In this comprehensive 2023 review, we’ll delve into the myriad features and advantages that Alliant Credit Union offers. Whether you’re in pursuit of high-yield savings, competitive certificates of deposit (CDs), or top-notch checking accounts, Alliant Credit Union has something exceptional to bring to the table. Let’s explore what sets Alliant Credit Union apart.
Unveiling Alliant Credit Union
Alliant Credit Union Overview
Alliant Credit Union is an outstanding choice for eligible customers who are in search of a diverse range of high-yield financial products while keeping an eye on minimizing fees. The credit union has gone to great lengths to make the membership process incredibly convenient, with multiple pathways to eligibility.
Key Highlights:
- 24/7 Customer Service: Alliant Credit Union goes the extra mile by providing round-the-clock customer support, ensuring your financial needs are met at any hour.
- ATM Fee Refunds: With access to over 80,000 surcharge-free ATMs, Alliant Credit Union ensures your money is always within easy reach.
- High APY: Whether it’s savings, CDs, or checking accounts, Alliant offers competitive yields that are hard to beat.
The Banking Products Offered by Alliant Credit Union
Savings Accounts
High-Yield Savings Overview
Alliant Credit Union’s high-yield savings account ranks among the nation’s best, offering a top-tier Annual Percentage Yield (APY). To earn interest, account holders need to maintain an average monthly balance of at least $100, with a minimum balance of $5 required to keep the account open. Opting for e-statements allows you to steer clear of the $1 monthly fee for paper statements. Furthermore, members have the flexibility to open up to 19 supplemental savings accounts, enabling them to save for specific goals.
Pros
- Competitive APY on high-yield savings.
- No monthly fee for e-statement users.
- Flexibility to open multiple savings accounts for distinct savings goals.
Cons
- Some online banks offer slightly higher savings APYs.
READ ALSO: Ally Bank Review: A Comprehensive Evaluation
Certificates of Deposit (CDs)
CD Overview:
Alliant offers a variety of CD term lengths, each with high APYs. Ranging from three months to five years, these terms provide the opportunity to build a CD ladder. All CDs are insured by the NCUA and require a minimum deposit of $1,000. It’s worth noting that depositing $75,000 or more into select CD terms will earn you an even higher APY.
Pros
- Competitive CD yields.
- Wide range of term lengths.
Cons
- No specialty CDs such as no-penalty or bump-up CDs.
- Some banks have lower minimum deposit requirements for CDs.
Checking Accounts
High-Rate Checking Overview:
Alliant’s High-Rate Checking account offers an attractive yield for a checking account, without any minimum balance requirements or service fees. This account also includes a Visa debit card. Moreover, Alliant provides access to over 80,000 surcharge-free ATMs and offers up to $20 in monthly rebates for out-of-network ATM use.
Pros
- No monthly service fee or minimum balance requirement.
- Access to a vast network of surcharge-free ATMs and monthly rebates.
Cons
- Some checking accounts may offer slightly higher yields.
- Alliant Credit Union doesn’t provide checking accounts for business customers.
Fees at Alliant Credit Union
Bank Fees:
Alliant Credit Union distinguishes itself by not imposing many of the common fees associated with traditional banks. Notably, there are no overdraft fees, non-sufficient funds fees, monthly maintenance fees, out-of-network ATM fees, or excessive transaction fees.
The Alliant Credit Union Banking Experience
Bank Experience:
Alliant Credit Union offers a seamless banking experience, despite being a credit union. Membership is accessible through various criteria, including proximity to the credit union’s headquarters, employment, familial status, or by donating to a supported cause.
Alliant’s mobile apps for Android and iOS devices have received high ratings, providing the convenience of depositing checks, transferring funds, paying bills, and tracking expenses through a personal financial management tool. The credit union also ensures your concerns are addressed promptly with a 24/7 toll-free phone line and an online contact form.
Alliant Credit Union vs. Other Banks
Alliant Credit Union vs. Chase:
When we compare Alliant Credit Union to traditional banks like Chase, a clear pattern emerges. Alliant Credit Union consistently offers higher yields on deposit products, including CDs and savings accounts. Moreover, as a non-profit organization, Alliant is committed to benefiting its customers by eliminating overdraft and non-sufficient funds fees. On the other hand, Chase still imposes substantial fees for these services.
However, it’s important to note that Alliant does not maintain physical branches, making it an ideal choice for those comfortable with online banking. In contrast, Chase boasts a vast network of physical branches, catering to customers who value in-person banking services.
To Recap
In conclusion, Alliant Credit Union stands as a commendable choice for individuals in search of a diverse array of high-yield financial products with minimal fees. Whether you’re interested in their top-notch savings accounts, competitive certificates of deposit (CDs), or high-rate checking accounts, Alliant offers robust options that can cater to your financial needs.
What truly sets Alliant Credit Union apart is its commitment to customer service. With 24/7 customer support and access to over 80,000 surcharge-free ATMs, they prioritize ensuring that your financial requirements are met at any hour. Their high Annual Percentage Yields (APYs) across various accounts are hard to beat, and the absence of many common fees, such as overdraft charges and monthly maintenance fees, makes banking with Alliant even more attractive.
Moreover, Alliant Credit Union’s seamless online banking experience, supported by user-friendly mobile apps and efficient customer service, ensures that your banking journey is hassle-free. While they don’t maintain physical branches, their commitment to online services aligns well with the needs of customers comfortable with digital banking.
In summary, if you’re looking to maximize your savings and enjoy an exceptional banking experience, consider joining Alliant Credit Union in 2023. Their dedication to serving their members and offering competitive financial products makes them a valuable choice for your banking needs.
Frequently Asked Questions about Alliant Credit Union
Who is Alliant Credit Union best suited for?
Alliant Credit Union is an excellent choice for customers who are comfortable with online banking, as it does not operate physical branches. Its diverse range of CDs also makes it suitable for those looking to construct a CD ladder.
Is Alliant Credit Union safe?
Absolutely. Alliant Credit Union is insured by the National Credit Union Association, providing coverage of up to $250,000 per depositor per account type, as allowed by law.
Can anyone open an account at Alliant Credit Union?
Yes, membership is open to current or retired employees and their families, as well as individuals residing or working near Alliant’s corporate headquarters in Chicago. Additionally, membership is extended to those associated with Foster Care to Success (FC2S), an organization dedicated to serving foster teens in the U.S.
What makes Alliant Credit Union’s CDs special?
Alliant Credit Union’s CDs stand out due to their competitive APYs and diverse range of term lengths, making them a smart choice for those looking to grow their savings over time.
Are there any hidden fees at Alliant Credit Union?
No, Alliant Credit Union is transparent about its fee structure, and you won’t encounter common fees like overdraft charges or monthly maintenance fees when banking with them.
In conclusion, Alliant Credit Union is a solid choice for those seeking high-yield financial products with minimal fees. Whether you’re interested in savings accounts, CDs, or checking accounts, Alliant offers competitive options and a seamless online banking experience. Plus, their commitment to customer benefits sets them apart from traditional banks
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