The goods and services provided by Alliant Credit Union, an online credit union, are extensive. It offers an attractive annual percentage yield (APY) on savings accounts and various other personal banking services, including versions tailored to children and teenagers.

People who work or reside near Alliant's Chicago headquarters are eligible to become members, as do retirees and members of numerous organizations.

To support the credit union's mission of providing financial aid to youth in foster care across the United States, a $5 membership to Foster Care to Success is required. After you've signed up, Alliant will credit your account with $5 to pay the $5 membership charge.

Alliant Credit Union: The Workings Explained

Those living in any state in the United States can create an account with Alliant Credit Union because of the convenience of doing so online. Membership is required to create an account at a credit union, although joining Alliant is more straightforward than most other credit unions.

You can become a part of Alliant if you are an employee, a retiree, or a member of a qualifying group. You can also join Alliant if you are a relative of an existing member or live in specified areas of Illinois.

An Overview of Your Account

Checking

High-Interest Checking Account at Alliant Credit Union. No maintenance fees or minimum balance limitations are associated with this checking account's 0.25% APY. To get dividends on your account balance, you must make at least one electronic deposit each month, or a transfer from another financial institution.

Savings

Premium Savings Accounts at Alliant Credit Union. There is an annual percentage yield of 2.70 percent on Alliant's high-yield savings account. Alliant will cover the $5 minimum deposit required to create the report, but you'll need to keep $100 daily to receive dividends. There is no account maintenance cost.

CDs

Certificates of deposit issued by Alliant are called Alliant Certificates. Certificates from Alliant can be purchased with maturities ranging from 12 to 60 months. At Alliant, a 60-month CD will earn you the maximum annual percentage yield of 4.25%. Open a certificate of deposit with Alliant if you already have savings or trust account there.

Mobile Access

Because it is primarily an online credit union, Alliant provides its members with a full suite of digital banking options, including smartphone access. The credit union has an app for iOS and Android, with a 4.7-star rating in the App Store.

Users may utilize the mobile app to deposit checks, check account balances, and pay bills. The encrypted in-app chat feature may be used to ask any account-related questions.

Reliability and BBB standing of Alliant

The BBB has awarded Alliant Credit Union an A+ ranking. Business practices, including prompt resolution of customer complaints, truth in advertising, and openness in dealing with customers, are all indicators of a high BBB rating.

Currently, there are no known controversies involving Alliant. Bank with confidence, knowing that Alliant has an A+ rating with the BBB and a good reputation in the community.

A Comparison Between Alliant and Pentagon Federal Credit Unions

Since Alliant doesn't offer them, money market accounts at Pentagon Federal Credit Union are the apparent alternative. If you're looking for a bank that offers both online and in-person banking options and resides near a PenFed location, then PenFed is the best option.

A PenFed account can be opened online, and physical locations can be found in 13 US states, the District of Columbia, and military facilities in Guam, Puerto Rico, and Japan. However, Alliant may be a good fit for you if you often use ATMs.

While both credit unions offer free access to a vast network of ATMs, PenFed will not cover the cost of operating an ATM from a different network. There is a $1.50 fee from PenFed for using an ATM that is not part of their network.

Competition Between Alliant and Connexus Credit Unions

Avoid Alliant for a money market account and go with Connexus Credit Union instead. Alliant may be the better option if you plan on using ATMs outside of your network. Connexus provides its customers with access to an ATM network, and there are no fees associated with utilizing ATMs that are not part of its network.

However, Connexus would not reimburse you for any costs incurred by utilizing an ATM that is not part of its network. If you use an ATM and incur fees, Alliant will pay up to $20 monthly to cover those costs.