Alliant High-Rate Savings account review
Get a 1.7% APY on balances $100 and up.
finder.com’s rating: 4.3 / 5.0
The Alliant Credit Union High-Rate Savings account is an online account designed to help you reach your financial goals. It offers a competitive 1.7% APY and easy online access with an avoidable monthly fee and a complimentary initial deposit. But you’ll need to maintain a $100 minimum balance to earn interest.
$1 per month
Minimum deposit to open
|Annual percentage yield (APY)||1.70%|
|Fee||$1 per month|
|To waive the fee||No monthly fee if you elect eStatements|
|Minimum deposit to open||$5|
|Intro or bonus offer||$5 opening deposit is paid for you|
|Minimum balance to earn interest||$100|
|Monthly transaction limit||6|
Kelly Waggoner is US editor-in-chief at Finder. She works with a talented team of expert writers and editors focused on helping readers to save money, earn money and grow their wealth. She joined Finder in 2016 as an editor, germinating the site from money transfers to include the wide scope of personal finance. She's worked with publishers, magazines and nonprofits throughout New York City to develop best practices around editorial, SEO, plain language and accessibility. She also ghostwrote a how-to on copyediting for the Dummies series. Between projects, she toys with words, flips through style guides and fantasizes about the serial comma’s world domination.
The Alliant Credit Union High-Rate Savings account is best for those who are members of Alliant. The account boasts a high 1.7% APY alongside a comprehensive ATM network to access your funds. Plus, Alliant will contribute $5 towards your initial deposit, and you can avoid any monthly fees by enrolling in e-statements.
However, watch out for withdrawal limits, the minimum balance to earn interest and the lack of branch locations.
How do I open an Alliant High-Rate Savings account?
Open the Alliant High-Rate Savings account in six steps:
- Go to the provider’s site and follow the steps to apply.
- Hover over Bank on Alliant’s website and select High Rate Savings.
- Select Apply Online Now.
- Enter your employer’s information or click Another way to qualify. Once you’ve confirmed eligibility, select Continue with your application.
- Provide your personal information, ID information and employment information, then continue.
- Confirm your information, then proceed to the account agreement. Once you agree to the terms and finalize account access, your application will be submitted for review.
Open an Alliant High-Rate Savings account if you meet these requirements:
- At least 18 years old
- Social Security number
- US residential address
- Government-issued photo ID
- Qualify for an Alliant credit union membership
You’ll be asked for the following information when you apply for an account:
- Social Security number or tax ID number
- Valid US government-issued ID
- Date of birth
- Phone number
- Mother’s maiden name
- Employment information
Am I eligible?
You’ll need to meet at least one of these requirements to become an Alliant member and open a High-Rate Savings account:
- Be a current or retired employee at one of Alliant’s partnered businesses or organizations
- Be an immediate family member or domestic partner of a current Alliant member
- Make a $5 donation to Foster Care to Success
- Live or work in one of the communities near the Alliant headquarters in Chicago
What are the benefits of the Alliant High-Rate Savings account?
The Alliant Credit Union High-Rate Savings account gives you easy access to your money and has a number of features that make it stand out:
- Competitive APY. Alliant’s 1.7% APY is on par with other top banks and financial institutions.
- No maintenance fee. Opt to receive your statement online and Alliant will waive your $1 monthly statement fee.
- Low initial deposit. For new members, Alliant takes care of the $5 initial deposit for free.
- Free card replacements. You won’t be charged for a new ATM card if yours is lost or stolen.
- Supplemental savings accounts. Alliant allows you to open multiple savings accounts in order to better organize your money and work towards financial goals.
What should I look out for?
As with most savings accounts, the Alliant Credit Union High-Rate Savings account is limited to six monthly withdrawals and has the following drawbacks:
- Minimum balance. You must maintain a balance of at least $5 to keep your account open and a minimum daily balance of $100 to earn interest.
- Opening balance requirement. New Alliant Credit Union customers have a $30 initial deposit requirement — $25 from the customer and $5 from Alliant. Current customers can bypass the $25 customer funding by applying through their existing Alliant Online Banking account.
- Withdrawal limit. If you have a ChexSystems record, your daily withdrawal limit is $200. Without one, you can withdraw up to $500 daily.
- Limited branch locations. Alliant operates almost entirely online, so if you prefer to do your banking in person, you might want to keep looking.
- Lots of fees. Alliant charges $50 for outgoing foreign wire transfers, $10 for inactive accounts, $5 for ACH transfers initiated by phone and more. Read over the fee schedule to avoid as many fees as possible.
- Confusing account stipulations. Some of Alliant’s fees are worded in a roundabout way. For example, since it is the industry standard to offer free e-statements and charge a fee for paper statements, most banks and credit unions would say that this account has no monthly maintenance fee but charges a $1 paper statement fee. Alliant states that this account has a $1 monthly fee that you can avoid by opting for e-statements. And instead of saying that it’ll jumpstart your savings by funding your account with $5, it chooses to impose a $5 opening deposit requirement for current customers but pays it for you.
If you plan on making large withdrawals, you’ll want to keep looking. As always, compare your options when choosing a savings account.
Compare Alliant High Rate Savings with other accounts
Use the table below to explore other savings products.
How do I deposit and withdraw money?
There are a number of ways to manage money in your Alliant High-Rate Savings account:
- Deposit-taking ATMs
- Mobile check deposit
- Direct deposit
- By mail
- Bill pay
- Mobile transfers
- Transfers to external accounts
- By phone
How do I contact Alliant customer service?
There are a number of ways you can get in touch with Alliant customer service:
- Phone: 800-328-1935
- Email: Via contact page on the Alliant website
- Twitter: @AlliantCU
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