Is Alliant Credit Union Right for You? An Honest Review

Alliant Credit Union is a popular choice for people looking for better banking options. It offers higher savings rates, low fees, and excellent customer service. Whether you're saving for the future, need a checking account, or want a personal loan, Alliant provides a variety of financial tools to help you manage your money. This review will explore the benefits, drawbacks, and features of Alliant Credit Union to help you decide if it's the right fit for your financial needs. Let's take a closer look!

History and Background

Alliant Credit Union was established in 1935 as United Airlines Employees’ Credit Union for the employees of the airline organization. During the 1980s it opened its doors to other selected employee groups and thus adopted the United Airlines Employee Credit Union (UAECU) name. Originally founded in 1938 as United Association Employees’ Credit Union, in 2003 the credit union became Alliant Credit Union and was made open to anyone who resides or works in one of the many areas near its home base in Chicago. Alliant today offering services to more than 500,000 members with asset base of than $15 Billion.

Membership Requirements

Unlike traditional banks, credit unions are not-for-profit organizations owned by their members. This means that all profits are reinvested back into the institution to benefit its members. To join Alliant Credit Union, you must meet one of the following criteria:

• Be an employee or retiree of a select company or organization
• Be related to or live with someone who is already a member
• Make a one-time $10 donation to Foster Care for Success, the credit union's charity partner

If you don't meet any of these requirements, you can still become a member by joining the National PTA and paying a $37 membership fee.

Account Options

Alliant Credit Union offers various account options to suit your financial needs. Some of its most popular accounts include:

High-Rate Savings Account

The High-Rate Savings Account is one of Alliant's most attractive offerings. It boasts a competitive annual percentage yield (APY) that is significantly higher than the national average, making it an excellent choice for those looking to grow their savings. There are no monthly maintenance fees, provided you opt for eStatements, and the account requires a low minimum deposit of just $5 to open.

Free Checking Account

Alliant's Free Checking Account is another standout feature. It comes with no monthly maintenance fees and no minimum balance requirements, offering members a straightforward and cost-effective way to manage their daily transactions. The account also includes unlimited ATM fee rebates at out-of-network ATMs, making it a great option for frequent travelers or those who don’t live near an Alliant-branded ATM. Furthermore, the Free Checking Account offers access to features such as mobile check deposit and contactless payments, ensuring a seamless and modern banking experience.

Certificates of Deposit (CDs)

For those interested in locking in a higher rate of return, Alliant Credit Union offers Certificates of Deposit (CDs) with competitive rates and flexible terms ranging from 12 to 60 months. These CDs are an excellent savings tool for members who have funds they can set aside for a period of time without needing immediate access. The minimum deposit to open a CD is $1,000, and the higher the term length, the higher the APY you can earn.

Pros of Alliant Credit Union

• Higher Interest Rates: Alliant offers higher interest rates on savings and CD accounts compared to traditional banks.
• No Monthly Fees: Most of Alliant's accounts have no monthly fees, helping you save money in the long run.
• Nationwide ATM Access: As a member of Alliant, you can access over 80,000 surcharge-free ATMs nationwide.
• Excellent Customer Service: Alliant has been consistently praised for its top-notch customer service and easy-to-use online and mobile banking platforms.

Cons of Alliant Credit Union

• Limited Branch Locations: Alliant Credit Union only has a handful of physical branch locations, making it less convenient for those who prefer in-person banking.
• Membership Requirements: While joining the National PTA is an option for those who don't meet other eligibility requirements, it may not be an ideal solution for everyone.
• Limited Account Options: Alliant offers a decent selection of accounts, but it may not have all the options that other banks or credit unions offer.

How to Join Alliant Credit Union

To join Alliant Credit Union, you can apply online or visit one of its physical branch locations. You'll need to provide personal information such as your Social Security number and a government-issued ID. If you don't meet any of the membership criteria, make sure to have your $10 donation or proof of National PTA membership ready.

Alterntives to Alliant Credit Union

If you're not convinced that Alliant is the right fit for you, here are a few alternatives worth considering:

Navy Federal Credit Union

As the largest credit union in the United States, Navy Federal offers a wide range of products and services for its members. It has over 340 physical branches worldwide and boasts competitive rates on savings accounts and loans.

Ally Bank

Ally Bank is an online bank that offers high-interest checking and savings accounts, as well as various investment options. It also has no monthly fees or minimum balance requirements, making it a popular choice among those looking for convenient digital banking.

Final Thoughts

Alliant Credit Union is a reputable institution with attractive features and benefits for its members. Its higher interest rates, fewer fees, and excellent customer service make it stand out from traditional banks. However, its limited branch locations and membership requirements may not work for everyone. It's always a good idea to thoroughly research and compare different financial institutions before making a decision that best fits your needs. Whether you choose Alliant or another option, make sure to prioritize factors such as rates, fees, convenience, and customer service when evaluating your options.