Credit unions tend to be known for tight membership requirements and few account options. But Alliant and Connexus are two with the chops to prove that thinking wrong.
Both institutions have a variety of accounts and make it easy to become a member. But which would work better for you?
Choose Alliant if:
- You want higher savings account rates.
- You want a larger ATM network.
Choose Connexus if:
- You want a high rate on your checking balance.
- You want a high rate on a share certificate — and are willing to deposit more to get it.
|Alliant High-Rate Checking||Connexus Xtraordinary Checking|
|Interest on balances||0.25% APY.||1.75% APY on up to $25,000.
|Minimum opening deposit||None.||None.|
|ATM fees and network||
|» Learn how Alliant and Connexus stack up against top banks with NerdWallet’s round-up of best checking accounts.|
» MORE: Read our review of Alliant.
|Alliant High-Rate Savings||Connexus Personal Savings|
|Monthly fee||$0, with e-statements.||$0.
|Interest on balances of $100 or more||0.65% APY.||0.25% APY.|
|Minimum opening deposit||$5, which Alliant will credit back to your account.||$5.
|» Want to compare these accounts to those offered at other banks and credit unions? Check out our round-up of NerdWallet's best savings accounts.|
|Minimum opening deposit||$1,000.||$5,000.
|APY on 1-year term||0.65%.||0.61%.|
|APY on 3-year term||0.70%.||0.80%.|
|APY on 5-year term||0.75%.||0.91%.|
» Read NerdWallet’s full review of Connexus Credit Union
Credit union experience
|Branches||One, in Chicago.||Participates in the Co-op network with access to 5,600 branches across the country. Less than 15 Connexus branches, all in Wisconsin, Minnesota, Ohio and New Hampshire.|
|Membership requirements||Sign up to support Foster Care to Success, a nonprofit that supports foster children. (Alliant will pay $5 to the organization on your behalf.)||Make a $5 donation to the Connexus Association, a financial literacy organization.|
|Banking apps (current ratings from app store users)||4.6 out of 5 stars for iOS; 4.5 out of 5 stars for Android.||4.7 out of 5 stars for iOS; 4.6 out of 5 stars for Android.|
|Customer service||24/7 by phone. Also available via email and Twitter.||Available by phone 6 a.m.-9 p.m. CT most weekdays and 8 a.m.-1 p.m. CT on Saturdays. Also available via chat and email.
|Overdraft protection transfer fee||$0 for a savings transfer, $3 for a line of credit.||$0 for a savings transfer or line of credit.|
|Extended overdraft fee||None.||None.|
Banking from home
As long as you don’t mind managing your accounts online — or you live near a branch — Alliant and Connexus are both good choices. Interested? Read our introduction to online and mobile banking. If you prefer in-person service, check out our list of best national banks.