Alliant's Product Offerings

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Savings Accounts

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Alliant offers several savings account options:

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• High-Rate Savings: Earns 3.10% APY with a $100 minimum balance requirement and no monthly fees when you opt for eStatements

• Ultimate Opportunity Savings: Similar to the High-Rate Savings but comes with a $100 bonus for new members who deposit at least $100 monthly for 12 consecutive months

• Supplemental Savings: Allows members to create up to 19 separate accounts for different savings goals, each earning 3.10% APY with a $100 minimum balance

• Kids Savings: Designed for children under 12, with Alliant providing an initial $5 deposit

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Checking Accounts

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• High-Rate Checking: Earns 0.25% APY when you opt for eStatements and receive at least one electronic deposit monthly

• Teen Checking: Available for members aged 13-17, with no minimum balance requirements and the same 0.25% APY as the High-Rate Checking

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Certificates (CDs)

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Alliant offers competitive rates on certificates of deposit:

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• Standard CDs: Terms ranging from 3 months to 5 years with rates between 3.10% and 4.10% APY

• Jumbo CDs: Available for deposits of $75,000 or more, potentially offering slightly higher rates

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Credit Cards

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Alliant offers competitive credit card options for its members:

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• Alliant Cashback Signature Credit Card: This standout option offers up to 2.5% cash back on the first $10,000 in qualified purchases each month (1.5% thereafter) with no annual fee. Members who maintain an average daily balance of $1,000 or more in an Alliant checking account qualify for the boosted 2.5% rate, making it one of the most competitive flat-rate cash back cards on the market.

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• Alliant Visa Platinum Card: A no-annual-fee option featuring 0% APR on purchases and balance transfers for the first 12 months. This card stands out for its low 2% balance transfer fee, significantly lower than the 3-5% charged by many competitors.

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Both cards have no foreign transaction fees, making them excellent companions for international travel. They can be easily added to mobile wallets for contactless payments, though some users note that the physical cards don't all include tap-to-pay functionality yet.

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Other Products

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• Loans: Auto loans (including Tesla-specific loans) with rates starting at 5.84% APR, personal loans with same-day funding up to $100,000, mortgages, and HELOCs

• ATM Access: Free access to a network of over 80,000 ATMs nationwide, with up to $20 monthly in out-of-network ATM fee reimbursements

Pros and Cons of Banking with Alliant Credit Union

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Pros

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1. Competitive interest rates: Alliant consistently offers savings and CD rates that outperform big banks and even many online banks.
2. No monthly maintenance fees: Most Alliant accounts have no monthly fees, especially when you opt for eStatements.
3. Minimal overdraft fees: Alliant has eliminated overdraft fees, making it more affordable for members who occasionally overdraw their accounts.
4. Extensive ATM network: Access to over 80,000 fee-free ATMs, plus reimbursement for some out-of-network fees.
5. Open membership: Unlike many credit unions, virtually anyone can join Alliant.
6. Comprehensive digital services: Well-designed mobile app and online banking platform for managing accounts on the go.
7. Multiple savings accounts: The ability to create up to 19 supplemental savings accounts makes budgeting and saving for specific goals easier.
8. Environmental commitment: Alliant has earned high ratings for its climate safety initiatives and paperless operations.

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Cons

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1. No physical branches: As an online-only institution, Alliant doesn't offer in-person banking services.
2. Limited security features: Two-factor authentication is only available via SMS or email, lacking more robust options like app-based authentication or hardware keys.
3. No Zelle integration: Alliant doesn't currently support Zelle for peer-to-peer payments, which may be inconvenient for users who frequently send money to friends and family.
4. Minimum balance for interest: Savings accounts require a $100 minimum balance to earn interest.
5. CD minimum deposits: A $1,000 minimum deposit is required to open a CD, which may be prohibitive for some savers.
6. Website maintenance downtime: Users report occasional downtime during system maintenance, typically during overnight weekend hours.
7. Limited check deposit options: Some ATMs in Alliant's network don't accept check deposits, requiring users to deposit checks through the mobile app.

How Alliant Compares to Competitors

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Alliant vs. SoFi

SoFi offers a higher APY (up to 3.80%) on its checking and savings account compared to Alliant's 3.10% savings and 0.25% checking rates. SoFi also provides early direct deposit access, which Alliant is currently working on implementing. However, Alliant edges out SoFi with its extensive ATM network and reimbursements, making it potentially more convenient for members who frequently use ATMs.

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Alliant vs. CIT Bank

CIT Bank's Platinum Savings currently offers 4.10% APY, higher than Alliant's 3.10% rate. However, Alliant provides ATM access for its savings accounts, which isn't available with CIT. Alliant also offers a broader range of financial products and services, making it a more comprehensive option for those looking to consolidate their banking.

