Alliant Credit Union Accounts, How to Join and Eligibility
Alliant Credit Union is yet another online credits union. If you are reading this article. chance are you want to know just enough about the Alliant Credit Union. Lets get right into the article as there is so much to discover about this particular credit union.
About Alliant Credit Union
Alliant Credit Union is an online credit union that offers a full range of products and services. It provides a competitive APY on its savings account and has plenty of options for personal banking, including accounts for kids and teens.
This credit union offers membership to employees, retirees and members of various organizations, relatives of its current members and people who live or work near the bank’s headquarters in Chicago.
But you also can join the credit union by paying $5 to become a member of Foster Care to Success (FC2S), which provides education grants and scholarships to teens in foster care throughout the U.S.
It will cover your $5 membership fee by depositing the amount into your account once you’re set up.
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High-Rate Checking: This checking account offers 0.25% APY without monthly service fees or minimum balance requirements. You will have to make at least one electronic deposit per month in order to earn interest on your balance.
This deposit you make can either be a direct or payroll deposit, an ATM or mobile deposit or a transfer from another financial institution.
It comes with a Visa debit card and is eligible for free overdraft protection when you link an Alliant savings account. Checking account dividends are paid on the last day of the month.
Teen Checking: This account is available for members who are 13 to 17 years old, with joint ownership by a member parent.
There is no minimum balance or monthly fee for the checking account, and this account also earns 0.25% APY. The Visa debit card has a daily limit of $100 for ATM withdrawals and $300 for purchases.
High-Rate Savings: The high-yield savings account offers 0.55% APY. The minimum deposit to open the account is just $5. You would maintain an average daily balance of $100 in order to earn interest.
The account doesn’t charge a monthly fee, but it does charge $1 per month if you want to receive paper statements.
Supplemental Savings: Once you have a High-Rate Savings account with Alliant, you can go ahead and open up to 19 supplemental accounts. You can name these accounts for your savings goals, and each one earns the same APY as your main high-yield savings account.
Take note you must keep at least $5 in each savings account to maintain it, and the minimum balance of $100 in order to earn interest applies to each supplemental account.
Kids Savings Accounts: Children age 12 and younger can open their own high-yield savings account as a co-owner with an Alliant-member parent, grandparent or guardian.
It pays the $5 opening deposit and there are no monthly fees so long as you opt for electronic statements over paper, for which Alliant charges $1 per month. The account requires a $100 balance to earn interest.
The credit Union brands its certificates of deposit (CDs) as Alliant Certificates. Alliant offers Certificates with maturity dates ranging from 12 to 60 months.
The highest APY you can earn with a CD from Alliant is 0.65% for a 60-month term. You will need to have an active savings account with Alliant to open a CD.
|12 to 17 Months||0.50%|
|18 to 23 Months||0.50%|
|24 to 35 Months||0.55%|
|36 to 47 Months||0.60%|
Alliant requires a minimum deposit of $1,000 to open a Certificate. Interest on the Certificates is compounded on a monthly basis.
Retirement Savings: If you are interested in retirement savings, also Alliant offers a Traditional IRA Certificate, a Roth IRA Certificate and a SEP IRA Certificate.
Each of these IRA certificates earns the same APY as the regular Alliant Certificate. The same $1,000 minimum deposit is required.
How to Access Credit Union
This credit union has a robust set of online and mobile banking tools for its members. The credit union’s app is available for iOS (receiving a rating of 4.7 out of 5 stars at the App Store) and Android (rated 4.7 at Google Play).
The app allows users to deposit checks, monitor balances and make payments with bill pay. If you have a question about your account, you can ask via the app’s secure messenger.
The Mobile Banking app also features the Alliant Budget & Planning Tool, which helps users create and monitor budgets and set financial goals.
Pros and Cons of About this Credit Union
- Competitive APYs
- Checking account offers dividends without a high balance requirement
- Extensive ATM network with varied options
- Alliant does not have branches, so you must feel comfortable banking online, by mobile app and by phone only
- Kids savings accounts must be opened prior to age 12
- $1 per month paper statement fee
Your Eligibility Criteria
There are some eligibility you have to when you chose to sign up or apply for any type of Card. This criteria entails that you
- Are a current or retired employee from one of the many businesses and organizations Alliant partners with in the U.S.
- Are a domestic partner or immediate family member of a current Alliant member
- Live or work in one of the communities near our Corporate Headquarters in Chicago.
- If you are not eligible through another option you can become a member of Foster Care to Success (FC2S) and become eligible for Alliant membership. FC2S serves thousands of foster teens across the United States, focusing on those who are aging out of the foster care system. FC2S awards grants and scholarships for higher education and provides care packages, mentoring and internships. (Alliant will pay a $5 membership fee to FC2S on the member’s behalf.)
Note for non-US residents: You can become a member and live outside the United States, but only if you have either (1) a Social Security number or (2) an unexpired ITIN.
At this point, we have exhuated everything we have concerning the Alliant Credit Union, we believe this article has cleared your doubts as well about this credit card union.
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