Alliant Credit Union Has Raised Its High-Rate Savings APY

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Deal Summary: High-Rate Savings, 1.90% APY on balances of $100+, $5 minimum deposit

Availability: Easy membership requirement

Alliant Credit Union (Alliant) has started the month off by increasing its High-Rate Savings account rate to 1.90% APY. Since the beginning of the year, the High-Rate Savings account has gained 65 bps in eight rate increases.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.95%$100-Alliant Credit UnionHigh-Rate Savings
Rates as of November 18, 2018.

Prior to 2009, Alliant’s savings account was definitely a rate leader. Alliant has relinquished that rate leadership position, but its savings account rate has consistently risen and remained close to the rates of internet savings accounts offered by the big internet banks.

Alliant’s High-Rate Savings account can be opened with a minimum $5 deposit, but a daily average minimum $100 balance must be maintained to earned the stated APY. There is no monthly service fee for the Savings account, but there is a $1 fee for each paper statement requested. While there is no debit card associated with the High-Rate Savings account, Alliant does provide a convenience card only for transactions at an Alliant network ATM.

Thanks to DA member, ichaelm, for his Forum post about this latest rate increase.

Beneficiaries

Alliant’s website has a Beneficiary Add/Delete Form, which

will supersede any previous beneficiary designation you may have on record with Alliant and any accommodations you have made in your Will for the disposition of your Alliant accounts.

Beneficiaries may be an individual or a Trust.

Up to five beneficiaries can be added/deleted per each individual form. The completed form can be returned in-person, by mail, or by fax.

Update: My Alliant contact informed me of an additional method of adding beneficiaries. I was told that “members may also easily add their beneficiaries to each of their products (excluding checking accounts) through Alliant Online Banking.”

Trusts

Alliant also provides detailed information on its website concerning just about everything you need to know about Trusts, including exactly what documentation is required to open a living trust with Alliant.

ACH Tranfers

About three years ago, Alliant began offering same-day funds availability for incoming ACH transfer that have been initiated from other financial institutions. According to Alliant’s Money Transfer FAQs,

If you initiate a Same-Day ACH transfer to Alliant before 1:45pm CT on Monday from an account at another financial institution, funds will post to your Alliant account by 5:00 pm CT on Monday afternoon.

Same-day outbound ACH transactions are still not available.

If you initiate an ACH transfer through Alliant online banking before 12:00 pm (noon) CT on Monday from your Alliant account, the funds will be drawn on or around 12:00 om (Noon) CT on Monday and will post to your other financial institution’s account on Tuesday morning.

Availability

Headquartered in Chicago, Alliant Credit Union’s field of membership (FOM) provides a way for almost anyone to join.

Easy Membership: Any member of Foster Care to Success (FCS), regardless of residency or employment status, is eligible for membership. According to an Alliant representative, “Alliant will make a $5 support payment to FCS on the applicant’s behalf,” with Alliant's online application providing a link to FCS to facilitate joining.

Residency: Individuals who live or work in 20 Chicagoland communities are eligible to join.

Employment: Employees and retirees of hundreds of Qualifying Companies also qualify.

Affiliation: Members of 37 different organizations are also eligible for membership.

Relationship: Anyone related by blood or law, or a domestic partner of a current Alliant member are welcome to apply.

Complete details about joining Alliant can be found on the Join Us page.

Joining Alliant and/or opening a High-Rate Savings account can be done online, via mail (application available for download,), or by phone (800.328.1935).

As part the “evolution to digital banking,” Alliant is closing its limited-access branches, which were located in airports in California, Illinois, Texas, and Virginia. This process began in July and should be finished soon. Alliant continues to have two branches in Chicago, located on Touhey Avenue and in Willis Tower.

Credit Union Overview

Alliant Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.41% (excellent), based on June 30, 2018 data. In the past year, Alliant has increased its total non-brokered deposits by $480.53 million, an excellent annual growth rate of 5.63%. Please refer to our financial overview of Alliant Credit Union (NCUA Charter # 67955) for more details.

Ten years after United Airlines was founded, a small group of the company’s employees came together to organize a credit union in October 1935. At the end of the first year, the newly established United Airlines Employees’ Credit Union had 146 members and $5,088 in assets. The FOM was opened to organizations outside the airline industry in 2003, and since that time, Alliant has grown to become the eighth largest credit union in the country, with more than 411,300 members and assets in excess of $10.6 billion.

