Alliant Credit Union Zelle Review: This organization also makes it easy to open children’s accounts and teach them money. Through giving to an organization affiliated with Alliant, you can easily meet the eligibility requirements. Keep reading for more info.
Who is Alliant Credit Union Best for?
Alliant Credit Union offers account types to meet most of your financial needs. If you are a fan of credit unions and online banking, it may be the best of both worlds for you. Alliant should be particularly attractive to those who want:
High-interest rates on fee-free savings accounts
A checking account with rebates on fees that ATM owners charge
Savings accounts for children
Free checking with online bill payment
CDs that don’t charge hefty penalties if you cash out early
Over 80,000 ATMs in the Allpoint and CO-OP networks
The High-Rate Savings account is a competitive online bank account—at a credit union. Alliant’s account is also unique because you get an ATM card with your savings account, while some online banks require you to transfer money out of savings to get cash. Some perks/things to consider:
No monthly fees if you select electronic statements
No minimum deposit required
Earn 2.10 percent APY when your average daily balance is $100 or more
Deposit and withdraw cash at ATMs
Mobile check deposit
Open up to 19 subaccounts to manage your savings
The Alliant Free Checking account can help you manage payments at no cost. Some things to think about:
No monthly maintenance fees
Alliant may rebate up to $20 of ATM fees (excluding international transaction fees)
Free order of checks
Visa debit card for payments
Free online bill payment for one-time and recurring payments
Overdraft options: If you overdraw your account, you have two optional services that you can add to your account:
Overdraft Protection: Pull funds from a savings account at Alliant instead of having your card declined. There is no fee for that option, which is a nice perk. Some banks charge $10 or more for that service.
Courtesy Pay: Alliant can also “lend” you money to help payments go through. The charge for each Courtesy Pay is $28.
P2P payments: Alliant does not provide a built-in platform for personal payments, but you can link your account to services like PayPal, Zelle, and Venmo, which provide a front-end for P2P payments.
Alliant’s interest checking account has the same basic features as the previous standard checking account, but on the account balance, it pays dividends.
The allowance is not as high as some of the highest-paid money market accounts, but money market accounts limit to six or less per month all payments and transfers from your account. Some needs and issues to consider:
Make at least one electronic deposit per month to the account
Sign up for electronic statements
Earn 0.65 percent APY
Certificates of Deposit (CDs)
Alliant Credit Union sells regular CDs with many different terms and conditions. When you pay early withdrawal fees for early cashing out, Alliant does not levy fines on your principal as long as you keep the CD for more than 7 days.
Alliant’s CDs have two tiers:
Standard CDs with a minimum of $1,000
Jumbo CDs with a minimum of $25,000
Rates are as follows:
Standard CD Rates
12 to 17 months
18 to 23 months
24 to 35 months
36 to 47 months
Those rates are competitive with most other online banks. However, several banks, including Capital One 360 and Ally, don’t require a $1,000 deposit to open a CD.
Rates for jumbo CDs are slightly higher:
Jumbo CD Rates
12 to 17 months
18 to 23 months
24 to 35 months
36 to 47 months
Early withdrawal penalty amounts depend on the term you choose. As long as you hold your CD for more than seven days, you can limit the penalty to the interest you’ve earned.
Early Withdrawal Penalty
12 to 17-month CDs
90 days of interest or the interest you’ve earned, whichever is less
18 to 23-month CDs
120 days of interest or the interest you’ve earned, whichever is less
24 to 60-month CDs
180 days of interest or the interest you’ve earned, whichever is less
Kids Savings Accounts
Additionally, you can open savings accounts for children under the age of 13 to help them develop sound financial habits. To do this, Alliant needs a parent, grandparent, or guardian to collectively own the children’s account.
Otherwise, the plan features are the same as the High-Rate Savings account. If you want to open a child’s account but you don’t meet those conditions, other banks may allow it.
The Teen Checking account is similar to the standard Free Checking account, but it’s designed for members between the ages of 13 and 17. Some key considerations/perks:
No monthly fees or minimum balance requirements
Pays 0.65 percent APY on your checking account balance (if you sign up for electronic statements and set up at least one electronic deposit per month)
Requires a parent as a joint owner (must also be an Alliant Credit Union Member)
Parents can set limits on debit card spending
When the child turns 18, the account converts to a standard Alliant checking account. But the joint account owners remain the same (unless you request changes), and the spending limits are removed from the account.
Other Account Types
Alliant can accommodate several different types of accounts.
Retirement accounts: Open Traditional, Roth, and SEP IRAs, and invest the funds in a standard share account or use CDs for longer-term holdings.
Custodial accounts: Members can open accounts for the benefit of minors with Uniform Transfer to Minors Act (UTMA) accounts. Children have no access to those accounts, but they typically become the child’s property when the child reaches the state’s age of majority.
Trust accounts: Trustees can open checking accounts, savings accounts, and CDs.
