Alliant Credit Union Review: Services, Pros and Cons (original) (raw)
Alliant Credit Union is an online credit union, which means there are no physical branches to visit for in-person banking needs. However, this lack of in-person access benefits account holders in the form of competitive interest rates on many of its deposit accounts.
In this review, we at the MarketWatch Guides team will cover Alliant Credit Union’s products and reputation to help you decide whether or not this credit union is a good choice for your personal finance needs.
Key Takeaways
- The MarketWatch Guides team rates Alliant Credit Union 4.3 out of 5 stars for its quality of deposit accounts and competitive annual percentage yields (APYs).
- Alliant is a online-only credit union with no physical branches.
- Alliant is best for anyone interested in low-fee banking, high interest rates, a large ATM network and monthly rebates for out-of-network ATM fees.
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Alliant Credit Union Summary
Alliant Credit Union
4.2
Regular Certificates APY 3.10% to 4.25%
Jumbo Certificates APY 3.10% to 4.30%
IRA Certificates APY 4.00% to 4.55%
Alliant Credit Union is an online credit union available nationwide and headquartered in Chicago. It was founded in 1935 by a group of United Airlines employees, where it was originally known as the United Airlines Employees’ Credit Union. Alliant has since grown to be one the largest credit unions in the country with more than 800,000 members.
Like other credit unions, you must become a member to access Alliant’s financial services. There are four ways to meet the member eligibility requirements:
- You’re a current or retired employee of an Alliant business or organization partner
- You’re an immediate family member or domestic partner of an Alliant member
- You live or work in eligible communities in the greater Chicago area, near the credit union’s Chicago headquarters
- You’re an Alliant Credit Union Foundation digital inclusion advocate (Alliant will make a one-time $5 donation on your behalf)
Pros
Better than average rates: CD rates offered by Alliant Credit Union are above national averages for comparable CD terms.
Accounts without fees: With Alliant, qualifying for fee-free checking and savings accounts is easy if you opt to receive eStatements.
Retirement options: Retirement CDs are available for tax-advantaged savings.
ATM access: Alliant offers account holders access to 80,000 ATMs without fees nationwide.
Cons
No visiting branches: Alliant does not have physical branches for in-person banking.
Membership required: You must become a member to open an account.
Our Alliant Credit Union Ratings
We give Alliant Credit Union 4.3 out of 5 stars after evaluating factors including its branch availability, account fees, interest rates and customer support. It stands out for its free checking account options. Its savings accounts, certificates of deposit (CDs) and overall banking experience also score high.
Here’s how the credit union scores in each of our review categories:
*Ratings are determined by our editorial review team. Learn more about our scoring methodology.
Alliant Credit Union vs. Other Top Banks
Alliant Credit Union ranks better than some large financial institutions across the nation. While it’s completely digital with no physical branches, the upside is that it has over 80,000 in-network ATMs. That’s more than five to seven times as many as Chase Bank, Wells Fargo and Bank of America.
Alliant also holds its own against other banks when it comes to financial products, with multiple types of deposit accounts and options for no-fee checking accounts.
| Alliant Credit Union | Chase | Wells Fargo | Bank of America | |
|---|---|---|---|---|
| Our rating | 4.3 | 4 | 3.8 | 4 |
| Number of branch locations | Online only | 4,700 | 4,600 | 3,800 |
| Number of ATM locations | 80,000 | 15,000 | 11,000 | 15,000 |
| Available deposit products | Checking, savings, CDs | Checking, savings, CDs | Checking, savings, CDs | Checking, savings, CDs |
| No-fee checking account option?* | Yes | Yes | Yes | Yes |
*The bank offers a low fee that is waivable if at least one requirement is met, such as a recurring direct deposit, a minimum monthly balance or a linked savings account. Requirements vary by bank.
## Who Is Alliant Credit Union Best For?
If you qualify for membership, Alliant Credit Union can be a worthwhile choice for someone looking to take advantage of low fees and competitive rates.
As a digital financial institution, there are no branch locations, so this credit union isn’t suitable for someone looking for in-person banking access. But if you’re comfortable banking online, Alliant should be on your radar.
Alliant Credit Union Accounts
Alliant offers two checking accounts, three savings accounts and two main types of CDs, regular and jumbo CDs, both of which are available in individual retirement account (IRA) versions. There are no money market accounts available. All deposit accounts are insured by the National Credit Union Administration (NCUA), up to $250,000.
