Alliant High-Rate Checking Account Review: All the Basics, Plus a High Yield

Interest-bearing checking accounts are becoming increasingly popular, especially if they have low minimum balance requirements. The Alliant High-Rate Checking Account fits this bill, offering a competitive APY with no minimum balance requirements and other industry-leading perks, like ATM fee reimbursements. Read our full review to learn more about the credit union’s membership requirements, what you have to do to earn the APY, and all the other perks the account has to offer.

Top perks

Competitive APY: The Alliant High-Rate Checking Account has a competitive APY that's far above the national average. Since it also has no minimum balance requirement, it's a good option to consider if you can't (or don't want to) meet minimums to qualify for a high APY at other banks.

No minimum balance requirements: As mentioned, Alliant doesn't require its High-Rate Checking Account holders to maintain a minimum balance to avoid monthly maintenance fees or earn interest. This makes it an appealing choice if you don't usually keep a lot of cash in your checking account.

Big network of surcharge-free ATMs: Alliant Credit Union has more than 80,000 ATMs nationwide that have no surcharge when you use your provided Visa® debit card to access your funds. You can find the ATM nearest you using the locator tool on Alliant's website or on its mobile app..

Monthly ATM fee reimbursements: You shouldn't have to worry about ATM fees, even if you can't find an ATM in Alliant's network near you. The credit union offers up to $20 in monthly ATM fee reimbursements for out-of-network ATMs. Be aware that while this does include international withdrawals, it does not include the 1% foreign transaction fee Visa charges you to use your debit card in a foreign country. Alliant will deposit these rebates into your checking account at the end of each day.

FDIC insured: Finally, the Alliant High-Rate Checking Account is covered by the same FDIC insurance as a traditional bank account. You're covered for as much as $250,000 per depositor, per institution in the event of a bank failure.

What could be improved

Interest not available to all account holders: To claim the APY, you must enroll in eStatements and have at least one electronic deposit into your Alliant High-Rate Checking Account every month. However, these requirements aren't that stringent, and anyone who has their paychecks direct deposited into their account should qualify.

Membership requirements: Applicants must become members of the credit union to join. This isn't particularly difficult, but it is a hoop to jump through. You can qualify for membership in any of the following ways:

• Your immediate family member is already an Alliant member.
• You live or work in a qualifying community near Alliant's Chicago headquarters.
• You're an employee of one of the organizations Alliant partners with.
• You become a member of Foster Care to Success. If you choose this option, Alliant Credit Union will pay the $5 membership fee on your behalf.

Alliant Credit Union gives you the following options for depositing and withdrawing money from your Alliant High-Rate Checking Account.

Deposit options

You can deposit money into your account in any of these ways:

• ACH transfer
• Wire transfer
• Mailed check
• Mobile-deposited check
• Cash deposit at an ATM

There are no restrictions on the number of deposits you can make in a day or in a month (although mobile deposit limits can vary), but it could take a day or two for the money to show up in your account, especially if you're mailing in a check. Be sure to deposit your funds in advance of when you will need them.

Not all ATMs accept cash deposits. You can check which ATMs within Alliant's network do so by using its ATM Locator tool on its website or in its mobile app.

Withdrawal options

You can withdraw funds from your Alliant High-Rate Checking Account using any of the following methods:

• ACH transfer
• Wire transfer
• Request a mailed check
• ATM withdrawal
• Point-of-sale cash withdrawal

Visiting an ATM or making a point-of-sale withdrawal is your best option if you need cash quickly. ACH transfers, wire transfers, and mailed checks may take a day or two to process.

The Alliant High-Rate Checking Account is a good fit for those with lower average daily balances who want to earn interest without being bogged down by fees. Its APY is not the highest we've seen, but it's easy to qualify for and higher than rates at many banks. With its large network of surcharge-free ATMs, monthly ATM fee reimbursements, and lack of monthly maintenance fees, this could be the right account for you.

That said, those with several thousand dollars in their checking account may be able to earn a higher APY elsewhere. If that's you, look into the alternatives above, or think about putting some of your money into a high-yield savings account.