Suze Orman, Alliant create ‘ultimate’ savings account with a $100 bonus for active savers

Posted: 12 January 2021 5:15 pm
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It’s designed to reward account contributions but is only on offer for a limited time.

Personal financial guru Suze Orman has partnered with Alliant Credit Union to offer what she dubs “The Ultimate Opportunity Savings Account.” But don’t let the name fool you — what’s actually being offered is a signup promotion for Alliant’s existing high-yield savings account. In addition to earning interest on your savings, you’ll also be eligible for a $100 savings bonus — but only if you keep up with regular deposits to your account for at least 12 months.

How does it work?

Suze Orman’s “ultimate opportunity” promotion is designed to reward accountholders for contributing to their savings. And this reward is two-fold: not only do you earn interest on what you deposit — which is standard fare for savings accounts — but you’re also eligible to receive a $100 bonus when you make a deposit of $100 or more for 12 consecutive months.

Benefits

Alliant’s high-yield savings account bundled with Suze Orman’s signup bonus offers the following:

  • 0.55% APY on account balances over $100
  • No monthly fees if you opt in to eStatements
  • $100 bonus awarded to accountholders who deposit at least $100 for 12 consecutive months

While the $100 bonus is an attractive perk, this is really just a signup promotion for Alliant’s High-Rate Savings account. The collaboration between Suze Orman and Alliant simply offers the opportunity to earn an extra $100 after 12 consecutive monthly deposits of $100 — the core account details remain unchanged.

Drawbacks

This savings account collab between Suze Orman and Alliant Credit Union isn’t without its drawbacks. Before you sign up, consider the following:

  • Only new Alliant members are eligible for this offer
  • You must have at least $100 in your account to earn interest
  • Account transactions are limited to six withdrawals monthly

Account withdrawal limitations are nothing new — at least not as far as savings accounts are concerned. And a $100 minimum account balance to earn interest isn’t unusually high. But existing Alliant Credit Union members aren’t eligible to sign up and the account’s 0.55% APY isn’t particularly competitive — many providers offer comparable rates, including Axos Bank, Chime, CIT Bank and Discover.

Accounts with comparable signup bonuses

Before you sign up for an account with Alliant, consider the following savings accounts with comparable signup bonuses:

  • Chase Savings. Deposit at least $10,000 to receive a $150 bonus.
  • Citibank. Deposit at least $15,000 to receive a $300 bonus.

While these accounts require steep opening deposits to be eligible for their bonuses, you’ll get the cash upfront instead of having to wait 12 months to qualify.

How to open an Alliant High-Yield Savings Account

For those interested in opening an account with Alliant, you’ll need to first sign up as a member of Alliant Credit Union. And to sign up, you need to confirm your eligibility by meeting one of the following criteria:

  • A current or retired employee at one of Alliant’s partners
  • 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

Once approved as a member, you can open a savings account online from Alliant’s website or by calling 800-328-1935 and mentioning the account promotion. Your first deposit of $100 must be received within 30 days of opening the account for you to remain eligible for the account bonus.

Photo: Supplied

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