This online credit union offers a range of easily accessible bank accounts with competitive rates.
Many people are switching from banks to credit unions for better rates and a greater emphasis on customer service. While credit unions often provide a more personalized banking experience through local branches, Alliant operates almost entirely online. If you’re looking for competitive rates and don’t mind limited branch access, this credit union might be right for you.
What banking products does Alliant Credit Union offer?
- High-Rate Savings. With a minimum deposit of only $5 and a 2.1% APY, this savings account is designed to help your money grow quickly.
- Supplemental Savings. Open multiple savings accounts to better organize and budget your money.
- Kids Savings Accounts. Teach kids how to start saving early with this basic kids savings account.
- High-Rate Checking. Pay no monthly fee and earn up to a 0.65% APY on your checking balance.
- Free Checking. This basic checking account helps you manage your money with no monthly fees, minimum balance requirements or ATM fees at over 80,000 locations.
- Free Teen Checking. This account helps teens learn responsible financial behavior with no monthly service fees and no minimum or maximum balance requirements.
- CDs. Lock away your money in a CD and earn up to a 3% APY with terms between 12 and 60 months.
How does Alliant compare to other banks?
Alliant is a member-owned credit union that was established in 1935 in Chicago, Illinois. With $8.2 billion in assets, it’s the fifth largest credit union in the US and serves over 280,000 customers across the globe.
Alliant was initially created as a credit union for United Airlines employees but is now open to members of more than 150 organizations and communities around O’Hare International Airport. It operates almost entirely online, but still has 11 branches located across eight cities in five states.
Despite its limited branch locations, it offers 24/7 support by phone, online and on the Alliant Mobile Banking App.
Why should I open an account with Alliant?
Alliant is owned by its members and exists solely to serve them, meaning you’ll get easy access to many benefits when you open an account:
- Security. Protects deposits up to $250,000 through NCUA insurance.
- Financial education. Its Money Mentor blog provides valuable personal finance tips that promote responsible financial habits.
- No minimum deposits. Most accounts don’t require a minimum deposit, so you can start saving with as little as 1 cent.
- Competitive rates. Higher interest rates than most of its competitors, meaning you’ll earn more on your deposits.
- Minimal fees. No fees to open or maintain accounts, so you can hold on to more of your money. Plus, standard transaction fees are lower than most banks.
- Transparency. Lays out all fees up front before you sign up for an account to help you avoid any unexpected charges.
- Free ATM access. Members get access to over 80,000 fee-free ATMs and will be reimbursed up to $20 per statement for ATM fees charged by other banks.
What should I look out for?
Alliant is popular for a number of reasons, but there are still a few things to look out for:
- Few branches. Only has 11 branches, so in-person customer support is limited.
- Limited investment products. Offers a wide selection of checking and savings accounts, but doesn’t have many investment options.
- Withdrawal limits. Most members are limited to withdrawing $500 a day. However, if you have a history of overdrafts or closed accounts and have a record with ChexSystems, you’re limited to $200.
Alliant Credit Union membership requirements
To open an account with Alliant, you’ll need to meet at least one of the following membership requirements:
- Be a current or retired employee at one of Alliant’s partners.
- Be an immediate family member of a current Alliant member.
- Live or work in one of the communities near the Alliant headquarters in Chicago.
- Support Alliant’s partner charity, Foster Care to Success, with a $5 donation that Alliant offers to pay on your behalf.
Alliant ratings, reviews and complaints
Alliant is officially accredited on the BBB website with an A+ rating. However, it holds one 1 out of 5-star rating for customer reviews, as there are many complaints. Customers mention issues with communication, delays, unexplained fees and more.
Keep in mind, though, that many customers won’t take the time to leave positive reviews on the Internet, which is why negative reviews are so much more common.
How do I contact Alliant Credit Union?
Get in touch with Alliant using a few different methods:
- Email: Send an email through the help center on Alliant’s website.
- Phone: Call 800-328-1935.
- Twitter: @AlliantCU
Alliant is a Chicago-based credit union that operates almost entirely online, but still has 11 branches across eight states. It offers competitive rates and low fees on a wide range of essential financial services, making it a great choice for people who don’t rely on branches for their banking needs.
However, you’ll need a membership to open an account, and some customers are unhappy with the service. As always, it’s a good idea to compare your options before opening an account.