Alliant Credit Union high-yield checking account at a glance
| Physical locations | None |
| Getting started | Easy to set up online — no minimum deposit to open or monthly balance requirements |
| Monthly service fee | None |
| Overdraft fees | None |
| Other fees | Stop payment (check) fees: $25 if verbal or written, but free if submitted online or over the phone Wire transfer fee: $25 for domestic outgoing wire and $50 for foreign outgoing wire |
| How to deposit | Direct deposit, mobile check deposit, wire transfer, internal and external transfers, transfers from other Alliant members, ATM deposits (check or cash) via the Alliant ATM network and mailed check deposits |
| How to withdraw/pay | Debit card, external and internal transfers, transfers to other Alliant members, wire transfer, ATM withdrawal, bill pay |
| Notable feature | Alliant offers up to $20 per month in ATM rebates if you use an out-of-network ATM and the operator charges you a fee. |
Alliant Credit Union offers an online checking account that lets members earn interest while cutting out fees such as overdraft penalties.
It’s fairly simple to get started with a checking account from Alliant. But it’s important to note that this credit union is fully online, so in-person banking is not an option. You’ll also have to meet minimum requirements to earn interest, which Alliant refers to as a dividend rate.
4 things to know about an Alliant Credit Union high-yield checking account
This checking account from Alliant Credit Union offers a number of perks for account holders, but it’s important to understand the full picture before opening an account. Let’s take a closer look at what it’s like to bank with Alliant Credit Union.
1. Competitive APY
It can be difficult to find a traditional bank or credit union that offers a competitive APY on checking accounts — and not all banks or accounts offer interest-bearing checking accounts at all.
Alliant Credit Union, on the other hand, offers a relatively high annual percentage yield (APY) on its checking account compared to national averages. But you can find higher APYs at other bank if your main goal is finding the highest APY.
And Alliant requires you to opt for e-statements and have at least one electronic deposit per month in order to qualify for this rate, which it refers to as a monthly dividend.
2. A fee-friendly credit union
Alliant Credit Union charges almost no fees for its checking account. Alliant doesn’t charge overdraft fees, monthly service fees or ATM fees — whether in network or out of network.
Keep in mind that you may still face a fee from the operator of the out-of-network ATM. But Alliant offers account holders up to $20 each month as a reimbursement for fees charged by other banks when you use their ATMs — deposited at the end of each day.
Plus, international ATMs are included in Alliant’s ATM-free structure, so you are able to withdraw cash overseas or in other countries without paying a stiff penalty. Alliant will still charge you a 1% International Service Assessment fee for purchases though.
3. Wide network of ATMs
Some people may be wary of credit unions for fear of being unable to find an ATM when they need one. Alliant Credit Union offers a wide range of in-network ATMs to customers, with more than 80,000 fee-free ATMs nationwide. This may give you options for getting quick access to cash.
You can find an ATM locator tool on the Alliant website.
4. Teen checking account option
Alliant also offers a teen checking account option that is available to members between the ages of 13 and 17. It aims to help teens learn responsible financial habits. The account is jointly owned by the teen and a parent.
This account comes with many of the same perks as the high-yield checking account, including no minimum balance requirements, no monthly service fees, access to more than 80,000 fee-free ATMs and $20 per month in ATM fee rebates. Teens can also earn interest on the money in their checking accounts by meeting two requirements: opting into e-statements and having at least one electronic deposit made to the account each month.
Who can open an Alliant Credit Union account?
Alliant is a credit union, which means it is owned by members. However, unlike some credit unions, Alliant Credit Union’s membership requirements are fairly flexible. It’s open to most U.S. residents who are 18 years or older. You can join with a $5 donation to Foster Care to Success, which Alliant will make on your behalf.
How do I order Alliant checks?
Ordering checks is simple with an Alliant checking account. Customers who want to order physical checks can order them in their online banking portal. Alliant says checks typically arrive within five to seven business days.
Not sure if Alliant Credit Union is right for you? Consider these alternatives.
- Chime: Chime may be worth considering if you want a checking account with the potential for early access to your paycheck with direct deposit.
- PNC Bank: PNC Bank’s Virtual Wallet account is worth considering if you live near one and would prefer a bank with physical locations.