Banking » Reviews » Alliant High-Interest Online Checking Account Review
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Alliant High-Interest Online Checking Account Review

Alliant Online Checking account offers a decent rate on balance with no balance requirements or monthly fees. But, there are limitations.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: January 1, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: January 1, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Alliant High-Interest Online Checking

Fees

$0

Minimum Deposit

$0

Our Rating

4.4
4.4/5

APY Checking

0.25%

Alliant High-Interest Online Checking

Fees

$0

Minimum Deposit

$0

Our Rating

4.4
4.4/5

APY Checking

0.25%

Alliant is one of the largest credit unions in the U.S offering a variety of banking products including savings, CDs, credit cards and a choice of checking accounts. One of these checking account options is the Alliant High Rate Checking Account.

As the name suggests, this is a checking account that is interest bearing, offering an impressive rate with no balance requirements and a couple of simple qualification requirements.

In fact, you can earn the advertised rate if you sign up for e-statements and receive at least one electronic deposit into the account each month. This can be anything from a payroll deposit to an ATM deposit or transfer from another financial institution.

Alliant High-Interest Online Checking: Account Features

Here are the main features of Alliant High-Interest Online Checking: Account:

Alliant does not have a minimum initial deposit or ongoing minimum balance requirements to maintain your account.

This eliminates the barrier to entry for many people and it means that you can enjoy the account even if you don’t typically have extra cash in your checking account.

Unlike many checking accounts, the Alliant High Interest Checking Account does not have a monthly maintenance fee.

While it is often possible to have monthly fees waived, you typically have to meet at least one requirement of the waiver criteria, which can add a layer of complexity to managing your account.

Alliant customers can access a network of over 80,000 ATMs across the country, which allow you to access your funds with no surcharge.

In fact, you can use the ATM locator tool on the Alliant website or mobile app to find the machines nearest you.

Although Alliant is not a bank, it does still benefit from federal insurance to protect depositors in the event that the institution fails. Alliant has NCUA coverage, which offers the same up to $250,000 of protection as you would get with FDIC insurance and your traditional bank account.

Alliant provides one of the top online accounts, so you won’t have access to a branch to manage a High Rate Checking account.

However, Alliant does have an easy to use online interface and a smartphone app. You can use these platforms to check transactions, initiate transfers and manage all other aspects of your account.

Alliant offers two options if you accidentally slip into the red. The first is “Courtesy Pay” which is available to customers who have held a checking account for six months and received $600 or more in deposits over the previous 30 days.

With Courtesy Pay, Alliant will cover the difference between your balance and pending transactions, but there is a $28 fee for this service.

The other overdraft option is to link your Alliant savings account. You can then have Alliant automatically move money across to your checking account to cover any transactions. This is a free service.

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Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 4/17/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

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Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you'll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 4/17/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you'll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

The Pros And Cons Of Alliant Online Checking

There is no straight answer to this question as whether you consider the Alliant High Interest Checking account good will depend on your unique circumstances, preferences and requirements.

However, we can highlight the pros and cons of this account to help you decide.

Pros
Cons
Monthly ATM Fee Reimbursement
Membership Required
APY On Balance
No Branch Access
Easy Requirements to Qualify for Interest
Mobile Check Deposit
Minimal Fees

Although Alliant has a large surcharge free network of ATMs, if you do happen to use a non network machine, you can receive up to $20 per month in reimbursements for out of network ATM fees. However, this does not include international transactions.

This account has a highly competitive APY, which is well above what you can typically get with other checking accounts.

Unlike many interest bearing checking accounts, the requirements for qualifying for interest on this account are quite easy to achieve. 

You simply need to opt for e-statements and have at least one deposit into the account per month.

While Alliant does not offer branch support, you can still deposit checks via the Alliant App. You can deposit a check simply by snapping a picture of the check and providing a few details when prompted.

In addition to having no monthly maintenance fee, there are no fees for overdraft transfers, cashier’s checks  and incoming wire transfers. However, there are still a few fees including stop payments, returned items and overdraft fees.

This account is not available to everyone, as you need to be a member of the Alliant credit union.

There are a number of ways to qualify for membership, but if you’re not eligible through other options, you can become a member of Foster Care to Success and Alliant will even cover your $5 one time membership fee.

The Alliant High Rate Checking account is online only, so you will need to be comfortable with managing your account online or using the Alliant app.

