Alliant Credit Union

Alliant Credit Union Reviews

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About Alliant Credit Union

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Alliant Credit Union offers high interest rates on savings, a wide range of financial products and a large ATM network. However, because there are no physical branch locations, this credit union may not be for everyone. One of the many ways you can join Alliant Credit Union is by becoming a member of Foster Care to Success, and Alliant will pay the $5 membership fee on your behalf.

Pros & Cons

Pros
  • Competitive interest rates
  • No monthly fees
  • Large ATM network
Cons
  • No branch locations
  • Membership required

What is Alliant Credit Union?

Alliant Credit Union was founded in 1935 and has since grown to become one of the largest credit unions in the United States. It’s headquartered in Chicago, Illinois, and has more than 700,000 members across the country.

Alliant is known for offering some of the best savings interest rates in the nation. For example, as of this writing, its high-yield savings account boasts a 3.10% annual percentage yield (APY), and its one-year certificate has a 5% APY. These rates are significantly higher than the national average for savings accounts.

Alliant also offers a variety of credit cards with different features and benefits. For example, the Alliant Cashback Visa Signature Card offers up to 2.5% cash back on purchases.

How does Alliant Credit Union work?

Anyone can join Alliant Credit Union by becoming a member of Foster Care to Success, a nonprofit organization that helps young people who have aged out of the foster care system. Alliant will cover the $5 membership fee for you, effectively making membership free.

As a member-owned financial cooperative, Alliant Credit Union is not-for-profit, which means that it is able to offer its members better rates and lower fees than many traditional banks.

In addition to traditional banking services, Alliant Credit Union also offers a range of online and mobile banking services, making it easy for members to manage their finances from anywhere.

Alliant Credit Union products and services

If you're looking for a financial institution that offers a wide range of low-fee products and services, Alliant Credit Union might be the right choice for you. Here's a breakdown of what it offers:

Checking accounts
Alliant Credit Union offers two checking account options: Teen Checking for anyone between the ages of 13 and 17, and High-Rate Checking for everyone else.

Both accounts are nearly identical, earning 0.25% APY and offering the following benefits:

  • $20 in monthly ATM reimbursements
  • No monthly maintenance fees
  • No minimum balance requirements
  • No overdraft fees
  • Access to over 80,000 fee-free ATMs nationwide
Savings accounts
Alliant Credit Union offers several savings account options. All earn 3.10% APY at publishing and have no monthly maintenance fees when you enroll in e-statements.
  • High-Rate Savings requires a $100 minimum balance to earn interest and is required to establish membership.
  • Supplemental Savings helps you save for specific goals, like an emergency fund or vacation fund. You can open multiple accounts and name them however you’d like.
  • Kids Savings is designed for children 12 and under and comes with a fun, interactive online platform to help them learn about money management.
Certificates
Alliant Credit Union offers a variety of certificates, ranging from 12 to 60 months. Rates are competitive, with APYs ranging from 4.30% to 5.15% as of publishing.

All certificates come with a minimum deposit requirement of $1,000. Jumbo certificates require a minimum $75,000 deposit.

Credit cards
Alliant Credit Union offers two credit card options, both with no annual fees.
  • Visa Platinum offers a 0% introductory APR and basic benefits.
  • Visa Signature comes with additional perks, such as unlimited cash back and no foreign transaction fees.
Loans
Alliant Credit Union offers a variety of loan options, including auto loans, RV loans, Tesla loans, personal loans, home loans and home equity lines of credit (HELOCs). Rates are competitive.
Investments
With Alliant, you can open several types of investment accounts, including trust accounts, traditional individual retirement accounts (IRAs), Roth IRAs and SEP IRAs.
Insurance
Alliant members can purchase several types of insurance policies, including accidental death insurance, whole life, term life, auto insurance and homeowners insurance.

Alliant Credit Union fees

Alliant has very few fees compared to most banks and credit unions. None of its checking or savings accounts have monthly fees or overdraft fees. Checking accounts also come with $20 in monthly ATM rebates if you use a third-party machine and get charged a fee.

That said, you may run into these Alliant bank fees depending on the type of account you have:

  • $10 early closure fee if account is closed within 90 days of opening
  • $10 for dormant or inactive savings accounts that haven’t been used for at least 12 months
  • $15 for return deposit items
  • $25 for outgoing domestic wire transfers
  • $50 for outgoing international wire transfers

Alliant Credit Union FAQ

Where is Alliant Credit Union available?

Alliant Credit Union is available nationwide in all 50 states. Membership is open to all U.S. residents.

Does Alliant have any physical branches?

No. Alliant is a digital credit union that operates online only.

What are the fees for Alliant Credit Union accounts?

Alliant Credit Union offers fee-free checking accounts, savings accounts and credit cards. However, some fees may apply for certain services, such as wire transfers.

What is the routing number for Alliant Credit Union?

Alliant Credit Union’s routing number is 271081528. This routing number is used for all types of transactions, including direct deposit, wire transfers and electronic payments.

How can I deposit money into my Alliant Credit Union account?

You can deposit money into your Alliant Credit Union account through direct deposit, online transfer, mobile deposit or by mailing a check to the credit union. Alliant Credit Union also has over 80,000 surcharge-free ATMs nationwide. Some of these ATMs accept cash deposits.

Is Alliant Credit Union legit?

Alliant Credit Union is a legitimate and reputable credit union that has been serving its members since 1935. It’s federally chartered and regulated by the National Credit Union Administration (NCUA). This government agency ensures that credit unions operate in a safe and sound manner and protects members' deposits of up to $250,000 per account.

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Alliant Credit Union Company Information

Company Name:
Alliant Credit Union
Website:
www.alliantcreditunion.org