Alliant also offers two Visa credit cards. If you need financing, Alliant offers several types of loans including mortgages, home equity lines of credit (HELOCs) and personal loans. Auto loans are also available for vehicles, RVs and Teslas. Additionally, business owners may be able to get commercial real estate financing through Alliant.
| Alliant Credit Union Account | APY* | Minimum Opening Deposit | Minimum Account Balance |
|---|---|---|---|
| High-Rate Checking | 0.25% | 0formailedpaperapplications0 for mailed paper applications0formailedpaperapplications25 for online applications | $0 |
| Teen Checking | 0.25% | 0∣0 | 0∣0 |
| High-Rate Savings | 3.10% | 25foronlineapplications∣25 for online applications | 25foronlineapplications∣5 to keep the account open$100 to earn interest |
| Supplemental Savings | 3.10% | 0∣0 | 0∣5 to keep the account open$100 to earn interest |
| Kids Savings Account | 3.10% | 0(Alliantprovides0 (Alliant provides 0(Alliantprovides5 deposit) | 5tokeeptheaccountopen5 to keep the account open5tokeeptheaccountopen100 to earn interest |
| Regular Certificates | 3.10% to 4.25% | 1,000∣1,000 | 1,000∣1,000 |
| Jumbo Certificates | 3.10% to 4.30% | 75,000∣75,000 | 75,000∣75,000 |
| IRA Certificates | 4.00% to 4.55% | 0∣0 | 0∣100 |
*APY accurate as of November 13, 2024
Alliant Credit Union Reputation and Customer Satisfaction
Bauer Financial rates Alliant Credit Union 5 out of 5 stars, which is a “superior” rating. The credit union is also accredited with the Better Business Bureau (BBB), which means it has met the BBB’s standards for trust and transparency. It has an A+ rating with the BBB.
However, the average BBB customer review score is around 1.1 out of 5 stars, based on more than 40 reviews.
Similarly, Alliant’s average Trustpilot review score is around 1.5 out of 5 stars, based on 52 reviews. Trustpilot reviews cite customer service issues such as poor communication and slow account updates.
Members seem to appreciate Alliant’s mobile banking app, though. It earns 4.4 out of 5 stars on Google Play and 4.7 out of 5 stars on the App Store, with over 8,000 reviews on each platform. Users say the app is easy to use, accurate and secure.
The Bottom Line: Is Alliant Credit Union Right for You?
Alliant Credit Union’s deposit accounts are insured by the NCUA, so your money is safe. Your balances won’t be diminished by fees, and it’s easy to access competitive APYs on both checking and savings accounts. Because of these features, Alliant is best for people who need basic accounts to manage their money while still earning interest.
One drawback is that Alliant is a digital-only credit union. You should be comfortable accessing your accounts through online banking or the mobile app since you won’t be able to visit a branch in person.
FAQ: Alliant Credit Union Reviews
Alliant Credit Union is reliable in the sense that deposited funds are insured by the NCUA up to $250,000 per member. However, some members complain about poor customer service interfering with their banking needs, so it’s important to gauge what’s important for you to have a positive experience.
Alliant Credit Union can be a good choice for people who want to earn interest on checking and savings balances no matter how much money they have coming in each month. The credit union also has account options for children and teens, so you can teach the whole family about personal finance.
In 2022, Alliant Credit Union was sued by a member who claimed the credit union charged fees that violated their contract. However, the court dismissed the claim after deciding the fees weren’t in breach of the contract.
Learn More About Alliant Credit Union
See how Alliant Credit Union stands out in our roundups of the best financial institutions and deposit products available today:
- #6 on Best Banks and Credit Unions
- #9 on Best CD Rates
- #6 on Best 5-Year CD Rates
- #1 on Best IRA CD Rates
- #2 on Best Jumbo CD Rates
- #3 on Best 3-Month CD Rates
Methodology
Our team researched more than 100 of the country’s largest and most prominent financial institutions, collecting information on each provider’s account options, fees, rates, terms and customer experience. We then scored each firm based on the data points and metrics that matter most to potential customers. Read our full methodology.
Savings and money market accounts
The best scores go to banks, loans and fintech companies with high interest rates and low or no fees or minimum opening deposits.
