Alliant Credit Union is an online-only credit union headquartered in Chicago. It offers regular certificates and a small selection of specialty certificates, including jumbo CDs and IRA CDs, with competitive rates. These CDs can be a good fit for anyone seeking a safe place to grow their savings.
We at the MarketWatch Guides team will take a closer look at Alliant’s CD offerings and how they stack up against competitors’ offerings so you can make an informed decision, no matter your personal finance goals.
Key Takeaways
- Alliant’s best certificate of deposit (CD) rate is 5.45%annual percentage yield (APY) for its 12 monthsCD.
- Alliant offers regular certificates, jumbo certificates and individual retirement account (IRA) certificates.
- Alliant Credit Union is best suited for consumers who are looking for a credit union that’s easy to join and those who don’t mind online-only banking.
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*Annual Percentage Yield
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Alliant CD Rates
Alliant Credit Union offers two primary types of CDs: regular share certificates and jumbo share certificates. Alliant’s regular and jumbo certificates are also offered as traditional, Roth and Simplified Employee Pension (SEP) IRA certificates.
Regular CDs
The regular share certificates require a minimum opening deposit of $1,000. Terms vary from three months to five years, but all come with competitive rates.
| CD term | APY* | Minimum Opening Deposit | Deposit Value at Close of $1,000 CD |
|---|---|---|---|
| 3 months | 4.25% | $1,000 | $1,010.66 |
| 6 months | 4.75% | $1,000 | $1,023.99 |
| 1 year | 4.75% | $1,000 | $1,048.55 |
| 18 months | 4.40% | $1,000 | $1,068.10 |
| 2 years | 4.20% | $1,000 | $1,087.47 |
| 3 years | 4.05% | $1,000 | $1,128.96 |
| 4 years | 4.00% | $1,000 | $1,173.20 |
| 5 years | 4.00% | $1,000 | $1,221.00 |
Jumbo CDs
The jumbo share certificates require a $75,000 minimum deposit. They come in similar terms, but some terms feature slightly higher interest rates.
| CD term | APY* | Minimum Opening Deposit | Deposit Value at Close of $100,000 CD |
|---|---|---|---|
| 3 months (jumbo) | 4.25% | $75,000 | $101,066.27 |
| 6 months (jumbo) | 4.75% | $75,000 | $102,398.63 |
| 1 year (jumbo) | 4.80% | $75,000 | $104,907.02 |
| 18 months (jumbo) | 4.45% | $75,000 | $106,889.62 |
| 2 years (jumbo) | 4.30% | $75,000 | $108,963.88 |
| 3 years (jumbo) | 4.15% | $75,000 | $113,233.88 |
| 4 years (jumbo) | 4.05% | $75,000 | $117,553.96 |
| 5 years (jumbo) | 4.05% | $75,000 | $122,404.27 |
>> Related: Learn more about the types of CDs
Alliant CD: Who It’s Best For
Alliant’s CDs can cater to a wide array of savings and financial goals. Here are some types of customers who might find Alliant’s CD offerings particularly appealing:
- Long-term savers: Individuals planning for future financial goals, such as a down payment on a home or a child’s education, might find Alliant’s longer-term CDs appealing.
- Retirement savers: Alliant offers traditional, Roth and SEP IRA CDs, which can provide a secure, tax-advantaged way to grow retirement funds.
- High-balance investors: Customers with $75,000 or more may be interested in Alliant’s jumbo share certificates, some of which offer higher interest rates.
- Risk-averse investors: Individuals wary of the volatility associated with stocks and bonds may appreciate the fixed returns and security of Alliant’s CDs.
- Online-banking enthusiasts: Savers who prefer online banking will find Alliant’s digital-first approach and user-friendly platform an ideal match for their banking needs.
Alliant CDs: Additional Information
Below, we’ll discuss some additional information about Alliant CDs.
Minimum Deposit
To open a regular CD with Alliant, a minimum deposit of $1,000 is required. Its jumbo certificates require a minimum deposit and minimum balance of $75,000. If the balance falls below $75,000 after opening, the jumbo CD will be converted to a regular CD.
Monthly Fees
Alliant CDs don’t have any monthly fees.
Compounding Schedule
Interest on Alliant CDs is compounded monthly. It’s paid on the last day of the month and on the CD’s maturity date.
Early Withdrawal Penalty
If you withdraw funds from a CD before its maturity date, you’ll face an early withdrawal penalty, which will vary depending on the length of the CD term:
- Terms of 17 months or less: Interest for the number of days the CD is open, up to 90 days.
- Terms of 18 to 23 months: Interest for the number of days the CD is open, up to 120 days.
