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Get a 1.7% APY with no initial deposit requirements or monthly service fees.
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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 1.7% APY and easy online access with no monthly fees or initial deposit.
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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 1.7% 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.
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
How do I apply?
Visit the Alliant website, hover over Bank and click High Rate Savings.
Click Apply Online Now.
Enter your employer’s information or click Another way to qualify. Once you’ve confirmed eligibility, click Continue with your application.
Enter 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.
There are a number of ways you can get in touch with Alliant customer service:
Email: Via contact page on the Alliant website
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 1.7% 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 1.8% 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%.
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 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.
If you plan on making large withdrawals, you’ll want to keep looking. As always, compare your options when choosing a savings account.
Frequently asked questions about the Alliant Credit Union High-Rate Savings account
Yes. Alliant Credit Union hosts an online banking platform and the Alliant Mobile app.
You won’t pay a maintenance fee for most Alliant accounts if you elect to receive account statements online. Otherwise, you’ll pay a $1 paper account statement fee monthly.
Find a surcharge-free ATM through the Alliant Mobile app or online. Or call a service representative at 800-328-1935.
Yes. You can avoid delays by submitting a W-8BEN form with your application.
Alliant has closed most of its branches in a push towards an all-digital operation.
Yes. You’ll have the option to get an ATM card during your application.
Yes. You can open supplemental savings accounts and connect other types of Alliant bank accounts to this one.
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