How the High-Rate Savings Account Compares

When compared to the Savings Accounts tracked by DepositAccounts.com that are available nationwide, Alliant Credit Union’s High-Rate Savings APY currently ranks in the top ten.

The above rates are accurate as of 10/1/2018.

Looking for the best savings account rates, either nationwide or state specific? Please refer to our Savings Account Rates Table page.

Related Pages: Washington savings accounts, Chicago savings accounts, Houston savings accounts, Denver savings accounts, Los Angeles savings accounts, San Francisco Bay savings accounts, savings accounts, nationwide deals

Comments
Stranger
Stranger   |     |   Comment #1
Ken, Would you please clarify some conflicting info I have received from Alliant regarding your info in "Beneficiaries" above:

(1) I was told by two Alliant CSR's back in 2017 (one on the phone and one via secure email when I logged on) that "charitable organizations" are also allowed as POD beneficiaries. Is this correct even though the paper form does not show this?

(2) I added a POD beneficiary (college) online when logged on in accordance with Alliant's FAQ instructions for adding a beneficiary online (FAQ only visible when logged in). I did not use a paper form. My beneficiary is stated under Account Details when I am logged in. Is this OK without using the paper form?

Thank you!
Ken Tumin
Ken Tumin   |     |   Comment #2
Coincidentally, my Alliant contact informed me of the online option to add and manage beneficiaries. I updated the beneficiary section with the info I received. I'll ask about charitable organizations.
Craig
Craig   |     |   Comment #3
I use to have Alliant CU and can tell you from personal experience that it is perfectly fine to add beneficiaries using the online banking rather than mailing in the form...

Also, yes they do allow Non Profit Charities to be added although i had some problems getting the online banking to add them (unless they fixed that by now) if it doesn't add the non profits, you can always secure e-mail them and have them add them in for you on their end on the online form...which is what i did....The Online form also lets you vary the percentages for the beneficiaries...

By the way, you can't add beneficiaries to the checking...they explained to me that in the event of your passing, the checking account balance will be moved into the savings account and distributed from there...
ACH Tranfers
ACH Tranfers   |     |   Comment #4
Where is the info for dollar limits on the ACH Tranfers, that's right, omitted on purpose, by Ken and Alliant FAQs, is there a reason for it?
Ann
Ann   |     |   Comment #5
Not again with the misuse of the username as a subject line... and please find another site to follow instead of this one if you really think Ken "omitted it on purpose". He has posted about Alliant ACH limits several times before, and a simple Google search finds those posts as well as pages on Alliant's website with that information.
ToAnn
ToAnn   |     |   Comment #7
Ann, isn't the job of this site to inform the visitors of the accuracy of the articles posted here?
I'm curious too, why the transfer limits are omitted?
If you knew, why didn't you posted the info, but defended the omission?
If we, as readers, start to search around the globe for more info, what is the purpose to visit this site?
#9 - This comment has been removed for violating our comment policy.
Mike
Mike   |     |   Comment #8
#5, Nobody is going to search the archives for Alliant posts in the past, furthermore, the old info may no longer apply to the new transfer limits or conditions. I come here to find complete info on a bank or CU in a single reading, what google has to do with Alliant transfer limits, please explain yourself. I believe this site is professionally designed and run by reputable persons, we expect full info from the articles.
You are not helping by attacking the persons who need more info to make an intelligent decision whether to open an account there or not.
oldguy
oldguy   |     |   Comment #10
perhaps people need to do there own research before depositing THERE money. I trust Ken but always check everything before I open a new account.
denbish
denbish   |     |   Comment #11
I dont know where the info is but I can tell I recently tried to transfer 30k only to be told there was 25k limit per day on ach transfers from Alliant CU. This came up online and when I called and ask was affirmed that limit was 25k. I thought it had been more at one time but I was too lazy to search.
ichaelm
ichaelm   |     |   Comment #12
I can confirm that the ACH external transfer limit is 25k. There is no limit, however, on external wire transfers. In April, I transferred nearly 300k from my Alliant savings acct to a title company when I purchased a condo. The wire cost $25.
Craig
Craig   |     |   Comment #13
Correct...it is $25,000 max per day outbound but inbound is $100,000...
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