Alliant Credit Union is a nationwide digital banking institution offering various financial products and services. This review examines its key features and benefits to help you determine if it's the right choice for your banking needs.
What Is Alliant Credit Union?
Founded in 1935 as the United Airlines Employees' Credit Union, Alliant has evolved into a modern financial institution serving over 800,000 members across the United States. Operating entirely online, Alliant has no physical branches, and instead, it focuses on providing a comprehensive digital banking experience.
Key Features
High-Yield Accounts
Alliant offers competitive interest rates on savings and checking accounts. These rates often surpass traditional banks, potentially allowing members to earn more on their deposits.
Fee Structure
Most Alliant accounts come with no monthly maintenance fees or minimum balance requirements. This low-fee approach can help members retain more of their money.
ATM Access
Despite the lack of physical branches, Alliant provides extensive ATM access:
- Network of 80,000+ surcharge-free ATMs nationwide
- Up to $20 per month in out-of-network ATM fee rebates
Digital Banking Experience
Alliant's digital platform includes:
- Mobile app for iOS and Android devices
- Online banking with features such as:
- Mobile check deposit
- Bill pay
- Account management tools
Membership Eligibility
Alliant membership is open to:
- Current or retired employees of partner organizations
- Residents or workers in eligible communities near Chicago
- Domestic partners or immediate family members of current Alliant members
- Members of Foster Care to Success (Alliant covers the $5 membership fee)
Product Offerings
Alliant provides a range of financial products, including:
- Checking accounts
- Savings accounts
- Certificates of deposit (CDs)
- Personal loans
- Credit cards
While the product lineup may not be as extensive as some larger banks, it covers most basic banking needs with competitive offerings.
Customer Support
Recognizing the importance of support in a digital banking environment, Alliant provides 24/7 customer service via phone and online chat.
Considerations for Potential Members
Advantages for Digital-First Bankers
If you're comfortable with online banking and prioritize high interest rates and low fees, Alliant's offerings may suit your needs.
Limitations for Traditional Banking Preferences
Those who value face-to-face interactions or require specialized banking products may find Alliant's digital-only model and more focused product range less suitable.
Final Thoughts
Alliant Credit Union offers a modern, digital-first banking experience with competitive rates and low fees. Its extensive ATM network and comprehensive online services cater to those comfortable with digital banking. However, the lack of physical branches may not suit everyone's preferences. Consider your personal banking needs and comfort with online financial management when evaluating Alliant as a potential banking option.
Pros
High APY on 12-month CDs: Alliant offers a 4.30% APY on their 12-month jumbo certificate of deposit
Low $1,000 minimum deposit: Alliant's CDs require only a $1,000 minimum deposit to open
Jumbo CD option for higher balances: For savers with at least $75,000 to invest, Alliant offers jumbo CDs with slightly higher rates
Cons
Limited CD term options: Alliant does not offer any specialty CDs such as no-penalty or bump-up certificates
Early withdrawal penalties: Alliant charges early withdrawal penalties on CDs. For terms of 17 months or less, the penalty can be up to 90 days of interest
Membership required: To open a CD with Alliant, you must become a member of the credit union