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Alliant Credit Union
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Alliant High-Rate Savings account review

Kelly Waggoner
Kelly Waggoner
Last updated:  

Get a 1.65% APY with no initial deposit requirements or monthly service fees.

finder.com’s rating: 4.3 / 5.0

★★★★★

Looking to save for a rainy day? There’s no shortage of financial institutions and savings accounts to choose from. The Alliant Credit Union High-Rate Savings account is an online account designed to help you reach your financial goals. It offers a competitive 1.65% APY and easy online access with no monthly fees or initial deposit.

1.65%

APY

$1 per month

Fee

$5

Minimum deposit to open

Details

APY1.65%
Fee$1 per month
To waive the feeNo 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
Interest compoundingDaily
Monthly transaction limit6
More Info

Expert review

Kelly Waggoner

Review by

Kelly Waggoner is editor-in-chief of Finder US. She's worked with publishers, magazines and nonprofits throughout New York City, including ghostwriting 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.

Expert review

The Alliant Credit Union High-Rate Savings account is best for those who are members of Alliant. The account boasts a high 1.65% APY alongside a comprehensive ATM network to access your funds. Plus, Alliant will cover the initial $5 deposit and you can avoid any monthly fees by enrolling in e-statements.

However, you should watch out for withdrawal limits, the minimum balance to earn interest and the lack of branch locations.

What are the benefits of the Alliant High-Rate Savings account?

The Alliant Credit Union High-Rate Savings account has a number of features that make it stand out:

  • Competitive APY. Alliant’s 1.65% APY is on par with other top banks and financial institutions.
  • Easy access. Access your money with ease through a comprehensive network of ATMs, a mobile app, website or by phone.
  • No maintenance fee. Opt to receive your statement online and Alliant will waive your $1 monthly statement fee.
  • No maximum balance limit. There’s no maximum balance limit, so you can save for any financial goal, no matter the size.
  • 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 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 is the difference between an interest rate and an APY?

Your interest rate is the simple interest you’re paid on an account or an investment over the period of a year. For example, if you’ve invested $1,000 into an account that comes with 1% interest, you’ll have earned $10 on that investment at the end of a year.

The annual percentage yield is a bit trickier. An APY is an annual rate of return that takes into account the effect of compounding interest over a year. In short, it’s the interest rate compounded monthly over the course of a year.

What should I look out for?

The Alliant Credit Union High-Rate Savings account is flexible and easy to access. But here’s what you should know before applying.

  • 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.
  • Limited monthly transactions. Regardless of which institution you choose, every savings account is limited to six monthly transfers. Exceeding this number can result in Alliant suspending or closing your account.
  • Withdrawal limit. If you have a ChexSystems record, your daily withdrawal limit is $200. Without one, you can withdraw up to $500 daily.
  • Membership required. In order to open an account with Alliant, you’ll need to meet one of the four eligibility requirements below.
  • 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 fees for almost everything, so you should understand the full fee schedule to avoid as many as possible.
  • Soft credit inquiry. Alliant will do a soft credit inquiry when you apply for this account.

If you plan on making large withdrawals, you’ll want to keep looking. As always, compare your options when choosing a savings account.

What is ChexSystems?

ChexSystems is a consumer reporting agency that many banks use to confirm whether you’ve had trouble with bank accounts in the past. It keeps track of such account-related issues as bounced checks and unpaid fees, assigning potential account holders a score that’s similar to those used by credit reporting bureaus.

Just as you have the right to your credit report each year, the Fair and Accurate Credit Transaction Act empowers you to request your ChexSystems report online or by phone, fax or mail. If you don’t have a ChexSystems report, that’s a good sign; your report exists only if you’ve had a negative account history.

Compare with other savings accounts

Name Product Interest rate (APY) Fee Minimum deposit to open
Barclays Online Savings
Barclays Online Savings
1.70%
$0
$0
Earn 20x the national savings account average with no fees or minimums.
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American Express® Personal Savings High Yield Savings
American Express® Personal Savings High Yield Savings
1.70%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
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BBVA Money Market
BBVA Money Market
1.50%
$15 per month
(can be waived)
$25
Earn one of the highest annual percentage yields (APYs) if you live in one of 42 eligible states, and access your money by ATM, check or bill pay.
Go to site
View details
UFB Direct High Yield Savings
UFB Direct High Yield Savings
1.90%
$0
$100
Earn a competitive rate with a balance higher than $10,000.
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CIT Bank Savings Builder High Yield Savings Account
CIT Bank Savings Builder High Yield Savings Account
1.80%
$0
$100
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank.
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Radius Bank High-Yield Savings
Radius Bank High-Yield Savings
1.65%
$0
$100
A free high-interest savings account with a $100 minimum deposit to open
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View details

Compare up to 4 providers

How do I apply?

  1. Visit the Alliant website, hover over Bank and click High Rate Savings.
  2. Click Apply Online Now.
  3. Enter your employer’s information or click Another way to qualify. Once you’ve confirmed eligibility, click Continue with your application.
  4. Enter your personal information, ID information and employment information, then continue.
  5. Confirm your information, then proceed to the account agreement.
  6. Once you agree to the terms and finalize account access, your application will be submitted for review.

Eligibility requirements

In order to become a member and open an account with Alliant, you’ll need to meet at least one of the following requirements:

  • 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

Required information

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
  • Name
  • Date of birth
  • Address
  • Phone number
  • Email
  • Mother’s maiden name
  • Employment information

How do I deposit and withdraw money?

Alliant Credit Union offers a number of ways to manage your money:

Deposits

  • Deposit-taking ATMs
  • Mobile check deposit
  • Direct deposit
  • By mail

Withdrawals

  • ATMs
  • 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

What other savings options does Alliant Credit Union offer?

Alliant Credit Union offers a range of savings accounts to meet you where you are in life.

  • Supplemental Savings. Open up to 19 savings accounts to supplement your individual savings needs. These accounts are identical to the high-interest savings account, with a 1.65% APY and no maintenance fees.
  • Kids Savings Account. Children up to age 12 can take advantage of this account that provides joint options for parents and guardians and a competitive 1.65% APY.
  • Coverdell ESA. A savings option for those looking to invest in their child’s future, this account offers a 1.90% APY, no maintenance fees, tax-free earnings and a maximum contribution limit of $2,000 a year.
  • CDs. Terms range from 12 to 60 months and offer APYs of 2.45% to 3.00%.
  • IRAs. Traditional, Roth and SEP IRAs come with competitive interest rates of 1.884% and APYs of 1.90%.

Frequently asked questions about the Alliant Credit Union High-Rate Savings account

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

Read the full methodology of how we rate savings accounts.

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