- Terms of two to five years: Interest for the number of days the CD is open, up to 180 days.
CD Insurance
Alliant’s CDs are protected by the National Credit Union Administration (NCUA). NCUA insurance covers up to $250,000 per share owner, institution and account ownership category.
>> Related: Learn more about how CDs work
Alliant CD Rates vs. Other Financial Institutions
Alliant Credit Union’s one-year CD rate is higher than many competitors’ rates for comparable CD terms. Its regular share certificate requires a $1,000 minimum opening deposit, while other financial institutions offer slightly lower rates with no minimum deposit.
Here’s how Alliant Credit Union compares to other financial institutions:
| Financial Institution | APY on 1-Year CD* | Minimum Opening Deposit |
|---|---|---|
| Alliant Credit Union | 4.75% (regular certificate) 4.80% (jumbo certificate) | $1,000 (regular certificate) $75,000 (jumbo certificate) |
| Capital One | 4.50% | $0 |
| Chase | 0.01% (standard rate) | $1,000 |
| Citibank | 4.00% for balances below $100,000 (fixed-rate CD) 4.00% for balances above $100,000 (fixed-rate CD) | $500 |
| Discover | 4.60% | $2,500 |
| Synchrony Bank | 4.80% | $0 |
>> Related: Learn more about the best 1-year CDs
Additional Ways To Save With Alliant
Beyond its competitive CD offerings, Alliant Credit Union provides other savings account types, including a high-yield savings account, supplemental savings account and a kids savings account.
| Alliant Savings Account | APY* | Monthly Fee | Minimum Opening Deposit | Minimum Account Balance |
|---|---|---|---|---|
| High-Rate Savings | 3.10% | $0 with e-statements | $25 for online applications | $5 to keep the account open $100 to earn interest |
| Kids Savings Account | 3.10% | $0 with e-statements | $0 (Alliant provides $5 initial deposit) | $5 to keep the account open $100 to earn interest |
| Supplemental Savings | 3.10% | $0 with e-statements | $0 | $5 to keep the account open $100 to earn interest |
Alliant High-Rate Savings Account
The Alliant High-Rate Savings account offers an APY that’s nearly seven times the national average savings rate of 0.50%, according to Curinos. If you’re looking to grow your savings without being subject to the restrictions of a CD, this high-yield savings account could be worth considering.
There’s no monthly fee if you receive e-statements instead of paper statements (which have a $1 fee) and the account comes with a relatively low minimum balance requirement to earn interest. You’ll also get an ATM card and access to over 80,000 in-network ATMs nationwide.
Alliant Kids Savings Account
The Alliant Kids Savings Account is available to children aged 12 and under with a joint account owner. It has the same high interest rate as the high-yield savings account, and it comes with an ATM card. Alliant pays the initial $5 minimum opening deposit.
For children aged 13 to 17, Alliant recommends opening a Teen Checking Account, which comes with a savings account.
Alliant Supplemental Savings Account
Alliant supplemental savings accounts are available to Alliant members who are interested in saving for specific goals, such as a vacation or an emergency fund. Members can open up to 19 supplemental savings accounts. These deposit accounts have the same high-yield rate, ATM access and minimum balance to earn interest.
>> Related: Learn more about the best savings accounts
The Bottom Line: Is an Alliant CD Right For You?
Alliant Credit Union’s CDs can be a great option for savers looking to earn higher interest rates on their deposits. With high APYs across a variety of term lengths, Alliant caters to both short-term and long-term financial goals. When compared to competitors’ offerings, Alliant’s one-year CDs are among the most competitive one-year CDs offered.
Alliant Credit Union CD August 2024 Rankings
- Best IRA CD Rates: #1
- Best Jumbo CD Rates: #2
- Best 3-Month CD Rates: #3
- Best 5-Year CD Rates: #6
- Best CD Rates: #9
FAQ: Alliant Credit Union CD Rates
The highest APY currently offered on an Alliant CD is 5.45% for the 12 months CD.
Yes, Alliant has online banking. The credit union embraces a digital-first banking approach, offering comprehensive online and mobile banking services, in addition to phone banking services. Through Alliant’s online platform and mobile app, members can manage their accounts, transfer money and make payments.
Alliant Credit Union CDs are insured by the NCUA, which insures individual deposit accounts up to $250,000 per account ownership category, offering protection that’s similar to what the FDIC provides for banks.
*Data accurate at time of publication
Editor’s Note: Parts of this story were auto-populated using data from Curinos, a research firm that collects data from more than 3,600 banks and credit unions. For more details on how we compile daily rate data, check out our methodology here.
If you have feedback or questions about this article, please email the MarketWatch Guides team at editors@marketwatchguides.com.
