Alliant Credit Union


Overview / Commentary
800-328-1935
11545 W. Touhy Ave.
Chicago, IL 60666

Written by Ali Cybulski | Published on 10/25/2024





Alliant Credit Union is a Chicago-based not-for-profit financial cooperative, meaning it is owned and operated by members. With more than 85 years of history and $19 billion-plus in assets, the credit union is one of the largest in the nation and the largest in Illinois. This digital credit union serves more than 800,000 members nationwide.

You’ll need to meet membership eligibility criteria to join Alliant Credit Union. The financial institution provides several pathways to become a member:

• Be a current or retired employee of an Alliant U.S. business partner
• Be an immediate family member or a domestic partner of an Alliant member
• Live or work in an eligible community near Alliant’s Chicago headquarters
• If otherwise ineligible, become an Alliant Credit Union Foundation digital inclusion advocate, and Alliant will make a one-time $5 contribution to the foundation on your behalf

If you live outside the U.S., you can still join Alliant if you have either a Social Security number or an unexpired taxpayer identification number.

Whether you’re looking to bank, borrow or invest, Alliant Credit Union offers many options. Banking products include savings and checking accounts as well as certificates, similar to certificates of deposit (CDs) at banks.

If you want to open a savings account, Alliant Credit Union offers three choices: High-Rate Savings, Supplemental Savings and Kid Savings accounts.

The High-Rate Savings Account is a high-yield online account that requires a $100 minimum balance to earn an annual percentage yield (APY) of 3.10%. There's no monthly fee if you opt for electronic statements. It comes with an Alliant Savings ATM Card to access funds at ATMs for those who don’t have an Alliant checking account debit card.

The Supplemental Savings product lets you dedicate an account to a specific savings goal. You can open up to 19 accounts and give each one a nickname to reflect your goal. The account offers an APY of 3.10% when you maintain a $100 minimum balance, and you won’t pay a monthly fee when you opt for electronic statements.

The Kids Savings Account requires joint ownership by a parent, guardian or grandparent who is an Alliant member. Alliant pays the $5 initial deposit to get your child started, and you can avoid monthly fees by opting for electronic statements. The accounts, intended for kids 12 and under, earn an APY of 3.10% but must maintain an average daily balance of at least $100. An average daily balance is the sum of all daily account balances over a period, such as a monthly statement cycle, divided by the number of days during that time.

If you’re looking for a checking account, Alliant Credit Union offers two choices: High-Rate Checking and Teen Checking, both with debit cards.

High-Rate Checking is a high-yield checking account that earns an APY of 0.25% if you opt for electronic statements and receive at least one monthly direct deposit. This account has no monthly service fees, overdraft fees or monthly minimum balance requirements. It comes with a contactless Visa debit card as well as access to more than 80,000 fee-free ATMs and $20 in monthly rebates if you use an out-of-network ATM.

Teen Checking is for kids ages 13 to 17, and it requires a joint owner — such as a parent — who is also an Alliant member. The account has no minimum balance or monthly service fee. It earns an APY of 0.25% if you opt for electronic statements and have at least one monthly electronic deposit.

Your teen also has access to more than 80,000 fee-free ATMs and a contactless Visa debit card; you get a card too. The account includes the same $20 in monthly rebates for out-of-network ATM fees as the High-Rate Checking account.

Adult joint owners have full account access and can set up transaction alerts to monitor teen spending. You can easily set up transfers to your teen’s account — standard Automated Clearing House (ACH) transfers are free. Only the adult joint owner can set up outgoing transfers.

If you’re in the market for certificates, Alliant offers rates as high as 4.35% APY with a minimum deposit of $1,000 — and there's no maximum. Choose from a variety of terms, including one- and five-year options. Jumbo certificates may be available at a higher rate if you deposit $75,000 or more.

Manage your accounts with Alliant’s mobile app, online banking or a simple phone call. The app allows you to deposit checks, move your money, manage your debit card and preview your balance with a few taps on your phone. Use online banking to review statements and transaction history, manage personal information, monitor account balances, and more on your laptop or desktop computer.

For customer service, you can text 242-285-6800 for answers to general questions. Access live help 24/7 from Alliant's Member Care Center at 800-328-1935.

Alliant Credit Union pros and cons

Pros:
• 24/7 customer service
• Extensive ATM network with more than 80,000 fee-free machines
• Interest-earning checking account

Cons:
• Lower savings APYs than some online banks
• No physical branches
• No money market accounts

Field of Membership Restrictions

Alliant Credit Union is open to anyone through membership in Foster Care to Success ($10 donation). Membership is also open to those who live or work in the Illinois communities of Arlington Heights, Bensenville, Des Plaines, Elk Grove Village, Elmhurst, Franklin Park, Harwood Heights, Itasca, Mount Prospect, Niles, Norridge, NorthLake, Park Ridge, Prospect Heights, River Grove, Rolling Meadows, Rosemont, Schiller Park, or Wood Dale and to employees and members of select organizations, including O'Hare International Airport.
See current membership details

Nothing Is Perfect, But Alliant Pretty Darn Good

Posted by: |

I've been a member for 10 years. My old CU was put into receivership and Alliant became the new entity. I see these negative reviews and can only conclude the reviewers would have the same opinion no matter where they "banked". I dare anyone to walk into a local bank and get the rates that Alliant offers. Even one of your local CUs. Not possible
The only criticism I have is the website. It sets a cookie to verify you, and if your computer deletes the cookie, then you have to be reverified, and it's a pain.
Alerts and notifications are far better than the other CUs I have dealt with.

