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Alliant Credit Union High-Rate Checking account review

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Balances earn interest and this account has few fees — but you’ll have to be a member.

finder.com’s rating: 4.2 / 5.0

★★★★★

If you’re looking for an account that gives back, the Alliant Credit Union High-Rate Checking account could be a practical choice. With 0.65% APY and ATM fee rebates, this account is designed to help your money grow. But you’ll need to be an Alliant Credit Union member to qualify.

$0

Monthly fee

0.65%

APY

$0

Minimum deposit to open

Details

APY0.65%
Monthly fee$0
Minimum deposit to open$0
ATMsOver 80,000 surcharge-free ATMs inside Alliant Credit Union’s nationwide ATM network
ATM transaction fee$0
ATM fee rebatesReceive up to $20 in monthly fee rebates when you use an ATM outside Alliant’s ATM network
Foreign transaction fee1%
Overdraft fee$28
Nonsufficient funds fee$25

What are the benefits of a checking account with Alliant Credit Union?

You’ll receive mobile banking and overdraft protection along with the following:

  • Competitive APY for a checking product. This interest-bearing checking account offers up to 0.65% APY if you opt in to electronic account statements and make at least one electronic deposit monthly.
  • No monthly service fees. With this checking account there’s no need to worry about service fees chipping at your funds.
  • ATM fee rebates. Receive up to $20 in monthly fee rebates when you use an ATM outside Alliant’s ATM network.
  • Free box of checks. Your first box of personal checks is free when you sign up for this account.

Alliant Credit Union’s ATM network and fees.

The Alliant Credit Union High-Rate Checking account comes with a free Visa debit card. With it, you can access over 80,000 surcharge-free ATMS inside Alliant Credit Union’s nationwide ATM network.

Using an ATM outside Alliant’s network may result in a surcharge but Alliant offers rebates up to $20 in ATM fees monthly. The rebate applies to any deposit, withdrawal, transfer or balance inquiry made at a non-Alliant ATM, but doesn’t apply to cash advances.

What should I look out for?

In addition to $25 outgoing wire transfer fees, be aware of these potential drawbacks:

  • Limited eligibility.To be eligible for this checking account, you must be a member of Alliant Credit Union.
  • $10 early account closure fee. If you close your account within 90 days of opening it, you’ll be charged a $10 early account closure fee.
  • $15 checks. Your first box of checks comes free but subsequent boxes start at $15 each.

Compare to other checking accounts

Name Product APY ATMs Fee
No ATM fees nationwide at more than 64,000 AllPoint, participating 7-Eleven and BBVA USA ATMs
$0
A full-service account with convenient, surcharge-free access to two massive ATM networks.
0.05%
More than 64,000 AllPoint, participating 7-Eleven and BBVA USA ATMs
$19/month
(can be waived)
A full-service interest checking account that offers automatic rebates of ATM fees. Earn a $200 cash bonus when you add direct deposit.
0.01%
Free to use anywhere worldwide
$25/month
(can be waived)
Get a $1000 welcome bonus when you join Sapphire Banking by January 17, 2020. Within 45 days of joining, transfer a total of $75,000 or more in qualifying new money or securities to a combination of eligible checking, savings and/or investment accounts (excludes any J.P. Morgan retirement accounts and CDs), and maintain the balance for at least 90 days.
Radius Bank Rewards Checking
Radius Bank Rewards Checking
1.20% on balances of $100,000+
1.00% on balances of $2,500 to $99,999.99
More than 20,000 ATMs + unlimited ATM surcharge rebates
$0
Earn cash back with this high-interest checking account, plus get free ATM access worldwide.
Access to 16,000 ATMs and nearly 5,000 branches nationwide
$12/month
(can be waived)
Get a $200 bonus when you open a new Chase Total Checking account and set up direct deposit within 60 days of opening your account. Chase's simplest checking account is easy to use and gives you access to 16,000 ATMs and nearly 5,000 branches.
0.01%
38,000 fee-free ATMs nationwide
$0
Linked checking and savings accounts from a mobile-first bank that’s light on fees.

Compare up to 4 providers

How do I open an Alliant Credit Union High-Rate Checking account?

To open an Alliant Credit Union High-Rate Checking account, you must first become an Alliant member.

To join Alliant, complete the online membership application or print out a member enrollment application from Alliant’s website. Complete the form and mail it:

Alliant Credit Union
PO Box 66945
Chicago, IL 60666-0945.

Once your membership is confirmed, you can apply online for the High-Rate Checking account. Your Alliant Visa debit card and first box of checks will be mailed to you within seven to 10 business days.

Eligibility

Meet the following criteria to be eligible for the Alliant Credit Union High-Rate Checking account:

  • US citizen
  • Social Insurance number
  • Alliant Credit Union member as an employee of a qualifying company or organization, as an immediate family member of an Alliant member, by living in a qualifying Chicagoland community or by supporting Alliant’s partner charity, Foster Care to Succes

Required information.

Before you start your application, gather the following:

  • Name, date of birth and residential address
  • Employment information
  • Contact information
  • Social Security number
  • Valid form of US government or state-issued photo ID

How do I deposit or withdraw my money?

With an Alliant checking account, you can access your funds in five ways:

  • Online. Transfer funds to or from an externally linked account.
  • Mobile. Deposit checks using the Alliant Mobile App or set up Google Pay, Apple Pay or Samsung Pay for everyday transactions.
  • ATM. Access your funds at any of the 80,000 ATMs in Alliant’s nationwide network.
  • Checks. Your first box of personal checks comes free with this account.
  • Wire transfer. While there’s no charge for incoming wire transfers, outgoing domestic transfers cost $25 and outgoing foreign transfers cost $50.

What other checking options does Alliant Credit Union offer?

Aside from its High-Yield Checking account, Alliant also offers the Teen Checking account, designed to help teens manage their money through joint account ownership with a parent or guardian.

The account is available to teens between 13 and 17 years old and offers 0.65% APY, no service fees, ATM fee rebates and a Visa debit card.

Bottom line

Alliant Credit Union High-Rate Checking account is best for those looking for an interest-bearing account. This account offers no monthly service fees and $20 in monthly ATM rebates.

But you’ll need to become an Alliant Credit Union member to open the account.

If you don’t meet the eligibility requirements to become a member, you’ll want to keep looking. As always, compare your options when choosing a checking account.

Frequently asked questions

Checking account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.

Read the full methodology of how we rate checking accounts.

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