APY GUY: Maximize Your Savings & Earnings

Alliant Credit Union

Alliant Credit Union CD Rates – Now up to 5.05% APY!

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Alliant Credit Union is the 8th largest credit union in the country and the largest credit union in Illinois. This institution was established in 1935 by 146 United Airline employees under the name the United Airlines Employees’ Credit Union. Headquartered in Chicago ever since and now called Alliant, the financial cooperative serves 450,000 members nationwide today.

Alliant is not only large, but it’s also impressively decorated with various awards including “MONEY’s Best Credit Union of 2019,” “Bankrate Best Credit Union of 2019,” and “Nerdwallet Best Banks 2019.” There are many ways to become an Alliant member and take advantage of good CD rates and superb savings options.

Alliant Credit Union CD Rates + Details

image credit: alliantcreditunion.org

Alliant Credit Union offers 8 standard CDs (certificates of deposit) with terms ranging from 3 months to 5 years as well as 8 Jumbo CDs with the same range of terms but a higher minimum deposit requirement.

All of Alliant Credit Union’s standard CDs come with a minimum deposit requirement of $1,000 and their jumbo CDs require a minimum deposit of $75,000.

Alliant Credit Union CDs are federally insured by the NCUA (FDIC equivalent for credit unions) up to $250,000.

CD Rates

CD TermAPY
3 months4.50%
3 month jumbo4.50%
6 months4.75%
6 month jumbo4.75%
12 months5.00%
12 month jumbo5.05%
18 months4.50%
18 month jumbo4.60%
24 months4.45%
24 month jumbo4.55%
48 months4.30%
48 month jumbo4.30%
60 months4.35%
60 month jumbo4.35%
APY = Annual Percentage Yield

To put these yields into perspective, the national average for a 12 month CD and a 60 month CD sit at just 1.49% APY and 1.35% APY, respectively, according to FDIC data.

That said, some online bank CDs and other nationally available credit unions are starting to offer more than 5.00% and 4.75% APY for the same respective terms.

Compounding and Crediting Interest

Interest is both compounded and credited back to the deposit account monthly.

Grace Period and Early Withdrawal Penalties

Upon the maturity of your Alliant Credit Union CD, you are provided a 7-day “grace period” in which you may modify your CD or close it out. If nothing is done during this 7 day window your CD will automatically renew with the same term and the going APY at that time.

If you need funds from your CD prior to its maturity you will incur an early withdrawal fee. Early withdrawal fees are as follows:

CD Maturity PeriodsFee
12 – 17 monthsNumber of days’ interest since issuance up to 90 days
18 – 23 monthsNumber of days’ interest since issuance up to 120 days
24 – 48 or 60 monthsNumber of days’ interest since issuance up to 180 days

If you have a 24 month certificate and have to withdraw after 120 days of opening, for example, you will be charged 120 days’ interest—the total interest your account would have earned—but still receive your initial principal in full.

How to Open a CD

Opening an Alliant credit union certificate account is fairly simple and there are four ways to do it:

  1. Online
  2. Call (800) 328-1935
  3. Mail in a ​certificate application
  4. In person at the Alliant branch

Other Savings Accounts Offered By Alliant Credit Union

Alliant Credit Union has three different savings accounts:

  1. high-rate savings account,
  2. supplemental savings account, and
  3. kids savings account.
Savings Account NameAPY
High Rate Savings Account3.10%
Supplemental Savings Account3.10%
Kids Savings Account3.10%
APY = Annual Percentage Yield

The ​high-rate savings account​ is your share in Alliant and is opened automatically when you become an Alliant member.

A high-rate savings account requires a minimum opening deposit of just $5—which Alliant pays for you—and a minimum average daily balance of $100 to earn interest. Withdrawals from this account, which must be pre-authorized, may not exceed six per month, per savings account. There are no monthly fees when you elect for eStatements and no maximum balance limits. Paper account statements cost $1 each.

