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Alliant Credit Union Review: A Leading Credit Union With High Rates and Low Fees

Review Updated
Kailey Hagen
Steven Porrello
By: Kailey Hagen and Steven Porrello

Our Banking Experts

Nathan Alderman
Check IconFact Checked Nathan Alderman
Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield

Alliant Credit Union can hang with the best online banks in terms of product offerings and APYs. Its products charge few fees, and it offers some rare perks you don't see with many other banks, like the option to keep multiple savings accounts for different goals. Read our full Alliant Credit Union review below to decide whether it's a good fit for you.

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Alliant

Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. 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. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Bottom Line

Alliant Credit Union offers fee-free deposit accounts and a broader range of financial products than you typically see with an online bank, including credit cards, retirement accounts, and insurance. The option to link multiple savings accounts is also a nice touch for people saving for multiple goals at the same time.

Pros
  • Earn interest on all deposit accounts
  • No monthly maintenance fees
  • Multiple linked savings accounts for different goals
  • High-quality mobile app
  • Good variety of financial products
Cons
  • Difficult to gauge the customer support
  • Higher APYs offered by other institutions
  • No physical branches

Alliant Credit Union savings accounts review

Alliant's three savings accounts offer robust digital services, like mobile deposits, and let you access money from over 80,000 in-network ATMs nationwide. If you're on the hunt for a good savings account, here's what Alliant has to offer.

Alliant High-Rate Savings

Alliant's most popular account is the Alliant High-Rate Savings account, which has a low minimum deposit requirement and no monthly maintenance fees for customers who choose eStatements. Its interest rate is pretty competitive, especially compared to brick-and-mortar banks, but lower compared with other online banks. This account does include an ATM card. If you have a checking account too, you will be issued a debit card that allows you to access both your savings and checking accounts.

Alliant Supplemental Savings

Unique to Alliant, the Supplemental Savings account is an adjunct account that you can attach to a regular savings account. Its purpose is to help you focus on a savings goal, like a house or car, by funneling money into a separate account. You can even nickname the account to remind you what it's for.

You can have up to 19 Alliant Supplemental Savings accounts. These accounts will earn the same APY as the Alliant High-Rate Savings account, so long as you keep a minimum daily balance of $100 in each account. The account is free when you elect for electronic statements.

Alliant Kids Savings

Alliant Kids Savings Account is designed for children 12 and younger. This account is co-owned with a parent or guardian, and has no initial deposit requirement and no monthly fees for members who choose eStatements. Its APY is the same as the APY for Alliant's other savings accounts.

High-yield savings account comparison

We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.

Show Best Offers Available in

Account APY Promotion Next Steps
up to 4.60%
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
N/A
5.25%
Rate info Circle with letter I in it. To ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.
Min. to earn: $0
N/A
4.35%
Rate info Circle with letter I in it. 4.35% annual percentage yield as of February 23, 2024
Min. to earn: $1
N/A

Alliant Credit Union CD accounts

Alliant Credit Union offers CDs, which it refers to as "certificates," 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 lets you receive an interest payment every month, rather than waiting until the end of the CD term to collect your earnings. Not all banks offer this, so Alliant could be an option if you are interested in receiving your earnings upfront.

Its CD rates are on par with the top online banks.

Compare CD rates

Alliant's CDs aren't always the best CD rates available, which is why we suggest reviewing a selection of options to find the right CD account. See our side-by-side CD rate comparison below to find alternatives to consider.

Rates as of Feb. 23, 2024

APY = Annual Percentage Yield

Offer
Logo for CIT Bank CD
Member FDIC.
Logo for Discover® Bank CD
Member FDIC.
Logo for Marcus by Goldman Sachs High Yield CD
Member FDIC.
Account CIT Bank CD Discover® Bank CD Marcus by Goldman Sachs High Yield CD
3 Mo. -- 2.00% --
6 Mo. 5.00% 4.25% 5.05%
9 Mo. -- 4.25% 5.10%
11 Mo. 4.90% -- --
1 Yr. 0.30% 4.80% 5.15%
13 Mo. 4.65% -- --
1.5 Yr. 4.60% 4.50% 4.80%
2 Yr. 0.40% 4.00% 4.40%
30 Mo. -- 3.75% --
3 Yr. 0.40% 3.75% 4.30%
4 Yr. 0.50% 3.75% 4.20%
5 Yr. 0.50% 3.75% 4.10%
6 Yr. -- -- 4.00%
7 Yr. -- 3.75% --
10 Yr. -- 3.75% --
Min. Deposit $1,000 $2,500 $500
Early Withdrawal Penalty Yes Yes Yes
Next Steps

Alliant Credit Union checking accounts review

Alliant Credit Union offers two checking accounts -- the High Rate Checking account and the Teen Checking account.

Alliant High Rate Checking

The Alliant High Rate Checking account's APY of 0.25% isn't bad for a checking account, but not near as high as its savings account APYs. The account has no minimum balances and includes a free debit card. You can access over 80,000 surcharge-free ATMs, as well as get $20 in monthly out-of-network ATM fee rebates. Those who still prefer checks can also look forward to a free box of checks when you sign up.

