Alliant Credit Union
- Best for: Savers and borrowers who bank by app and rarely need a branch
- What Sets It Apart: Entirely digital, with up to $20 a month back for other banks’ ATM charges
- APY: 3.01% on savings from a $100 average daily balance; 0.25% on checking, or up to 2.00% with $5,000 in monthly direct deposits; 4.30% on a 12-month certificate
- Features: 80,000+ fee-free ATMs; direct deposits up to two days early; new-car loans from 6.34% APR and personal loans from 9.49% APR with autopay; NCUA insurance up to $250,000
- Monthly Fee: $0 on checking and savings
- Minimum Deposit: $1,000 for a certificate; $25 to open checking online
- Cost: No overdraft, bounced-payment, or stop-payment fees; $25 outgoing domestic wire; 1% foreign transaction fee on the debit card; early withdrawal penalty of up to 180 days of certificate dividends
- Eligibility: Anyone, by joining the Alliant Credit Union Foundation, with Alliant paying the $5 fee; personal loans after 90 days of membership
- Pros: No overdraft or bounced-payment fees; ATM fee refunds; early direct deposit; highly rated app
- Cons: No branches or easy cash deposits; no live help on Sundays; top checking rate needs $5,000 in monthly direct deposits; no sign-up bonus
Join Alliant Credit Union if you’ll bank by app and want 3.01% on savings averaging $100 or more, with no monthly or overdraft fees. Anyone can join through the Alliant Credit Union Foundation, and Alliant pays the $5 fee. Skip it if you deposit cash often or want a branch, since it has none.
Alliant’s more than 900,000 members bank through its app, by phone, and at over 80,000 fee-free ATMs nationwide. It suits savers and borrowers who rarely handle cash and want credit union rates without everyday fees.
Key Features
- 3.01% annual percentage yield (APY) on High-Rate Savings when your average daily balance is $100 or more
- High-Rate Checking with no monthly fee, paying 0.25% APY with eStatements and at least one electronic deposit a month
- Up to 2.00% APY on Jumbo High-Rate Checking with eStatements, $5,000 in monthly direct deposits, and a $10,000 average daily balance across accounts where you’re the primary owner
- Certificates of 3 to 60 months from $1,000, the 12-month one paying 4.30% APY
- New-car loans as low as 6.34% APR (annual percentage rate) for 60 months and personal loans of $1,000 to $100,000 as low as 9.49% APR for 12 months, both with automatic payments
Pros
- No overdraft or bounced-payment fees
- Up to $20 a month in ATM fee refunds with its checking debit card
- Paychecks by direct deposit up to two days early
- Kids savings for children 12 and under and teen checking for ages 13 to 17
- An app rated 4.6 out of 5 from about 8,500 App Store ratings
Cons
- No branches, and only some ATMs take cash deposits
- Live phone and chat help only Monday through Saturday
- Its 2.00% checking rate takes $5,000 a month in direct deposits and a $10,000 average balance
- Personal loans only after 90 days of membership
- No sign-up bonus for new members
Alliant fits savers who bank from a phone and keep an average of $100 or more in savings, since that balance earns the full 3.01% APY with no monthly fee. Savers who deposit cash every week or want a teller should join a local credit union with branches instead.
Learn more about Alliant Credit Union or see how it compares to the best online banks.
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