Alliant Credit Union Free Teen Checking review
Open this free account with as little as $0 and earn 0.25% APY.
finder.com’s rating: 4.1 / 5.0
★★★★★
The Alliant Credit Union Free Teen Checking account is designed for teens between the ages of 13 and 17. It earns 0.25% APY and has no monthly fees or minimum deposit requirements. But parental controls are limited compared to other accounts.
$0 per month
Fee
0.25%
APY
$0
Minimum deposit to open
Details
| APY | 0.25% To earn the APY, opt in to eStatements and have at least one electronic deposit to your teen checking account. |
|---|---|
| Fee | $0 per month |
| Minimum deposit to open | $0 |
| ATMs | 80,000 ATMs for free |
| ATM transaction fee | $0 |
| ATM fee rebates | ATM rebates up to $20/month |
| Out-of-network ATM fee | $0 |
| Foreign transaction fee | 1% |
| Overdraft fee | $25 |
| Nonsufficient funds fee | $25 |
Review by
Cassidy Horton
cassidy.horton@findercrew.comCassidy Horton is a writer for Finder, specializing in banking and kids’ debit cards. She’s been featured on Legal Zoom, MSN, and Consolidated Credit and has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. When not writing, you can find her exploring the Pacific Northwest and watching endless reruns of The Office.
Expert review
The Alliant Teen Checking account is best for high school students who have already proven themselves financially responsible. The account rewards teens with a 0.25% APY and up to $20 in out-of-network ATM rebates.
But parental controls are limited. By default, Alliant sets ATM withdrawal limits to $100 a day and spending limits to $300 a day. While these limits are put in place to give parents peace of mind, you can’t adjust them to suit your teen’s needs.
Overall, Alliant Teen Checking is a solid option for teens thanks to no monthly fees, a $0 minimum deposit and a rewarding interest rate. There are membership requirements, but don’t let that stop you from opening an account. Anyone can join when they make a one-time $5 donation to Foster Care for Success.
How do I open an Alliant Credit Union Free Teen Checking account?
Follow these steps to open an Alliant Teen Checking account online:
- Go to the provider’s site and follow the steps to apply.
- From the Alliant Credit Union website, hover over the Bank tab and click Teen Checking.
- Click Open Now.
- Download your application by clicking Membership + Teen Checking (PDF).
- Fill out your application electronically and save it to your computer.
- Submit your application by going back to Alliant’s website, entering your name and email address and clicking Submit.
Alliant will reach out to you when your application is approved. If you haven’t heard anything within 14 business days, you can call them at 800-328-1935 to request an update.
You can also drop your application off at a local branch, fax it to 773-462-2124 or mail it to:
Alliant Credit Union
Attn: Account Services
PO Box 66945
Chicago, IL 60666-0945
Eligibility
Parents and guardians must meet these requirements to open an account:
- At least 18 years old
- Social Security number
- US residential address
- Government-issued photo ID
- Alliant Credit Union membership
Your child must meet these requirements:
- Between the ages of 13 and 17
- Social Security number
Required information
You’ll need the following information when you apply for an account:
- Your Social Security number
- Your teen’s Social Security number
- Employment information
- Government-issued photo ID number
- Residential address
What are the benefits of an Alliant Credit Union Free Teen Checking account?
The account is NCUA-insured and comes with a free box of checks and two debit cards — one for you and one for your teen. It also has these perks:
- Competitive interest. Your teen earns 0.25% on their total balance when they opt out of paper statements and have one of the following electronic deposits each month:
- Direct deposit
- ATM deposit
- Mobile check deposit
- External transfer from another financial institution
- No monthly fees. This account is free to open and maintain.
- ATM rebates. Alliant reimburses up to $20 in out-of-network ATM fees a month, so you can withdraw cash on the go without worrying about losing a chunk of it to fees.
- Flexible membership requirements. Anyone can join Alliant when they make a $5 donation to its partner charity, Foster Care to Success.
- Automatically converts to a regular checking account. Your teen’s checking account will automatically switch over to the Alliant High-Rate Checking account when they turn 18. It has no monthly service fees, and if you’re earning interest on the teen checking account, you’ll continue earning the same APY on the new account.
What should I look out for?
Although the Alliant Credit Union Teen Checking account has plenty of attractive perks, you’ll want to watch out for these potential drawbacks:
- Limited branches. Unless you live near one of its two branches in Illinois, you and your teen are limited to phone and email support.
- Early account closure fee. You’ll pay $10 if you close your account within 90 days of opening.
- Few parental controls. Parents have full access to the account and can set up transaction alerts, but they can’t adjust spending limits or set up parameters.
If you want a teen checking account with more parental controls, compare other options until you find one that’s right for you.
Alliant Credit Union’s ATM network and fees
Both you and your teen get a debit card when you open an Alliant Teen Checking account. Use your card at any of Alliant’s 80,000 ATMs for free — some of which accept cash deposits. Or, dip your card into an out-of-network ATM and get reimbursed for up to $20 in fees per month.
Compare Alliant Teen Checking with other kids checking accounts
Shop around to find other kids checking accounts with varying interest rates, fees and opening deposits.
How do I deposit or withdraw money?
There are several ways to access money in your Alliant Credit Union Free Teen Checking account:
Deposits
- Direct deposit
- ATM deposit
- Mobile check deposit
- External transfer from another bank
- Transfer from another Alliant bank account
Withdrawals
- ATM
- Cash back at a retailer
- Check written out to yourself
- External transfer to another bank account
- Transfer to another Alliant bank account
What other checking options does Alliant Credit Union offer?
Alliant has one other checking account option:
- Alliant High-Rate Checking. This free checking account earns 0.25% APY and comes with up to $20 in monthly ATM rebates.
Frequently asked questions
Kids’ debit card ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top debit cards for kids and rate them one to five stars based on factors that are most important to you. We rate kids’ checking accounts by these factors: Monthly fee, features, ATM access, customer support options, and availability. We also consider APY as a factor only for those that earn interest. We rate prepaid debit cards for kids by these factors: monthly fees, features, customer support options and account availability.
Read the full methodology of how we rate Kids’ debit card accounts.