worrying about fees.
Some customers highlight a few areas where Alliant could improve. One of the most frequently mentioned issues is the limited number of physical branches, which can be inconvenient for those who occasionally need in-person banking services. While most members are happy with the digital experience, a few have noted that they miss the option to visit a branch for more complex transactions or for depositing cash.
Lastly, some members have expressed frustration with the membership application process, particularly those who are unfamiliar with credit unions and were not expecting to have to qualify for membership.
Pro Tips
- Leverage high interest rates on savings accounts to maximize your earnings.
- Utilize its robust online and mobile banking features. Its digital tools are user-friendly and can help you manage your finances efficiently from anywhere.
- Monitor your account regularly to stay on top of your transactions and account balance.
- Take advantage of its fee refunds. Alliant refunds up to $20 per month in out-of-network ATM fees, so use ATMs that are not affiliated with Alliant sparingly to save money.
- Apply for loans and credit cards with competitive rates. Alliant offers attractive rates on personal loans, auto loans, and credit cards, so compare these with other options before committing.
- Join a financial education seminar or workshop. Alliant occasionally offers resources to help you improve your financial literacy and planning skills.
- Set up automatic transfers to your savings account. This helps you build your savings consistently without having to remember to transfer money manually.
- Check the Alliant Credit Union website for special promotions and offers. Sometimes they provide limited-time deals on financial products or services.
- Review your account terms and conditions regularly. This helps you stay informed about any changes in fees, rates, or policies that might affect your banking experience.
Recap
Alliant Credit Union is a great option if you’re looking for a digital first banking experience with high interest rates and low fees. It’s especially appealing if you values online banking and doesn’t mind the lack of physical branches. The membership process is easy, and once you’re in, you have access to a wide range of financial products, from checking and savings accounts to loans and credit cards, all with competitive rates.
On the flip side, if you prefer in-person banking, need to make frequent cash deposits, or want a wider range of financial products like investment services, you might find Alliant a bit limiting. But if you’re comfortable with digital banking, Alliant offers a strong combination of benefits that can save you money and help you grow your savings faster than many traditional banks.
Whether you’re looking to open a new savings account, get a better deal on a loan, or just find a financial institution that doesn’t nickel and dime you with fees, Alliant is definitely worth considering.
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