There is no real difference between a high-rate savings account and a supplemental savings account other than that supplemental savings accounts are in addition to the required high-rate savings account. A supplemental savings account also earns an APY of 3.10% and needs an average daily balance of $100 to accrue interest. You may open up to 19 supplemental savings accounts.

One nice perk of Alliant savings accounts is that they come with Alliant Savings ATM cards if you don’t already have an Alliant checking account debit card. This makes accessing funds a whole lot easier because cards can be used at any of 80,000+ Alliant-affiliated ATMs.

Finally, the ​kid savings account​. This, like the others, earns an APY of 3.10%. Unlike the others, it’s only for individuals 12 years old and younger. Joint ownership with a parent or guardian that is an Alliant member is required. Everything else is the same for this savings account.

About Alliant Credit Union + Eligibility

There are 450,000 Alliant members across the country. Alliant currently has over $11 billion in assets and $8.5 billion in loans.

As big as this credit union is, there is only one physical Alliant Credit Union branch and it is the headquarters location in Chicago. Other than that, there is no way to do in-person banking. Unfortunately, Alliant does not participate in shared or co-op branching with other credit unions, but it does give its members access to over ​80,000 surcharge-free ATMs​, some of these Alliant-owned and some shared with other credit unions.

Nearly anyone can qualify for membership with Alliant Credit Union because there are five eligibility requirements:

  1. You are a current or retired employee of a business or organization in partnership with Alliant (search these ​here​).
  2. Someone in your immediate family or your domestic partner is an Alliant member.
  3. You live or work in a ​qualifying community​ around the Alliant headquarters in Chicago, Illinois.
  4. You are a member of a ​qualifying organization.
  5. You are a member of ​Foster Care to Success​ ($5 membership fee paid on your behalf by Alliant).

If you don’t otherwise qualify and choose to go the #5 route, all you have to do is show your support for Alliant’s partner charity, Foster Care to Success, by letting Alliant donate $5 under your name. Anyone can become a member this way. This nonprofit serves foster teens nearing the age limit of the foster care system by connecting them with educational and employment opportunities and resources.

The generous eligibility policies of Alliant make it possible for any U.S. citizen to join Alliant, but even ​non-U.S. residents​ can join as long as they have a valid Social Security number or unexpired ITIN.

Alliant Credit Union Teen Checking Account with Debit Card

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image credit: alliantcreditunion.org

Alliant Credit Union is a name you’ve heard before. A lot of our readers are Alliant customers and we’ve had the opportunity to review several products from this institution in the past. Today, we’re reviewing an account just for teens.

The Alliant Teen Checking Account With Debit Card is an interest-bearing joint checking account for families with teens. It is a free account geared toward young adults that lets users deposit their own money, make payments and transfers, and earn interest on whatever they don’t spend. You’ll have a better idea of whether or not this is the right account for your teen after reading this article.

[Related: See how the Alliant Teen Checking Account and debit card compare to the best debit cards for kids and teens in 2021!]

Who’s It For

Target age: Teens between the ages of 13 and 17

Good candidate: Teens who want to save money and will use their accounts regularly

Because this account earns interest, it makes the most sense for teens who want to start putting away money and growing their wealth. A teen shares ownership of this account with a parent or guardian but the teen is the primary account owner and the parent is the joint owner. There are certain permissions granted to either the joint or primary owner and certain permissions granted to both people on the account.

When a user turns 18, this checking account automatically converts to a standard Alliant Checking account. Both joint owners will remain on the account but the teen may remove their parent as an owner. Spending limits and rates will increase accordingly and a new debit card will be issued.

Features and Benefits

There are no minimum balance or opening deposit requirements for this account. Although a teen is the primary account owner, their parent has more control. 

For Kids

A teen needs to be a member of Alliant in order to qualify for a checking account and debit card. They will automatically qualify for membership if their parent or guardian, or another immediate family member, is a member. Teens and parents must sign up for this account together.

