Understanding Alliant Credit Union Minimum Balance Savings Accounts

Choosing a financial institution can be difficult. While many banks offer unique benefits for their members, substantial fees or high minimum balance requirements can take money out of your pocket.

Alliant Credit Union streamlines your banking with low minimum balance requirements and high annual percentage yields (APY). Its low-barrier entry and competitive rates mean you'll have an easier time managing and growing your savings without penalties for starting small.

Read more about the accounts and benefits Alliant Credit Union has to offer so you can decide if its right for you.

Types of Savings Accounts Offered by Alliant Credit Union

Alliant Credit Union offers various accounts to accommodate every stage of life. Whether you want a convenient place to store your cash, to build an emergency fund, or to help your kids save for the future, these accounts will help you stay on track. If you’re saving toward multiple goals, you can open up to 19 supplemental savings accounts to stay organized.

High-Rate Savings Account

Alliant’s High-Rate Savings Account offers the same protection as a traditional savings account but has an APY that's 15 times the national average.

This account comes with an approved application for any deposit account and pays dividends at the end of every month. And you won't have to worry if your money is protected because Alliant account holders are federally insured up to $250,000 by the NCUA.

You'll need a minimum of $100 to receive interest payments, so make sure to keep up with your balance. Consider using the savings account as your main account and withdrawing only what you need for expenses. This will ensure you're benefiting from Alliant's high APY and growing your savings.

If you have kids and want to teach them how to save, Alliant offers a Kids Savings Account for children 12 and under with the same benefits. These accounts are jointly owned with a parent, grandparent, or legal guardian who is an Alliant Credit Union member.

Checking Accounts

If you need a little more flexibility, Alliant also offers a High-Rate Checking Account. You’ll have access to a network of over 80,000 ATMs nationwide to deposit checks, a free Visa contactless debit card, and one free box of checks if you order within the first 12 months.

For those with teens, Alliant offers the same benefits for jointly owned Teen Checking Accounts for kids between 13 and 17 years old.

In order to qualify for the monthly interest dividend, account holders must enroll in eStatements and have at least one electronic deposit per month. A qualifying deposit can be any of the following:

• Direct deposit
• ATM deposit
• Payroll deposit
• Mobile deposit
• Transfers from another financial institution

Certificates of Deposit (CDs)

Certificates of Deposit, often referred to as CDs, are a great option if you’re looking to lock in an interest rate over a period of time.

Unlike other accounts, the APY on a CD won’t change for the entire term. Alliant allows you to select CD terms ranging from 3 to 60 months, with APYs varying by term length.

Alliant CDs require a low minimum deposit of $1,000, which must remain for the entirety of the term. Early withdrawals may be subject to a penalty, so make sure to plan ahead.

Minimum Balance Requirements

Understanding the Alliant Credit Union minimum balance savings requirements can help you choose the right account, avoid fees, and maximize your savings. Depending on the account, Alliant offers low or no minimum balance requirements.

• High-Rate Savings Account Minimums: To keep a High-Rate Savings Account open, Alliant requires a minimum balance of $5, which they cover for you when you open the account. However, if you want interest dividends, you must maintain an average balance of $100 or more.
• Checking Account Minimums: Alliant checking accounts do not have a minimum balance requirement. However, High-Rate Checking Accounts opened online or by telephone are subject to a minimum deposit of $25 which can be withdrawn at any time after the account is opened.
• Certificate of Deposit Minimums: Alliant CDs have a low minimum deposit of $1,000 and no maximum limit. A deposit of $75,000 or more qualifies for jumbo certificates, which may offer higher APYs.

Associated Fees and Charges

Alliant Credit Union has low fees to make banking simple and save you money.

Maintenance Fees

Neither Alliant’s savings accounts nor its checking accounts have monthly maintenance fees. However, there is a $1 charge per month for savings accounts for paper statements, which can be avoided by opting for eStatements.

Withdrawal Limits

Alliant Credit Union allows six preauthorized withdrawals from savings per month, with a $2 fee for each additional transaction. There are also daily ATM withdrawal limits based on the type of account and card.

• Up to $1,000 daily from a checking or savings account with an Alliant Visa checking account debit card
• Up to $500 daily from a teen checking or savings account with an Alliant Visa teen checking account debit card
• Up to $500 daily from a savings account with an Alliant Savings ATM card

Penalty Fees for Early Withdrawal

Withdrawing from the principal in a CD before the end of the term may incur penalties, which vary based on the term length and how long the certificate is open.

A term length of:

• 17 months or less loses up to 90 days of dividends
• 18 to 23 months loses up to 120 days of dividends
• 24 to 60 months loses up to 180 days of dividends

If you withdraw from a CD within the first seven days of opening, the penalty will be applied to the principal.

Benefits of Banking with Alliant Credit Union

Alliant Credit Union has a member-first philosophy meant to simplify banking for members nationwide. With competitive APYs on checking and savings accounts, you'll earn money while keeping your cash safe. As an added bonus, Alliant has a robust mobile-banking app that makes transfers, bill pay, deposits, and budgeting just one tap away.