Alliant Credit Union Has Raised Its High-Rate Savings APY

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.

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.