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Alliant Credit Union CD review

Offers attractive perks like high APYs and 24/7 customer service — but requires a $1,000 deposit.

finder.com’s rating: 4.0 / 5.0

★★★★★

Alliant Credit Union offers competitive CDs with high APYs, flexible terms and round-the-clock support. But you’ll need a $1,000 opening deposit to get started.

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0.3%

1-year APY

0.6%

3-year APY

0.65%

5-year APY

Details

Minimum deposit to open$1,000
Interest compoundingMonthly
1-year APY0.3%
18-month APY0.5%
2-year APY0.55%
3-year APY0.6%
4-year APY0.6%
5-year APY0.65%
Early withdrawal penalty90 days interest for terms of 12 to 17 months
120 days interest for terms of 18 to 23 months
180 days interest for terms of 24 to 60 months
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Review by


Cassidy Horton is a writer for Finder, specializing in banking and kids’ debit cards. She’s been featured on Legal Zoom, MSN, and Consolidated Credit and has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. When not writing, you can find her exploring the Pacific Northwest and watching endless reruns of The Office.

Expert review

Alliant Credit Union competes with many online banks. It offers competitive CD rates, no monthly fees and round-the-clock customer service. It only has two branch locations in Chicago, so it’s a better choice for those who are comfortable with Internet banking.

But you’ll need an Alliant membership and a $1,000 minimum deposit to qualify.

How do I open a Alliant Credit Union CD account?

There are four ways to open an Alliant Credit Union CD:

  • Open an account online
  • Call 800-328-1935
  • Visit an Alliant branch
  • Print the certificate application and mail it to:
      Alliant Credit Union
      Attn: Account Services
      PO Box 66945
      Chicago, IL 60666-0945

Follow these steps to open your account online:

  1. Go to the provider’s site and follow the steps to apply.
  2. From the official Alliant Credit Union website, hover over the Bank menu and click Certificates.
  3. Click Open Now.
  4. Verify your Alliant Credit Union membership or become a member of Foster Care to Success (FC2S) by making a $5 donation. Click Continue.
  5. Read through the consent form, check I Agree and click Continue.
  6. Enter your personal information, sign the account agreement and verify your identity.

Eligibility

You’ll need to meet these eligibility requirements to open an Alliant Credit Union CD:

  • At least 18 years old
  • US citizen or resident
  • Valid Social Security number or Taxpayer ID
  • US residential address
  • Alliant Savings or Alliant Trust account holder with a $5 minimum balance
  • $1,000 opening deposit

Required information

Have the following information nearby when you open an account:

  • Name, address and date of birth
  • Valid US government-issued ID number
  • Social Security number or Individual Taxpayer Identification Number
  • Employment status, occupation and employer name

Funding options

After you fill out the application, you’ll fund your new CD using one of these methods:

  • Transfer from another bank account
  • Cash at a branch

Benefits of Alliant Credit Union CDs

Alliant Credit Union CDs are NCUA-insured up to $250,000 and come with these benefits:
  • Flexible terms. Alliant offers CDs with one to five-year terms.
  • Attractive rates. Earn 0.3% to 0.65% APY depending on the term length.
  • 24/7 phone support. Customer service is available daily by phone.
  • No fees. You won’t pay a fee to maintain your account, which means you keep more money in your pocket.

What to watch out for

Alliant Credit Union CDs offer many attractive perks, but watch out for these potential drawbacks:
  • High minimum deposits. You’ll need at least $1,000 to open an account.
  • No short-term options. The shortest CD term Alliant offers is 12 months.
  • Limited branches. Alliant only has two branch locations in Chicago, so it’s not ideal if you want to bank in person.
  • Must be a member. You must have an active Alliant membership before you can open a CD.

If you want a CD with a minimum lower deposit, you’ll want to keep looking. As always, compare your options when choosing a CD.

Compare with other CDs

Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
Quontic Bank CD
0.6%
0.75%
1%
1.11%
Lock in a high rate. Minimum of $500 required to open. Open your account in 3 minutes or less
Radius Bank CDs
0.5%
0.5%
0.5%
0.5%
0.5%
Enjoy a low minimum deposit of $500 and earn 0.5% APY on your balance. Apply online for 1 year, 18 month and 3 year terms.
CIT Bank Term CDs
0.3%
0.3%
0.4%
0.4%
0.5%
Choose from a range of terms with no maintenance fees and $1,000 minimum to open.
Discover CDs
0.5%
0.5%
0.5%
0.55%
0.6%
Start saving with $2,500 and enjoy flexible terms from 3 months to 10 years with no account fees.
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How do I cash in a CD?

Once your CD matures, you have three options:

  1. Renew it for another term
  2. Roll it over to a different term
  3. Transfer it to another bank account

If you renew your CD, you have a 10-day grace period after maturity where you can add or withdraw money without penalty.

If you do nothing, your CD will either automatically renew or transfer to another account depending on which option you selected during the application process.

What other savings products does Alliant Credit Union offer?

Alliant Credit Union has three other savings account options:

  • High-Rate Savings account. Offers no monthly fee and 0.55% APY, but you must keep a $100 minimum balance to earn interest.
  • Supplemental Savings account. If you have multiple savings goals, you can open up to 19 additional accounts featuring all the same perks as the High-Rate Savings account.
  • Kids Savings account. Kids 12 and younger can open up this free account with a parent and earn 0.55% APY.

Frequently asked questions

CDs ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We rate CDs and share certificates on a scale ranging from one to five stars based on what matters most to you. We consider two factors equally when rating CDs: minimum deposits and annual percentage yields (APYs) relative to term length. If a bank requires a different minimum opening deposit depending on the chosen term, we rate the CD based on the average minimum deposit across all terms. And although some institutions offer CDs with terms ranging from one week to 20 years, we only consider term lengths the FDIC uses in its monthly updates on national rates.

Read the full methodology of how we rate CDs.

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