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Alliant vs. Pentagon Federal Credit Union (PenFed)

Both PenFed and Alliant offer open membership, allowing anyone to join. While PenFed maintains physical branches in several states, it charges fees for using out-of-network ATMs without offering reimbursement. Alliant's lack of overdraft fees also gives it an advantage over PenFed, which still charges these fees. However, PenFed offers money market accounts, which Alliant doesn't.

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Alliant vs. Marcus by Goldman Sachs

Marcus offers a high-yield savings account and CDs with competitive rates but lacks checking accounts and ATM access. Alliant provides a more comprehensive banking experience with both checking and savings options, plus ATM access. Marcus does offer a no-penalty CD option, which isn't available at Alliant.

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Alliant vs. Popular Direct

Popular Direct offers impressive rates on savings accounts and CDs but requires higher minimum deposits ($5,000 for savings). Alliant's lower minimum requirements make it more accessible to a broader range of savers, and its more comprehensive product lineup provides a one-stop banking solution that Popular Direct doesn't match.

Real-Life Examples: Member Experiences with Alliant

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Case Study 1: The Rate-Conscious Saver

Sarah, a 35-year-old software developer, switched to Alliant after becoming frustrated with the minimal interest her traditional bank offered on her emergency fund. With $25,000 in savings, the difference between her bank's 0.01% APY and Alliant's 3.10% APY meant an increase in annual interest from $2.50 to $775. Sarah particularly appreciates Alliant's supplemental savings accounts, which allow her to organize funds for different goals while earning competitive rates on all of them.

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Case Study 2: The Fee-Avoidant Spender

Marcus, a 28-year-old gig worker with variable income, was repeatedly hit with overdraft fees at his previous bank. Since switching to Alliant, he no longer worries about these fees when his account balance runs low between paychecks. He estimates saving over $350 annually in avoided overdraft fees alone, not counting the additional interest earned on his savings.

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Case Study 3: The Digital Nomad

Elena, a 42-year-old consultant who travels frequently for work, values Alliant's extensive ATM network and reimbursement policy. Before joining Alliant, she was spending approximately $20-30 monthly on ATM fees while traveling. With Alliant's reimbursement of up to $20 per month in out-of-network ATM fees, combined with its large network of fee-free ATMs, she now spends virtually nothing on ATM access, saving her hundreds of dollars annually.

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Case Study 4: The Cash-Back Maximizer

David, a 31-year-old who carefully tracks his spending, uses Alliant's Cashback Signature Credit Card for his everyday purchases. By maintaining a $1,000 average monthly balance in his Alliant checking account, he qualifies for the boosted 2.5% cash back rate (on up to $10,000 in monthly purchases). For someone spending $2,500 monthly, this translates to $750 in annual cash back—significantly more than he earned with his previous 1.5% cash back card.

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Case Study 5: The Balance Transfer Beneficiary

Jennifer, a 40-year-old teacher, had accumulated $8,000 in credit card debt across multiple high-interest cards following unexpected medical expenses. After researching her options, she applied for Alliant's Visa Platinum Card with its 0% introductory APR on balance transfers and 2% transfer fee. Compared to competitors charging 3-5% transfer fees, Jennifer saved up to $240 in upfront costs alone. The 12-month interest-free period gave her time to pay down her debt without accumulating additional interest, resulting in total savings of over $1,200 compared to her previous cards' average 18% APR.

Is Alliant Credit Union Right for You?

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Alliant Credit Union might be ideal for you if:

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• You're comfortable with online-only banking

• You want to earn competitive interest rates on savings and CDs

• You're looking to avoid monthly maintenance and overdraft fees

• You frequently use ATMs and would benefit from fee-free access and reimbursements

• You want the flexibility of multiple savings accounts for different goals

• You prefer the member-owned structure of a credit union

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However, Alliant might not be the best fit if:

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• You value in-person banking services

• You frequently send money using Zelle

• You want enhanced security features beyond SMS or email-based two-factor authentication

• You're looking for the absolute highest interest rates (though Alliant's rates are competitive, some online banks offer slightly higher APYs)

• You don't have $100 to maintain in savings or $1,000 to invest in CDs

Final Thoughts

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Alliant Credit Union offers a compelling combination of competitive rates, minimal fees, and broad accessibility that makes it a strong contender in the digital banking landscape. Its commitment to the credit union philosophy of member service, combined with modern digital banking features, provides a refreshing alternative to both traditional banks and newer fintech companies.

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While Alliant does have some limitations—particularly in terms of its online-only model and certain missing features like Zelle integration—its overall value proposition makes it worth considering for anyone looking to optimize their banking relationship in 2025.

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Whether you're seeking better returns on your savings, looking to avoid fees, or simply want a more member-focused banking experience, Alliant Credit Union deserves a spot on your shortlist of financial institutions to consider.