Alliant High-Interest Online Checking
Fees
Minimum Deposit
Our Rating
APY Checking
Alliant High-Interest Online Checking
Fees
Minimum Deposit
Our Rating
APY Checking
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:
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No Account Minimums
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.
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No Monthly Fee
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.
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Access to a Large ATM Network
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.
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Federal Insurance
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.
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Online and Mobile Banking Platform
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.
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Overdraft Protection
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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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 |
- Monthly ATM Fee Reimbursement
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.
- APY On Balance
This account has a highly competitive APY, which is well above what you can typically get with other checking accounts.
- Easy Requirements to Qualify for Interest
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.
- Mobile Check Deposit
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.
- Minimal Fees
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.
- Membership Required
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.
- No Branch Access
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.
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.
- Click on Become a Member: You’ll need to click either the “Become a Member” or “Open Account” button on the official Alliant website.
- 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.
- 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.
- 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
Does the Alliant Checking Account earn interest?
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.
Does the Alliant Checking Account offer a promotion?
Alliant does not typically offer promotions for its accounts, including the High Interest checking.
How do you close an Alliant Checking Account?
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:
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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.
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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.
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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.
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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
