Alliant Credit Union vs Alternatives: A Comprehensive Review

Alliant Credit Union is a highly-rated financial institution that offers a range of benefits to its members. With over 800,000 members and $15 billion in assets, it's one of the largest credit unions in the US.

One of the standout features of Alliant is its high-yield interest rate on savings accounts. According to the article, Alliant's savings account offers a rate of 2.50% APY, significantly higher than the national average.

The credit union also offers a range of low-rate loans, including personal loans and mortgages. Members can borrow up to $50,000 with rates as low as 6.99% APR, making it a more affordable option than many traditional banks.

In contrast to some other credit unions, Alliant has no fees for its basic services, including online banking and mobile banking. This makes it a convenient and cost-effective option for members.

Alliant Credit Union offers a variety of account options to suit different needs.

You can choose from three savings account options: High-Rate Savings, Kids Savings, and Supplemental Savings. Each account earns 3.10% APY and has a minimum balance requirement of $100 for the High-Rate Savings account.

The High-Rate Savings account doesn't have a monthly fee if you opt for e-statements, and Alliant will cover an initial $5 deposit to get your kid started with the Kids Savings account. The Supplemental Savings account is a great option for saving for specific goals, and you can open multiple accounts to divvy up your savings.

Here's a breakdown of the account options:

Alliant also offers two checking account options: High-Rate Checking and Teen Checking. The High-Rate Checking account earns 0.25% APY and has no monthly service fees, overdraft fees, or minimum balance requirements.

Alliant Credit Union offers a decent selection of products to choose from when you need to borrow money, but they're not really anything to write home about.

The credit cards offered by Alliant include a Visa Platinum Credit Card with no annual fee and no rewards, as well as an Alliant Cashback Visa Signature Credit Card that offers 1.5% cash back on all purchases, or 2.5% cash back on up to $10,000 per billing cycle if you meet certain requirements.

Alliant's loan products include mortgages, auto loans, credit cards, HELOCs, personal loans, car loans, and RV loans.

Here are the loan amounts and terms for some of these loan types:

If you're looking to buy a car, Alliant's Car Buying Service can net you a 0.50% APR discount on a car loan.

Alliant Credit Union has a large customer base with over 800,000 members.

Reviews from actual customers paint a mixed picture, with an average rating of 1.6 stars on Trustpilot and 1.14 stars on the Better Business Bureau website.

These ratings are based on a relatively small number of reviews, with fewer than 50 reviews on the Better Business Bureau website.

Since 2011, over 1,000 complaints have been lodged against Alliant Credit Union with the Consumer Financial Protection Bureau.

Despite these complaints, Alliant Credit Union has a reputation for great customer service, with many members expressing their satisfaction with the service they receive.

One member even said they're "always happy with the service I get and the people at Alliant", highlighting the credit union's commitment to customer care.

Fees at Alliant Credit Union are generally low, but there are some exceptions. Most checking accounts don't have a monthly fee.

You'll be reimbursed $20 per month if you use a third-party ATM and get charged a fee. This is a nice perk for frequent travelers or those who need to use ATMs often.

Early closure of a share certificate will result in a penalty, which varies by term length. The penalty is equal to the number of days the CD is open, up to a maximum of 90, 120, or 180 days, depending on the term.

Here's a breakdown of the early closure penalties:

Some other fees to be aware of include a $10 fee for early closure of an account within 90 days, a $10 fee for dormant or inactive savings accounts, and fees for wire transfers and return deposit items.

Share Certificates are a great option for growing your savings over time. Alliant Credit Union offers a wide range of share certificates, also known as certificates of deposit, with competitive rates.

To get started, you'll need to deposit at least $1,000. This minimum deposit requirement applies to most share certificates, but there's a special exception for jumbo CDs. If you have a big chunk of money to spare, you can opt for a jumbo CD with a minimum deposit of $75,000.

The rates for share certificates vary depending on the term length. Here's a breakdown of the APY (Annual Percentage Yield) ranges for different term lengths:

Keep in mind that withdrawing your money early from a share certificate will come with a penalty. The penalty amount varies depending on the term length, but it's calculated based on the number of days the CD is open.

Alliant Credit Union offers a wide range of low-fee products and services. Their high-yield savings accounts earn 0.25% APY and come with benefits like $20 in monthly ATM reimbursements and no monthly maintenance fees.

Their share certificates require a minimum deposit of $1,000, with jumbo certificates needing a minimum of $75,000. Alliant also offers a variety of savings accounts, including High-Rate Savings, Supplemental Savings, and Kids Savings.

Alliant's checking accounts come with $20 in monthly ATM rebates if you use a third-party machine and get charged a fee. This is a great perk for frequent travelers or those who need to access their money on the go.

Some of the other products offered by Alliant include credit cards, mortgages, HELOCs, personal loans, car loans, and RV loans. These options can be useful for those who need to borrow money, but it's worth noting that the rates may not be the most competitive.

Here's a breakdown of Alliant's fees for early closure of certificates:

Alliant Credit Union offers a range of benefits, but how does it stack up against other financial institutions? Let's take a look at some comparisons.

Alliant Credit Union has a rating, but the article doesn't specify what it is. However, it does mention that Navy Federal Credit Union offers attractive rates on certificates, and Ally Bank has a 3.80% APY on its online savings account.

