Alliant Credit Union $100 Savings Bonus Available Throughout 2022
Happy New Year! Hopefully, this year will bring higher savings account rates. Until that occurs, new account bonuses can help make up for the low rates. On that note, there is some good news. The Ultimate Opportunity Savings Account $100 bonus offered by Illinois-based Alliant Credit Union (Alliant) has been renewed, with a new end-date of December 31, 2022. There is one new addition to the fine print on the landing page:
This promotion is for new Alliant Credit Union members only. Alliant members can only receive this payout bonus one time.
Previously, only existing/former Alliant members who had closed an Alliant savings account within 180 days of applying for the new account were excluded from applying for the $100 bonus.
Last January I wrote, “In the past, I wouldn’t have paid much attention to a $100 bonus, but bonuses are more attractive now that rates on liquid accounts and CDs are so low.” As the year progressed with rates trending downward, this bonus became more competitive with each passing month.
According to the landing page, there’s only one requirement to earn the bonus.
Deposit at least $100 a month—for 12 consecutive months—into The Ultimate Opportunity Savings Account. Not only will you earn the current interest rate of 0.55% APY, but after those 12 consecutive months, you’ll also get a $100 bonus!
The Alliant savings account has a long history of competitive rates. The Alliant savings account rate was above the average rate for online savings accounts for all of 2021.
According to the fine print on the landing page,
The first $100 must be transferred and/or deposited within 30 days of account opening, and each calendar month after the first $100 transfer/deposit, funds need to post to the account by the last day of the month.
Account must remain open and in good standing, maintain an average daily minimum balance of $100, and the balance at the end of the 12-calendar-month period must be $1,200 or more in order to receive the $100 bonus deposit.
Accounts will be reviewed 12 months from the date of the first transfer/deposit to determine eligibility. If all requirements have been met after 12 months, please allow 4 weeks for the $100 bonus deposit to post to your account.
Limit one offer per new Alliant member.
Must be 18 or older at time of account opening and a legal U.S. Resident or U.S. Person (including a U.S. Resident Alien) to be eligible.
Beneficiaries
Alliant members can add beneficiaries through the Alliant Online Banking platform. Alliant’s website also 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.
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
More than six 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,
With same-day ACH, all ACH transfers sent from your originating financial institution by 1:45pm CT will post by 5:00pm the same day!
The limit for same-day ACH transfers is $25,000 per day. This is the same limit that Alliant has for all ACH transfers.
Same-day outbound ACH transactions are still not available, even though the FAQs state,
Although we are not offering outbound same day ACH now, we are working on systems enhancements to enable us to offer this service.
Availability
Headquartered in Chicago, Alliant Credit Union’s field of membership (FOM) provides a way for almost any U.S. citizen/resident alien 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 (including O’Hare International Airport) also qualify.
Affiliation: Members of 38 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 applying for the $100 bonus can be done online or by calling 800.328.1935 and mentioning the “Suze Orman’s The Ultimate Opportunity Savings Account promotion.”
Alliant participates in the CO-OP ATM network, but not the Shared Branch network.
Credit Union Overview
Alliant Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.44% (excellent), based on September 30, 2021 data. In the past year, Alliant has increased its total non-brokered deposits by $1.49 billion, an excellent annual growth rate of 13.81%. 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 ninth largest credit union in the country, with more than 631,000 members and assets in excess of $14.6 billion.
Bottom Line
This is a relatively easy bonus that doesn’t require too much time or effort, particularly if you set up a monthly automatic deposit. To quote the landing page once again,
To earn $100 in interest in one 12-month period at the 0.55% annual percentage yield (APY) compounding monthly, member would need to have $18,170 on deposit for 12 months.
The Ultimate Opportunity Savings Account’s 0.55% APY is actually higher than the current average rate (0.456% APY) for online savings accounts and higher than the current national average rate (0.124% APY) for savings accounts.
If you don’t qualify for The Ultimate Opportunity Savings Account promotion, check out DA’s extensive list of the best savings and checking account bonus offers.
The above information and rates are accurate as of 1/3/2022.
I opened my account with a $5 credit card payment approximately one year ago, and subsequently made twelve automated deposits of $100 each on the 22nd of each month, beginning with January 2021, and ending on December 22, 2021. My $100 bonus posted promptly -- less than two weeks later -- at the end of last year: on 12/31/21.
Good deal!
(Save for the fact that I was budgeting for that extra $100 of taxable interest to hit in 2022.)
Later today I will transfer out the bulk of my current balance ($1,308.20) to a higher rate money market account at another FI, but I plan to leave their minimum $5 there as a placeholder (at zero interest) in case Alliant's rates become more compelling in coming months. (Or their competitors head further south -- hope not!)
From Alliant's website: "The minimum balance to keep your savings account open is $5. To earn interest, you must maintain a daily average minimum balance of $100."
In particular I appreciate their 2.5% cashback VISA card - it has a couple of requirements, but easily met via automation. Wish they had higher transfer limits, but one can't have everything.
Can the required direct deposits be ACH transfers?
If they give a bonus I may get the card.
I have 3% back unlimited for on line purchases with my Bank of America. Try to do most shopping with this card including store pickup.
Where I can't do online purchases have Citibank with 2% no limits. Got a $200 bonus last year too.
We completed bonus requirements for PSECU and Wells for $300 and $200 bonuses respectively. The PSECU paid 1.5% and Wells 2% respectively. No longer use these cards.
Use Amex for 3% groceries.
Chase 3% reward on restaurants and drug stores. Got $200 bonus on this card too.
5% discount at Target and Lowe's with their charge cards.
5% discount on gas with grandfathered Penfed card.
We opened a lot of charge cards to get bonuses last year so wary on opening a new accounts. Didn't hit my credit score hard. My score changes weekly in a range from 807 -815. Wife has an 850 score that never moves. Scores are from Experian directly.
We have to be careful with our credit as we are looking to move to NC triangle area.