Sunday, 25 August 2019

Alliant Credit Union Review: Checking, Savings, CD and IRA Accounts

Alliant Credit Union Review: Checking, Savings, CD and IRA Accounts
01 Nov
1:58

Alliant Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

1.90%

Savings

Alliant Credit Union High-Rate Savings

1.90%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.65%

CD Rates

Alliant Credit Union 12 – 17 Month Share CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.55%

CD Rates

Alliant Credit Union 36 – 47 Month Share CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.95%

CD Rates

Alliant Credit Union 60 Month Share CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Alliant Credit Union’s checking account options

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How Alliant Credit Union’s checking accounts compare

We’re a fan of these accounts, but we still have some reservations. The interest rate offered on the High-Rate Checking and the Free Teen Checking accounts are quite good, even though it is possible to find a few banks and credit unions that pay even higher rates on checking accounts. We also really like the generous ATM fee reimbursement policy, which any frequent ATM user will also appreciate.

However, there are some hidden fees with these accounts, such as fees for closing your account early, letting the account go dormant, or receiving paper statements. Still, most people won’t be affected by these, so it shouldn’t be too much of an issue.

Alliant Credit Union’s savings account options

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How Alliant Credit Union’s savings accounts compare

We really like Alliant Credit Union’s savings accounts, for several reasons. First, there’s the interest rate. You can’t get much higher than this (although there are a few exceptions; see these savings accounts, for example). Then there’s the ATM policies: no Alliant Credit Union fees for using out-of-network ATMs, plus an allocated amount of refunds for surcharge fees from other banks (as long as you also have an Alliant Credit Union checking account), combine to make this a top-of-the-line savings account.

We also like the fact that you can open numerous Supplemental Savings accounts to save towards specific goals. Partitioning out your individual savings like this is very helpful because if you know a certain pot of cash has a specific use, and you may be less tempted to spend it on other things.

The only things we don’t like are that you need to watch out for a few fees still: fees if you opt-in for paper statements, closing your account early, or letting your account go dormant. These fees — which you probably won’t end up paying anyways — pale in comparison to the benefits of these accounts.

Alliant Credit Union’s CD rates

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How Alliant Credit Union’s CD rates compare

Alliant Credit Union offers good rates on its CDs. Still, they’re far from the best. If you’d rather open a CD with the highest rates possible, we recommend these CDs with the best rates. Not only do these CDs pay higher rates, but some of them even have lower minimum deposit requirements, which is helpful if you can’t gather the minimum $1,000 needed to open a CD at Alliant Credit Union yet.

Alliant Credit Union’s IRA account options

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How Alliant Credit Union’s IRA CD rates compare

Alliant Credit Union offers OK rates on its regular CDs. But for IRA CDs, it’s a different story. There are many banks and credit unions offering top-dollar rates on IRA CDs, and since Alliant Credit Union’s IRA CD rates aren’t much higher than its normal CD rates, Alliant Credit Union is somewhat outshone by its competitors.

It is nice that you can make an early withdrawal of your IRA CD without having the penalties eat into your principal (unlike most other banks). But the likelihood of needing to make an early withdrawal from an IRA CD is probably a lot less than with regular CDs, so this point is moot. Instead, we recommend looking elsewhere for your IRA CD investment.

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Lindsay VanSomeren

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Source: https://www.magnifymoney.com/blog/reviews/alliant-credit-union/

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