If you're looking for a credit union with a wide range of ATM options, Alliant Credit Union stands out with 80,000 surcharge-free ATMs.

Alliant Credit Union stacks up well against other financial institutions, but it's not the only option. Navy Federal Credit Union is another popular choice, but membership is limited to those with an affiliation to the Department of Defense.

Alliant's savings APY of 3.10% is lower than Ally Bank's 3.80% APY, but Ally Bank requires a $0 minimum deposit, whereas Alliant requires $100. Navy Federal Credit Union has a savings APY of 0.25%, which is significantly lower than both Alliant and Ally Bank.

Here's a comparison of the three institutions' fees and APYs:

Alliant's lack of physical branches is a notable drawback, but it's not the only online-only credit union. If earning the highest interest rates possible is your priority, you may want to look elsewhere, as Alliant's savings rates aren't the highest.

Service satisfaction is a top priority for many customers.

People like the service they get from companies like Alliant, who have caring and knowledgeable staff.

I've read that customers are always happy with the service they receive from Alliant.

Their agents are happy to help, and that's a great experience for customers.

I've seen that customers appreciate the positive interactions they have with companies like Alliant.

Thank you to customers who share their feedback, it helps companies like Alliant to know they're doing something right.

We can learn from customers who are happy with the service they receive, and companies like Alliant are definitely doing something right.

Alliant Credit Union has a history of poor customer satisfaction, with a 1.6-star rating on Trustpilot based on only 60 reviews.

Members have lodged over 1,000 complaints about Alliant Credit Union since 2011, a staggering number that raises concerns about the credit union's ability to handle customer issues.

Some members have reported being treated poorly by Alliant, with one member claiming that the credit union took money out of their son's account without communication, and then closed their case multiple times.

The member was only able to get answers by contacting Alliant on LinkedIn, highlighting a lack of transparency and communication within the credit union.

To become a member of Alliant Credit Union, you'll need to meet one of the eligibility criteria, such as being a current or retired employee of an Alliant-partner business, or living or working in a community close to Alliant's Chicago corporate headquarters.

You'll need to provide a Social Security number or unexpired ITIN, a government-issued ID, and a document to prove your address to apply for membership. This can be done online, over the phone, or by mailing or faxing a paper application.

To open an account, you'll need to select which deposit accounts you want when you sign up for membership. You can choose from a High-Rate Checking and High-Rate Savings account to get started.

Alliant Credit Union offers three different savings account options: High-Rate Savings, Kids Savings, and Supplemental Savings.

The High-Rate Savings Account requires a minimum balance of $100 to earn 3.10% APY, but you won't face a monthly fee if you opt for e-statements.

The Kids Savings Account is available for kids ages 12 and under, and Alliant will cover an initial $5 deposit to get them started. Kids Savings offers the same APY as the High-Rate Savings Account.

You can open multiple Supplemental Savings Accounts to divvy up your savings for different goals, and each account offers 3.10% APY.

Here's a quick rundown of the savings accounts offered by Alliant Credit Union:

Remember, you won't earn any interest until your balance is $100 or more on these accounts, so be sure to keep that in mind when managing your savings.

To bank with Alliant Credit Union, you'll need to become a member first. You can do this by meeting one of the eligibility requirements, such as being a current or retired employee from an Alliant-partner business or living in a community close to Alliant's Chicago corporate headquarters.

To open an account, you'll need to provide a Social Security number or unexpired ITIN, a government-issued ID, and a document to prove your address. You can apply for membership online, over the phone, or by printing out a paper application and mailing or faxing it to Alliant's headquarters.

You'll need to open both a High-Rate Checking and High-Rate Savings account to get started. These accounts are great options if you use ATMs often, as Alliant offers access to 80,000-plus free ATMs.

To avoid monthly fees, simply sign up for electronic statements and make at least one electronic deposit into your account each month. You can earn a decent interest rate of 0.25% APY on your High-Rate Checking account, but you'll only earn that rate if you meet the monthly qualifications.

Here are the eligibility requirements for Alliant Credit Union membership:

When shopping for a mortgage, you have options. You can choose from fixed-rate or adjustable-rate mortgages, with conventional, refinance, and jumbo loan types available.

Making a down payment can be a challenge, but Alliant allows you to put down as little as 5% of the loan amount in most cases. First-time homebuyers can even buy a home with 0% down as long as the purchase price is $650,000 or less.

Low or no-down-payment loans do come with higher monthly costs, however. It's essential to factor this into your budget.

Alliant mortgages offer a 90-day rate lock, which is longer than the industry standard of 30 to 60 days. This can provide peace of mind when buying a home.

If you're a newly minted doctor or dentist, you may qualify more easily for mortgages up to $850,000. This is a great option to consider.

Here are some loan types available through Alliant:

Additionally, Alliant offers home equity lines of credit (HELOCs).

Alliant Credit Union has mobile apps for both iPhone and Android users, which have received high ratings in the Apple App Store and Google Play Store.

The mobile app offers standard features like mobile check deposit, making it easy to manage your finances on the go.

With an average rating of 4.7/5 stars in the Apple App Store and 4.5/5 stars in the Google Play Store, you can trust that the app is reliable and user-friendly.

The app also offers a few nice perks, such as easily tracking your ATM fee refunds, which can be a huge time-saver.

Face ID login is another convenient feature that allows you to securely access your account with just a glance.