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Alliant High-Rate Savings account review

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Get a 0.75% APY with no initial deposit requirements or monthly service fees.

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 0.75% APY and easy online access with no monthly fees or initial deposit. But you’ll need to maintain a $100 minimum balance to earn interest.

0.75%

APY

$1 per month

Fee

$5

Minimum deposit to open

Details

APY0.75%
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 at 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 0.75% 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.

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 0.75% 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.
  • 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.

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

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American Express® Personal Savings High Yield Savings
1.00%
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Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Axos Bank High Yield Savings
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0.90%
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No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
CIT Bank Savings Builder High Yield Savings Account

0.95% on $25,000+ or set up a direct deposit of $100+ each month
0.79% on $0 to $24,999
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No account opening or maintenance fees. Daily compounding interest. Earn one of the nation's top rates
Chase Savings
0.01%
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A simple savings account with low, waivable monthly fees and a $150 signup bonus when you meet deposit and balance requirements.
Citibank® Account Package
Citibank® Account Package

0.13% on $500,000+
0.08% on $25,000 to $99,999.99
0.04% on $0 to $24,999.99
$25 per month
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$0
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Earn a $400 bonus after opening new eligible checking and savings accounts and completing required activities.
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Compare up to 4 providers

How do I apply for an Alliant High-Rate Savings account?

Open the Alliant High-Rate Savings account in six steps:

  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

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

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?

There are a number of ways to manage money in your Alliant High-Rate Savings account:

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 0.75% 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 0.75% 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 0.65% to 0.75%.
  • IRAs. Traditional, Roth and SEP IRAs come with competitive interest rates up to 0.75%.

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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