Alliant Teen Checking

The Alliant Teen Checking account is for children 13 to 17 and requires a parent or guardian to co-own the account. It offers many of the same features as the Alliant High Rate Checking account. Both the guardian and child get a debit card, so both can access the funds as needed.

Compare checking accounts

For other checking account options, browse our experts' picks for best checking accounts.

Alliant Credit Union customer service and experience

Alliant Credit Union has received mixed reviews from consumers. While 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. Plus, Alliant only garners a 1.8 out of 5 from Trustpilot. It's worth noting that many users go to third-party sites to complain rather than praise, so it might be hard to gauge 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 it might not concern you if you rarely contact your current bank. Alliant Credit Union offers all the online and mobile banking tools you're used to, so it's pretty easy to manage most of your money without needing to contact the credit union.

Alliant Credit Union relationship benefits

Alliant Credit Union does not offer much in the way of relationship benefits, but this is unsurprising in an online credit union. Relationship benefits are more common among brick-and-mortar banks that 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 relationship benefits include sign-up bonuses and higher APYs on deposit accounts, but Alliant Credit Union's rates far outstrip what most brick-and-mortar banks offer.

Alternatives to Alliant Credit Union

If Alliant Credit Union doesn't seem like a good fit for you, here are a couple other banks to consider.

Vio Bank

Vio Bank offers the Vio Bank High Yield Online Savings Account, with a competitive APY. It also has a greater variety of CD terms. The bank doesn't offer a checking account, so it's not a great fit for those who want to do all their banking in one place, but if you just want to earn a high rate on your savings, you can link your Vio Bank account to your existing checking account at another bank and transfer funds as needed.

Capital One

Capital One might be a better fit if you want some of the rewards of an online bank but aren't willing to completely sever ties with brick-and-mortar banks. It offers the fee-free accounts and high APYs common with online bank accounts, and still has branches and Capital One Cafes throughout the country for when you need a little in-person support. Like Alliant Credit Union, Capital One also offers special kid and teen bank accounts, so it's worth considering if you're interested in one of these.

Is Alliant Credit Union right for you?

Alliant Credit Union is a good fit for you if:

  • You prefer having many savings accounts for different goals.
  • You like to manage all your money in one place.
  • You want to earn interest on all your accounts, not just savings accounts and CDs.

RELATED: What is a credit union? See The Ascent's guide to learn more.

Other Alliant Credit Union products

Alliant Credit Union offers a lot more than checking, savings, and CD accounts.

Credit cards

  • Alliant Visa Platinum card: The Alliant Visa Platinum card offers a 12-month 0% introductory APR on purchases and balance transfers, and it has no annual fee. But this card does not include rewards.
  • Alliant Visa Signature card: The Alliant Visa Signature card offers unlimited 2.5% cash back on your first $10,000 in qualifying purchases, then 1.5% after that. It has no annual fee and no foreign transaction fees.

Loans

  • Alliant Credit Union mortgage: Alliant offers fixed- and adjustable-rate conventional and jumbo mortgages. It doesn't charge application fees, and it has low and no down payment options available.
  • Alliant Credit Union home equity line of credit: You can borrow up to 80% of the equity in your home with an Alliant home equity line of credit. The draw period is 10 years followed by a repayment period of 20 years. You can apply online and pay no closing costs or appraisal fees.
  • Alliant Credit Union auto loans: Alliant Credit Union offers loans with terms up to 84 months for new and used cars. It also offers discounts to those who purchase through the Alliant Car Buying Service. The bank also offers financing for Tesla purchases.
  • Alliant Credit Union RV loans: Alliant is one of the few online banks or credit unions to offer RV loans, which can have terms up to 20 years. In most cases, you can be approved the day you apply.
  • Alliant Credit Union personal loans: Alliant offers a wider range of personal loan amounts than you typically see, so it's a good choice for those who need to borrow a little and those who need to borrow a lot. There are no prepayment penalties, and you can typically receive your funds the day you're approved.

Brokerage

  • IRAs: Alliant Credit Union offers traditional, Roth, and SEP IRAs for those interested in saving money for retirement.

Insurance

  • Life insurance: Alliant offers accidental death, whole, and term life insurance through its partnership with CMFG Life Insurance Company.
  • Homeowners insurance: Alliant Credit Union partners with TruStage Insurance Agency to help members earn discounted rates on homeowners insurance with top insurers.
  • Auto insurance: Alliant also partners with TruStage Insurance Agency to connect members with auto insurance policies.

FAQs

  • Yes, you do. To become an Alliant Credit Union member, you'll need to satisfy one of the following:

    • Be a current or retired employee with one of the U.S. businesses or organizations with which Alliant partners.
    • Be a domestic partner or immediate family member of a current Alliant member.
    • Live in one of the communities near Alliant's headquarters in Chicago.
    • Become a member of Foster Care to Success (FC2S). Alliant will cover the $5 membership cost.
  • Certain ATMs within Alliant's network may allow you to deposit cash.

Our Banking Experts