Alliant High-Rate Savings account review
Get a 0.55% 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 0.55% 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.
$1 per month
Minimum deposit to open
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The Alliant Credit Union High-Rate Savings account is best for those who are members of Alliant. The account boasts a high 0.55% 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.
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.
- From Alliant’s 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.
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
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 0.55% 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
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
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 0.55% 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 0.55% 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 0.5% to 0.65%.
- IRAs. Traditional, Roth and SEP IRAs come with competitive interest rates up to 0.65%.
Frequently asked questions about the Alliant Credit Union High-Rate Savings account
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