💰 Earn: Teens who are employed can deposit paychecks through the mobile app or set up direct deposit transfers into their accounts.

This platform does not give teens the option to directly request money to be transferred from their parents and teens are not able to refer friends to earn cash. Teens may receive an allowance from their parent(s) in the form of a recurring payment, but that is one of the only ways to earn more money.

💸 Spend: Every Alliant Teen Checking Account includes a contactless Visa debit card that can be used almost anywhere Visa is accepted. This debit card can also be used to withdraw funds at more than 80,000 in-network ATMs. If a teen uses an out-of-network ATM and incurs fees doing so, they are eligible for up to $20 in rebates per month.

ATM withdrawals are limited to $100 cash per day and POS transactions are limited to $300 per day.

Teens can write checks using their accounts, but their parent(s) must be the one to order and reorder the checks.

Teens are not permitted to make ACH transfers, but there are many ways they can transfer money to friends. This account and debit card are compatible with Apple Pay, Google Pay, and Samsung Pay and can also be linked with digital P2P payment apps including Cash App, Venmo, and PayPal.

This platform does not have budgeting features such as the option to create buckets for different types of spending, but teens can analyze their spending habits using the monthly spending summary. They also cannot set aside money to be saved or set savings goals and track their progress.

💰 Save: The Alliant Teen Checking account pays an interest rate of 0.25% APY on all balances. 

To qualify for this interest rate, a teen must make at least one electronic deposit per month and opt into digital eStatements and out of paper statements. Direct deposits, ACH transfers from external banks, mobile check deposits, and ATM deposits all qualify a user to receive interest. Interest payments are made on the last day of every month.

Before a parent can see all of their teen’s account information, the teen must grant them access to their account. They can do this by logging into the app and selecting “Account Details” from the sidebar. From there, they should click “Manage Joint Owners,” “Manage Online Access,” and choose their checking account. This will grant their parent(s) the ability to view activity on this account from their banking portal.

For Parents

Once a parent has been given permission to view their teen’s activity, they can monitor their spending by opting into transaction alerts. They can also view their teen’s monthly transaction summary to see how much money their teen has spent and where. 

If a parent has a different checking or savings account with Alliant, they can link this account to fund their teen’s checking account. Alternatively, they can link external bank accounts and transfer money from this. They have the option to initiate one-time transfers or schedule recurring transfers from their funding account to their joint account. For recurring transfers, they can specify (and change at any time) frequencies, amounts, and dates. 

Parents can also fund the account via ACH transfer from an external bank, direct deposit, check deposit, or credit or debit card transaction. Only the joint owner, the parent or guardian, may initiate standard outgoing ACH transfers.

As an adult joint account owner, the parent serves as the primary account contact and has account and management permissions that the teen does not. For example, the joint account owner is responsible for managing Overdraft Protection, meaning that they will need to decide whether to activate this feature. Though this feature is free for all account holders, it needs to be initiated to go into effect. 

When Overdraft Protection is enabled, funds are automatically withdrawn from a linked savings account to cover transactions for which the checking account balance is not sufficient. When not enabled, overdrafting is not authorized and transactions are declined. 

Likewise, only a parent can order checks for their teen’s account. The first box of checks is free when an account is opened. Both joint account owners and primary account owners (teens) can dispute transactions, but the joint account owner needs to sign off on any documentation and will be the main line of communication as Alliant works to resolve the dispute.

How Much Does the Alliant Teen Checking Account Cost

💸 Fees:

  • $0 monthly maintenance fee,
  • $0 low balance fee,
  • $0 for ACH transfers,
  • $1 per paper statement,
  • $10 inactivity fee,
  • $10 dormant account fee,
  • $0 for replacement debit card,
  • $0 for the first order of checks,
  • $25 non-sufficient funds fee,
  • $25 outgoing domestic wire transfer

Users are encouraged to opt out of receiving paper statements and into digital statements, which are also required to earn interest (along with monthly transactions). And as long as you’re making at least one transaction into or out of this account per month, you can also avoid the inactivity and dormant account fees.