Which Type of Customer is Best Suited to Alliant Checking?

The Alliant High Interest checking account is a good option for those who want to earn interest on their checking account balance, but may not have a high income to direct deposit or a high balance to meet any minimum requirements to qualify for interest.

With this account, as long as you opt for e-statements and have at least one deposit into the account per month, you’ll earn interest. This is highly flexible, as the deposit can be from a direct deposit, transfer from an external account or even a deposit via an ATM or mobile check deposit.

Is Alliant a Good Credit Union to Work With?

Alliant is one of the largest credit unions in the US, which makes it a popular choice. One of the great benefits of Alliant Credit Union is that it has a fairly comprehensive product line that includes savings accounts, CDs, credit cards such as the Alliant cash back card, home loans, and personal loans. This makes it possible to move all or most of your day to day banking activities across to Alliant.

Unfortunately, as with many financial institutions, Alliant does not have a great reputation on consumer review sites. For example, on Trustpilot, Alliant has a poor score of just 1.9 out of 5. There are a number of negative comments which highlight issues with customer service.

However, there are also positive comments praising Alliant. So, if you are considering this credit union, it may be worthwhile to read through some comments of current and previous customers to see if there are any red flags for you.

Alliant Interest Checking account revuew
You can manage most or all of your day to day banking activities with Alliant. (Photo by fizkes/depositphotoes)

How to Open an Alliant Interest Checking Account?

Opening an account with Alliant is a little more complicated than with a traditional bank, as you need to be a member of the credit union. Fortunately, Alliant makes it easy to become a member. You can become a member and open an account in a few simple steps.

  1. Click on Become a Member: You’ll need to click either the “Become a Member” or “Open Account” button on the official Alliant website.
  2. Select Your Membership Eligibility: You’ll be presented with several options to become an Alliant member including your geographic location, affiliation with a partner organization or supporting FC25. You’ll find instructions for each option and Alliant will guide you through the membership process.
  3. Complete the Application Form: This is fairly standard and if you’ve opened an account online before, it should seem familiar. You’ll need to provide your basic personal information including your full name, address, date of birth, Social Security Number, and contact details.
  4. Verify Your ID: Alliant is obliged to verify the identity of any new applicants. You can do this by providing a valid U.S government issued ID such as a driver’s license or passport. However, you can also use a state or military ID.

FAQs

Yes, if you sign up for e-statements and have at least one deposit into the account each month, you will qualify for interest on your Alliant High Interest checking account balance.

Alliant does not typically offer promotions for its accounts, including the High Interest checking.

The simplest way to close your Alliant High Interest checking account is to call the Alliant customer support helpline. An Alliant representative can then guide you through the closure process.

How We Review Checking Accounts: Our Methodology

The Smart Investor team has conducted a comprehensive review of checking accounts offered by various banks, taking into account several key factors to provide a thorough evaluation. Here's how we rated them across four important categories:

  • Checking Account Features (60%): We meticulously assessed the features and benefits associated with each bank's checking accounts. Factors considered include account fees, minimum balance requirements, ATM access, overdraft protection, online and mobile banking functionalities, and additional perks such as rewards programs. Higher ratings were awarded to banks offering a wide range of features and benefits that cater to diverse customer needs, ensuring convenience and flexibility in managing finances.

  • Customer Experience (20%): A positive customer experience is essential in banking, so we evaluated each bank's performance in this area. This included assessing the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction. Ratings were based on factors such as responsiveness, efficiency, and the bank's commitment to meeting customer needs, ensuring a seamless and satisfactory banking experience.

  • Diversity of Other Financial Products (10%): We also considered the diversity of other financial products offered by each bank, such as savings accounts, loans, credit cards, and investment options. Higher ratings were given to banks with a comprehensive suite of financial products, allowing customers to meet their various banking and financial needs in one place.

  • Bank Reputation (10%): The reputation of a bank is a crucial factor in decision-making. We examined factors such as financial stability, regulatory compliance, and public perception to determine each institution's overall trustworthiness and reliability. Higher ratings were assigned to banks with strong reputations, reflecting their credibility and ability to inspire confidence among customers.

By considering these categories and assigning appropriate weights to each, our review aims to provide valuable insights to help individuals make informed decisions when selecting a checking account

Checking Accounts Reviews

Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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Top Offers From Our Partners

Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 4/17/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you’ll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

PNC bank logo

Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary

Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

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