Loans: As a full-service credit union, Alliant offers a wide range of loans, including credit cards, personal loans, student loans, home purchase loans, vehicle loans, and commercial real estate funding.
How to Bank with Alliant
To open an account, visit AlliantCreditUnion.org or call 800-328-1935.
Eligibility: Because Alliant is a credit union, you must apply for membership by meeting those requirements. Those who live near Chicago may be registered via their employer or geographic location, but by supporting Alliant’s affiliate charity, Foster Care to Success (FC2S), practically everyone nationally can become a Member. You meet the membership requirements of Alliant by contributing at least $5.
Like most US financial institutions, in order to open an account, you will need to provide personal information, including:
Details on how you qualify for membership
Names of all account owners
Social Security Number (SSN) or Tax ID Number(TIN) of all account owners
A physical address of account owners (mailing address optional)
E-mail address and phone numbers of account owners
Basic employment and income information
Bank account information for any accounts you wish to link to Alliant
You can fund your account with direct deposit, ACH transfers (from an unlimited number of external banks), wire transfers, remote deposit, or deposits by mail.
Fees are straightforward at Alliant.
Wire transfer out of Alliant: $25 domestic or $50 international
Paper account statement fees (optional): $1 per statement
International ATM/debit card charges: One percent of the transaction amount
Checking accounts have additional potential fees:
Courtesy Pay: $28
Insufficient funds: $25 per item (you may pay multiple fees per day)
When depositing money into your account, Alliant would temporarily keep the funds to minimize (but not eliminate) the risk of bad checks. Whether you are adding money by remote deposit, mail, or an ATM deposit, that is valid.
Policies introduced by Alliant are consistent with other banks. We aim to make funds accessible on the same business day (if Alliant receives them by 2 p.m. their time), and in many cases, funds are available quicker than is needed by federal law.
That said, always check the timeline with a representative of the customer service if you will need the money soon at any time.
Low-risk items: Federal and local government checks, USPS money orders, cashier’s checks, and certain payroll checks should be available on the same business day that Alliant processes your deposit.
New customers: During your first 30 days as a customer, Alliant may impose longer hold times. Personal checks and certain business checks should be available on the ninth day after processing.
Standard hold times: Besides low-risk items, most deposits should have the first $2,500 available on the day Alliant counts your deposit. The remainder should be available on the second business day after you deposit, in many cases.
Exceptions: Alliant can make less money available or extend the hold time in numerous situations (some of them outside of your control).
In those cases, the first $200 might be available on the day you deposit, with the rest subject to a longer hold time. Examples include (but are not limited to):
Deposits greater than $5,000: If you deposit more than $5,000 with one or more checks, Alliant says to expect the funds on the seventh business day after deposit.
Account history: If you’ve had returned deposits, overdrafts, or other issues in your account, Alliant may extend hold times.
ATM deposits: If you deposit funds from an ATM, Alliant expects your deposit to be made available on the same day.
Since wait times may be beyond your control (including delays due to environmental or technological events), when making a significant deposit, it is important to negotiate funds availability policies with customer service.
Even if the bank allows you to withdraw or spend money, you are liable if checks bounce in the end.
What is an Alliant Savings ATM Card?
An Alliant Savings ATM Card is an EMV chip card that can be used at ATMs to give you access to the funds in your Alliant Savings Account. Alliant Savings ATM cards are issued only to members who do not have an Alliant checking account debit card.
Does Alliant have personal financial management (PFM) app for its members?
Alliant Online Banking includes the Alliant Money Management and Budgeting Tool that lets you budget, set financial goals, track your net worth, and monitor your finances all in one place. And it’s accessible within our mobile banking app too!
How do I set up Alliant Online Banking?
Setting up your login and password for Alliant Online Banking is easy. Have your Membership number handy and then start here.
What is the difference between a regular checking account and a teen checking account?
An Alliant Teen Checking account must be opened as a joint account with a parent or guardian. It offers many of the same features as our regular checking account, but it offers greater peace of mind for parents or guardians through a variety of controls.
Parental Controls – The parent or guardian will be listed as a Joint Owner with complete access to the Teen Checking Account.
Spending Controls – For safe debit card use, there are cash withdrawal limits at ATMs of up to $100 per day, and spending limits for either signature-based or PIN purchases of up to $300 per day.
Who is eligible for an Alliant Teen Checking Account?
Members who are 13-17 years of age are eligible to open an Alliant Teen Checking Account.
What should I do when I receive a text message about fraud on my Alliant Visa card?
If you receive a fraud text alert, respond “Yes” if the transaction was legitimate, respond “No” if the transaction is fraudulent, and respond “Stop” to opt out of receiving future fraud text alerts.
Most credit unions offer better interest rates than banks do, but they may also have narrow criteria for membership and less refined technology.
But Alliant Credit Union combines the best of both worlds with broad membership criteria, great rates, and a good tech experience.
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