As of August 2021, teens will not be required to pay non-sufficient funds fees when they overdraw their accounts. If an account is overdrawn to pay for a transaction and this results in a negative balance, a user may see a $25 fee charged to their account, but it will be automatically refunded in a day or two. 

Benefits of Alliant VS Competitors

We recommend this product to families who want a free account, which can be achieved by making regular deposits or transfers and receiving electronic statements. Alliant doesn’t charge for much at all.

Another benefit of this product over others is transfer flexibility and cash access. Teen users can send money easily to their friends via most mobile payment apps and make cash withdrawals at thousands of in-network ATMs. Alliant even reimburses ATM fees.

Potential Drawbacks

But although teens can access and send their money no problem, other account features are rather limited. There are no budgeting or savings features built into the platform, and users can’t separate their money into saving and spending categories. To really get the most out of their first checking account, teens will need to work together with their parents to review their spending and create budgeting and saving strategies or even open a separate savings account. We’re sure most families would prefer doing all of this from one account.

Teen users may also find this account’s spending and withdrawal limits to be pretty restrictive because Alliant sets pretty low daily maximums on these activities. Customers can only withdraw up to $100 in cash per day, which could leave teens in a pinch when they probably got a checking account for spending freedom in the first place.

On the parents’ side, controls are also fairly limited. Parents cannot prevent their teens from making purchases at certain merchants by creating restrictions, changing overall spending limits, or setting caps for different spend categories. They also can’t reinforce good habits such as saving with incentives such as account bonuses, balance matching, etc.

Consumer Sentiment

Reviews from Alliant customers are mixed. Many users have had negative experiences with customer service representatives who did not know how to help solve problems or came across as unprofessional. Communicating issues to users also seems to be a fairly common problem for this institution, with numerous users saying that they’ve had their accounts locked, transfers canceled, etc. without warning. 

On the flip side, just as many users and long-time Alliant members report positive experiences overall with the credit union and customer service interactions they’ve had.

The Alliant mobile app has a rating of 4.6 out of 5 stars on Google Play and 4.7 out of 5 stars in the App Store. The app has been called glitchy, but the vast majority of users are satisfied. The app interface is pretty standard for a banking app and is sleek and easy to use.

You can call Alliant’s customer service line at 800-328-1935. Or, you can send a secure email by logging into your account or ping Alliant on Twitter with non-urgent inquiries. 

Some customers choose to do certain parts of their banking over the phone. If you choose to do this, just be aware that Phone Banking can incur fees that online or mobile banking would not (for example, an ACH transfer initiated online is free but costs $10 to initiate over the phone).

Is It Safe

All Alliant Teen Checking accounts are insured up to $250,000 by the NCUA. Alliant also provides 24/7 fraud protection to all members, free of charge. Still, users are required to alert the credit union immediately when they notice suspicious activity to avoid paying for transactions they did not authorize.

How to Sign Up

To get started opening an Alliant Teen Checking account, you must first be a member of the credit union. You may be eligible if you are employed by a business that partners with Alliant, are married or related to another Alliant member, or work in a community surrounding Chicago such as Franklin Park, Elmhurst, or Prospect Heights.

If the above criteria doesn’t fit your circumstance, you can also join Alliant Credit Union by becoming a member of Foster Care to Success (FC2S). 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.)

Once you’ve joined Alliant Credit Union, your teen will also need to become a member — either before you begin opening an account or when you start the application process.

You can then open an account on their behalf.

Final Thoughts

The Alliant Teen Checking account could be more collaborative and lacks some of the features you might be looking for, but it’s a fair option overall. If you’re looking for the most comprehensive platform with no shortage of educational resources and controls, keep looking. But if you want an account that will allow your teen to earn interest on the money they put away and give them the freedom to ditch cash, this might be the checking account and debit card for you.