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Alliant High-Rate Savings Review: A Credit Union With Big Bank Appeal

Review Updated
Kevin Payne
Steven Porrello
By: Kevin Payne
Kevin Payne
Kevin Payne
Kevin Payne is a freelance writer and family travel and budget enthusiast behind FamilyMoneyAdventure.com. His work has been featured in Forbes Advisor, Credible, CreditCards.com, Bankrate, SlickDeals, Finance Buzz, Student Loan Planner, and more. Kevin lives in Cleveland, Ohio with his wife and four teenagers.

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 and  Steven Porrello
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Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.

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Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

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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. APYs are subject to change at any time without notice.

The Alliant High-Rate Savings account offers a decent APY with no monthly fees. Though you have to join the Alliant credit union to open an account, doing so could give you competitive interest rates, low fees, and other credit union perks. Find out more about this account, including pros and cons, in this Alliant High-Rate Savings account review.

Ratings Methodology
Rates as of Oct 12, 2024

Alliant High-Rate Savings

Member FDIC.
Rating image, 3.75 out of 5 stars.
3.75/5 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.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 3.75 out of 5 stars.
3.75/5 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.
 = Best
= Excellent
= Good
= Fair
= Poor
APY
3.10%
Min. To Earn APY
$100
  • Competitive APY
  • Earn interest on all deposit accounts
  • No monthly maintenance fees when you choose electronic statements
  • Comes with an ATM card
  • Must maintain an average daily balance of $100 or more to earn interest 
  • Requires credit union membership to open an account

Alliant High-Rate Savings earns one of the highest APYs among credit unions, but you need to meet average daily balance requirements to earn interest. You must be a member of the credit union to open a savings account, but it's fairly easy to qualify for membership.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
4.10%
Rate info Circle with letter I in it. 4.10% annual percentage yield as of October 12, 2024
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 4.30%²
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
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
4.10%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Sept. 27, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

Alliant High-Rate Savings interest rate

Account APY Minimum Deposit
Alliant High-Rate Savings 3.10% $5
Data source: Alliant Credit Union.

You'll need at least $5 in your account to keep it open, and $100 to earn interest, which might rule it out for those just getting started with saving. Plus, the APY on the Alliant High-Rate Savings account falls short of rates available from online banks and credit unions.

Full Alliant High-Rate Savings review

Top perks

3.10% APY: Alliant's APY is more generous than what you'd get at most big brick-and-mortar banks, though it's not as lucrative as many of today's high-yield savings accounts.

No monthly fees: Alliant High-Rate Savings account has no monthly fees as long as you elect to receive eStatements. If you need paper statements, you'll be charged a $1 monthly service fee.

Free ATM card: An ATM card provides easy access for cash withdrawals and deposits at qualifying ATMs. As long as you're in good standing at the credit union, your ATM card gives you access to withdraw $500 daily, plus the option to deposit $10,000 each day.

More than 80,000 surcharge-free ATMs: Alliant has a wide network of surcharge-free ATMs. Alliant claims its number of surcharge-free ATMs exceeds that of Chase and Bank of America combined. Use the ATM locator tool on Alliant's website to find one near you.

Mobile app: Alliant's highly rated app includes key features such as electronic transfers to and from external accounts and mobile check deposits.

Supplementary savings: Alliant will allow you to open as many as 19 sub-accounts associated with your Alliant High-Rate Savings account. This can come in handy when you're saving for separate goals.

NCUA insured: Finally, Alliant High-Rate Savings account is covered by the National Credit Union Administration (NCUA). Similar to FDIC insurance for banks, your account is federally insured up to $250,000 in the event of an institutional failure.

LEARN MORE: Credit Union vs. Bank: What's the Difference?

What could be improved

APY isn't the most competitive: Once upon a time, the Alliant High-Rate Savings account had one of the highest rates we'd seen. Nowadays, this account isn't as competitive and might not be the best place for your money if earning the maximum is important to you.

Minimum balance requirements: You have to maintain a minimum balance of $5 to keep your account open -- and a daily average minimum balance of $100 to earn interest. While this is feasible for most people, other online savings accounts have no minimum balance requirements to earn interest.

Membership qualification: Alliant is a credit union, so it has some membership requirements that online banks don't have. More than anything, this is a modest knock on credit unions, not Alliant specifically. Luckily, it's pretty easy to qualify.

You're eligible to join Alliant if any one of the following is true:

  • You're a current or retired employee of one of the many businesses and organizations Alliant partners with in the U.S.
  • You're an immediate family member or domestic partner of a current Alliant member.
  • You live or work in one of the communities near Alliant's corporate headquarters in Chicago.
  • You become a member of Foster Care to Success (Alliant will pay your $5 membership fee).

How to access your money

You have several options for accessing the money in your Alliant High-Rate Savings account. Here's a closer look at them.

Deposit options

Savers have several convenient ways to start parking their cash in an Alliant savings account, including:

  • Electronic transfer
  • Direct deposit
  • Deposits at select ATMs
  • Mobile deposit
  • Wire transfer
  • Mailed check

Withdrawal options

Withdrawing funds is similarly convenient and can be completed by:

  • Electronic transfer
  • Wire transfer
  • Requesting a mailed check
  • ATM withdrawal

Bear in mind that if you're withdrawing money with your ATM card, your daily limit is capped at $500.

The Alliant High-Rate Savings account is right for you if:

If you want a high-yield savings account and you qualify for membership with Alliant Credit Union, Alliant High-Rate Savings account is an excellent option with decent rates and no monthly fees. It's particularly well suited for folks who plan to withdraw money from their savings using an ATM card, though you'll want to keep the daily limits firmly in mind.

If you don't need ATM access, however, there are a few competitors with higher rates and no minimum balance requirements that might suit your needs better.

Keep reading about Alliant Credit Union:

Our savings account methodology

At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

  • APY: 50%
  • Brand and reputation: 20%
  • Fees and minimums: 15%
  • Other perks: 15%

Learn more about how The Motley Fool Ascent rates bank accounts.

FAQs

  • Yes, you can make cash deposits through any of Alliant's ATMs, up to a $20,000 daily limit. You can also deposit money by transferring it from another account, mailing in a check, or using its app to deposit checks with your mobile device.

  • Basically, yes. You can join Alliant Credit Union for free if you're affiliated with it through employment (current or former) or if someone in your immediate family (including your domestic partner) is a member. Another way to join for free is to live or work in one of the communities near Alliant's Chicago headquarters. If none of those options are viable, you can join by becoming a member of Foster Care to Success. A lifetime membership is $5.