High marks are given to those with multiple accounts and minimal fees, plus benefits such as reward programs and mobile check deposit.
Top-rated financial institutions have low or no minimum opening deposits, as well as a variety of term options and specialty CDs for flexibility.
Banking experience and access
Providers that excel in this category have large branch and ATM networks and multiple checking and savings accounts, and they earn more points for offering CDs and money market accounts.
35% Savings and money market accounts
30% Checking accounts
20% Certificates of deposit
15% Banking experience and access
Savings and money market accounts
The best scores go to banks, loans and fintech companies with high interest rates and low or no fees or minimum opening deposits.
Checking accounts
High marks are given to those with multiple accounts and minimal fees, plus benefits such as reward programs and mobile check deposit.
Certificates of deposit
Top-rated financial institutions have low or no minimum opening deposits, as well as a variety of term options and specialty CDs for flexibility.
Banking experience and access
Providers that excel in this category have large branch and ATM networks and multiple checking and savings accounts, and they earn more points for offering CDs and money market accounts.
All America Bank, Alliant Credit Union, Ally Bank, Amerant Bank, America First Credit Union, American Airlines Credit Union, American Express National Bank, Apple Bank, Arvest Bank, Associated Bank, Axos Bank, Banesco Bank, Bank of America, Bank of Hope, Bank Purely, Bank5 Connect, Barclays, Bask Bank, BECU (Boeing Employees Credit Union), Bethpage Federal Credit Union, BMO, BMO Alto Bank, Bread Savings (formerly Comenity Direct), BrioDirect, Capital One Bank, CFG Bank, Charles Schwab, Charlie Financial, Chase Bank, Chime, CIBC USA, CIT Bank, Citibank, Citizens, Citizens Bank, Colorado Federal Savings Bank, Comerica Bank, Connexus Credit Union, Consumers Credit Union, Credit One Bank, Cross River Bank, Current, Customers Bank, Delta Community Credit Union, Discover Bank, East West Bank, Emigrant Direct, EverBank (formerly TIAA Bank), Federal Savings Bank, Fifth Third Bank, First Citizens Bank, First Internet Bank (of Indiana), First National Bank of America, First Tech Federal Credit Union, FNBO Direct, Frost Bank, Golden 1 Credit Union, Heritage Bank NA, HSBC, Huntington Bank, KeyBank, Lafayette Federal Credit Union, Lake Michigan Credit Union, LendingClub, Limelight Bank, Live Oak Bank, Lonestar Bank, M.Y. Safra Bank, M&T Bank, Marcus by Goldman Sachs, Mercury Bank, Merrick Bank, Michigan State University Federal Credit Union, Milli, Morgan Stanley Private Bank, Mountain America Credit Union, My eBanc, MySavingsDirect, National Bank of Kansas City, Navy Federal Credit Union, NBKC Bank, North American Savings Bank (NASB), Northpointe Bank, Patelco Credit Union, PenFed Credit Union (Pentagon Federal), PNC Bank, Popular Direct, Presidential Bank, Provident Bank, Quontic Bank, Quorum Federal Credit Union, Randolph-Brooks Federal Credit Union, Regions Bank, Ridgewood Savings Bank, Rising Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, SoFi Bank, South State Bank, Spectrum Credit Union, Spring Bank, Star One Credit Union, State Bank of Texas, State Department Federal Credit Union, State Employees’ Credit Union, Suncoast Credit Union, Sutton Bank, Synchrony Bank, Synovus Bank, TD Bank, Texas Capital Bank, Third Federal Savings & Loan, Transportation Alliance Bank (TAB Bank), Truist Bank, U.S. Bank, UFB Direct, Umpqua Bank, Upgrade, USAA Bank, USAlliance Financial, Valley National Bank, Varo Bank, Vio Bank, VyStar Credit Union, Webbank, Webster Bank, Wells Fargo, Western State Bank, Zions Bank, Zynlo Bank
*Data accurate at time of publication
Editor’s Note: Parts of this story were auto-populated using data from Curinos, a research firm that collects data from more than 3,600 banks and credit unions. For more details on how we compile daily rate data, check out our methodology here.
If you have feedback or questions about this article, please email the MarketWatch Guides team at editors@marketwatchguides.com .