No Issues & Pretty Good Bank

Posted by: |

TThis credit union facilitates my essential banking needs, such as direct deposit, transfers, and convenient in-network ATM access for deposits and withdrawals using my debit card. However, due to a significant decrease in their interest rates, I intend to move my funds to an institution offering more competitive rates when my Certificate of Deposit (CD) matures.

Poor Customer Service

Posted by: |

I called the customer service and it took around 50 minutes to connect with someone. As my CDs are maturing , I requested the REP to review my account and confirm that the CDs are properly set up with the instruction to automatically transfer the principle and dividend to the savings account on the maturity date.

However, the REP did not even bother to verify me with my personal details to access the CD information. Instead, the REP asked me to wait till the Maturity date and call back. When I repeated my question with a request to only review it from their end, they tell me that they are not allowed to make changes. They can take my instruction today and premature my CDs with penalty. Not sure but the REP was acting dumb, rude and ignorant to what I was actually asking for on the phone.

I ended the call within a couple of minutes saying - never mind. What a waste of my 52 minutes !!

I Have Been A Member Of Alliant Credit Union For Over 37 Years

I have been a member of Alliant Credit Union for over 37 years. I received a letter from Alliant Credit Union instructing me to call in since I had not used my credit card for some time, or it would not be renewed once it expired. So I called them the following morning, and it was a nightmare. I was transferred five times, had to get reverified four times, and in the end, nothing was resolved. The last two individuals I spoke with were rude and disrespectful and couldn't answer well. All I wanted was to keep the card open. After an hour, nothing was resolved. I have decided to close my accounts and transfer all my funds to a company that respects my business.

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Health
B+

Health Grade Components

Overall
NCUA #67955
Year Chartered1935
Employees869
Primary Regulator
Profit Margin
Return on Assets - YTD0.41%
Return on Equity - YTD5.74%
Annual Interest Income$1.25B
Assets and Liabilities
AssetsQ4 2024vs Q4 2023$19.54B$18.47B
LoansQ4 2024vs Q4 2023$15.21B$14.97B
DepositsQ4 2024vs Q4 2023$16.04B$14.43B
Equity CapitalQ4 2024vs Q4 2023$1.42B$1.3B
Loan Loss AllowanceQ4 2024vs Q4 2023$330.5MM$388.7MM
Unbacked Noncurrent LoansQ4 2024vs Q4 2023$139.6MM$136.3MM
Real Estate OwnedQ4 2024vs Q4 2023$3.1MM$0
Rates
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Always verify rates and promotions with the bank or credit union. We are not Alliant Credit Union; we are a rate comparison website and cannot provide official rates or promotions.

Alliant Credit Union Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.10%$100-Supplemental Savings
3.10%$100-Kids Savings Account
3.10%$100-High-Rate Savings
3.10%$100-Custodial Savings Account
3.10%$100-Ultimate Opportunity Savings Account

Alliant Credit Union Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.25%$0-High-Rate Checking
0.25%$0-Teen Checking

Alliant Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.10%$1k-6 Month Share CD
4.10%$75k-6 Month Share Jumbo CD
4.05%$75k-12 Month Share Jumbo CD
4.00%$1k-12 Month Share CD
3.85%$75k-18 Month Share Jumbo CD
3.80%$1k-18 Month Share CD
3.80%$75k-24 Month Share Jumbo CD
3.75%$75k-36 Month Share Jumbo CD
3.70%$1k-24 Month Share CD
3.70%$75k-48 Month Share Jumbo CD
3.70%$75k-60 Month Share Jumbo CD
3.65%$1k-36 Month Share CD
3.65%$1k-48 Month Share CD
3.65%$1k-60 Month Share CD
3.10%$1k-3 Month Share CD
3.10%$75k-3 Month Share Jumbo CD

Alliant Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.10%$1k-6 Month IRA
4.10%$75k-6 Month Jumbo IRA
4.05%$75k-12 Month Jumbo IRA
4.00%$1k-12 Month IRA
3.85%$75k-18 Month Jumbo IRA
3.80%$1k-18 Month IRA
3.80%$75k-24 Month Jumbo IRA
3.75%$75k-36 Month Jumbo IRA
3.70%$1k-24 Month IRA
3.70%$75k-48 Month Jumbo IRA
3.70%$75k-60 Month Jumbo IRA
3.65%$1k-36 Month IRA
3.65%$1k-48 Month IRA
3.65%$1k-60 Month IRA
3.10%$100-IRA Savings
3.10%$1k-3 Month IRA
3.10%$75k-3 Month Jumbo IRA
Locations

Alliant Credit Union is an Internet only bank and does not have branch locations. Its headquarters is located at 11545 W. Touhy Ave. - Chicago, IL 60666

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.