Alliant Credit Union

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

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