Alliant Credit Union Review: Checking, Savings and CDs
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Overall bank rating
at Alliant Credit Union, Federally insured by NCUA
- CD rates
- Savings
- Savings
- Checking
- Banking experience
- Overdraft fees
4.5
Many credit unions offer better interest rates than banks do, but they also may have narrow membership requirements or less polished technology. But Alliant Credit Union combines the best of both worlds with broad membership criteria and strong rates, plus a good online and mobile banking experience.
Best for: Consumers who want high-yield checking and saving rates and a large ATM network.
Pros
- More than 80,000 free ATMs.
- Interest rates on checking and savings are well above average.
- No overdraft fees.
Cons
- No branches.
Full review
CD
Federally insured by NCUA
5.0
/5 NerdWallet ratingat Alliant Credit Union
Alliant's share certificates come with way above-average rates, but opening one does require some cash: you’ll need a $1,000 minimum opening deposit.
» Looking for top options? Check out our list of the highest CD rates
Savings
Federally insured by NCUA
4.5
/5 NerdWallet ratingAlliant's The Ultimate Opportunity Savings Account, which is the savings account we factored into the overall rating of the institution, is similar to its High-Rate Savings Account. It pays a competitive rate and is free if you opt into e-statements (otherwise, paper statements will cost you $1 each). Customers can make up to 19 supplemental accounts to save for specific goals.
The Ultimate Opportunity Savings Account also offers new customers a $100 bonus for making 12 consecutive monthly deposits of at least $100 each. You can learn more about this offer and other promotions in our list of the best bank bonuses.
Savings
Federally insured by NCUA
4.5
/5 NerdWallet ratingat Alliant Credit Union
Alliant's High-Rate Savings account, which did not factor into our overall rating of the credit union, earns an above-average rate and doesn’t charge a monthly fee if you select e-statements. Alliant also lets members open as many as 19 separate, supplemental accounts — each with its own nickname.
The credit union also offers a special savings account for parents who want to teach kids about money management.
» Want to see more options? Check out NerdWallet’s best savings accounts
Checking
Federally insured by NCUA
4.5
/5 NerdWallet ratingAlliant offers teen and high-rate checking accounts, neither of which charges a monthly fee. Qualify for High-Rate Checking's APY by enrolling in free e-statements and receiving at least one electronic deposit per month. The account also offers up to $20 per month in reimbursements for out-of-network ATM fees.
Banking experience
4.5
NerdWallet ratingAlliant's rates are commendable, but its inclusion is really impressive. Other credit unions restrict membership to people who work for certain companies or live in specific communities. With Alliant, you can apply for membership after making a one-time $5 donation to a nonprofit that supports foster children. Alliant will even pay the donation on your behalf.
Alliant has some drawbacks for those looking to bank in person. Unlike nearly 2,000 credit unions, it doesn't participate in shared branching, and is completely online. But it does offer a solid online banking platform and a highly rated mobile app, and customer support is available via Twitter and 24/7 by phone.
Members have access to online bill pay and can check their credit scores for free.
» Learn more: See how Alliant compares to the other best banks and credit unions for mobile banking
Overdraft fees
4.5
NerdWallet ratingAlliant was one of the first institutions in a recent wave to announce it would eliminate overdraft fees. Other banks and credit unions still charge overdraft fees of around $30-$35, up to several times per day.
Alliant doesn't offer an overdraft line of credit, which can be a low-cost way consumers can cover important bills when they're temporarily short on cash.
The credit union still offers an overdraft option, called Courtesy Pay, to help avoid declined transactions.
How does Alliant Credit Union compare?
 SoFi Checking and Savings Member FDIC |  CIT Bank Platinum Savings Member FDIC |  Citizens Online Savings Account Member FDIC |
|---|---|---|
NerdWallet rating 5.0 /5 | NerdWallet rating 4.0 /5 | NerdWallet rating 4.5 /5 |
APY 4.20% With $0 min. balance for APY | APY 4.85% With $5,000 min. balance for APY | APY 4.50% With $0.01 min. balance for APY |
Bonus $250 Earn up to $250 with direct deposit. Terms apply. | Bonus N/A | Bonus N/A |
Methodology
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
