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Alliant vs. Ally
Editor’s Rating
Joint bank accounts for minors
Editor’s Rating
$0 minimum opening deposits
If you’re looking to make more interest on your money, you might be eyeing Alliant Credit Union or Ally since both offer competitive interest rates right now.
We’ve compared each account below to see which bank accounts stand out the most, and so you can determine if one of these institutions may be a suitable option for you. We’re also evaluating each bank’s trustworthiness so you can know more about the institution’s history.
Pros and Cons: Alliant Credit Union
Pros and Cons: Ally
Alliant vs. Ally Checking Account Comparisons
Ally and Alliant both offer a fee-free, interest-earning checking account. Alliant also has a teen checking account, if you’re looking to open a bank account for a minor at least 13 years old.
Alliant High-Interest Checking Account
Fees
no monthly service fee
Annual Percentage Yield (APY)
0.25%
Minimum Deposit Amount
up to $25
- Earn interest
- No minimum opening deposit
- No monthly service fees
- $20/month in out-of-network ATM fee refunds
- No overdraft fees
- No incoming wire transfer fee
- Compounds interest monthly, not daily
- $25 outgoing wire transfer fee
Product Details
- Several ways to become a member; the easiest is to join Foster Care to Success (Alliant will cover your $5 membership fee)
- 80,000+ free ATMs
- Alliant does not charge overdraft fees; you can overdraw, but you will not pay a fee. You may also link checking to a savings account and select for funds to automatically transfer to cover overdrawn amount.
- Interest compounded monthly
- Federally insured by the NCUA
Alliant vs. Ally Savings Account Comparisons
Alliant and Ally pay higher interest rates than the average savings account. Alliant also has a kids savings account featured in our best kids savings account guide.
Ally Savings Account
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.35%
Minimum Deposit Amount
$0
- High APY
- No minimum opening deposit
- No monthly service fees
- Savings buckets help you save for different goals
- Surprise savings transfers help you save extra money from your checking account
- No physical branch locations
- No way to deposit cash
Insider’s Take
The Ally High Yield Savings Account is a great option for anyone who wants savings tools to help save for specific financial goals, or prioritizes an account that doesn’t charge standard bank fees. You may earn 4.35% APY, and the account doesn’t have any requirements for earning interest. However, keep in mind that the best high-yield savings accounts pay up to 5.50% APY right now.
Ally Savings Account
Product Details
- Create separate savings buckets in a savings account
- Link to your Ally checking account and enroll in surprise savings transfers to have extra money transferred to savings three times per week
- Interest compounded daily, paid monthly
- FDIC insured
Alliant vs. Ally Certificate Comparisons
Alliant Credit Union CDs
Annual Percentage Yield (APY)
4.30% to 5.40%
Minimum Deposit Amount
$1,000
- Competitive APY
- Low-to-standard early withdrawal penalties
- Interest compounded monthly, not daily
- $1,000 minimum deposit
- No terms over 5 years
Product Details
- Low minimum deposit of only $1,000; no maximum*
- Jumbo certificates may be available for a higher rate if you deposit $75,000 or more*
- Choose from a variety of maturity dates including 12-month and 60-month terms*
- Dividends compounded every month and at maturity*
- Funds are insured up to $250,000 by NCUA
- *APY= Annual Percentage Yield. The APY is accurate as of the 11/1/2023 dividend declaration date. A $1000.00 minimum deposit is required to open a Regular Alliant Certificate. A $75,000 minimum deposit is required to open an Alliant Jumbo Certificate. If you open an Alliant Jumbo Certificate with a minimum deposit of $75,000, but later withdraw funds from the account and bring the balance below $75,000, the Alliant Jumbo Certificate will convert to a Regular Alliant Certificate, which may pay a lower rate. You must be an Alliant member. Alliant Certificates are available as Regular Share Certificates and, Jumbo Share Certificates. Both Regular and Jumbo Certificate types are also offered as Traditional IRA Certificates, Roth IRA Certificates, and SEP IRA Certificates. In addition, prior to opening an IRA Certificate (Traditional, Roth and SEP), you must have or establish an IRA with Alliant. You may not add any additional money to your Certificate after opening. Dividends compound monthly and are paid on the last day of the month and at maturity. There are no penalties for monthly dividend withdrawals. Early withdrawal penalties do apply if the Certificate is closed before the maturity date unless the Certificate funds are moved to Alliant Retirement and Investment Services. If you wish to move your Certificate funds to Alliant Retirement and Investment Services, you must wait until 7 days after your Certificate has been opened. Other exceptions to early withdrawal penalties may be allowed. Monthly dividend withdrawals are not eligible on IRA Certificates if owner is under age 59 1/2. Any monthly withdrawals or transfers reduce earnings. If you change the term of your renewed Certificate, the beneficiary(ies) need(s) to be reestablished by completing a Beneficiary Add/Delete Form. (Not applicable to IRA Certificates). The joint owner designated at the time of Certificate opening will remain as joint owner if you renew your Certificate with Alliant. Neither the primary account owner or joint owner may be a beneficiary on the Certificate account. You are not locked into a rate until you open or renew your Alliant Certificate. Alliant Certificate rates may change daily. Fees may reduce earnings on the account.
Ally High Yield CD
Annual Percentage Yield (APY)
3.00% to 5.05%
Minimum Deposit Amount
$0
- Competitive APY
- No required opening deposit
- Low early withdrawal penalties
- No terms over 5 years
- No physical branch locations
Product Details
- Terms ranging from 3 months to 5 years
- Early withdrawal penalty of 60 days interest penalty term of 24 months or less; 90 days interest for term of 25 to 36 months; 120 days interest for terms of 37 to 48 months; 150 days interest for terms of 49 months or more
- Interest compounded daily, paid monthly
- FDIC insured
Alliant vs. Ally Money Market Account
Alliant doesn’t have a money market account, but Ally does. Ally’s money market account pays a competitive interest rate and has a $0 opening deposit — most banks usually require at least $1,000 to open a money market account.
It also provides you with a debit card and paper checks, making it a convenient savings tool for accessing money quickly if necessary.
Ally Money Market Account
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.40%
Minimum Deposit Amount
$0
- No opening deposit or minimum account balance
- No monthly service fee
- Access to a debit card
- Access to paper checks
- Out-of-network ATM reimbursements of up to $10 per month
- 24/7 customer service
- Easy-to-use mobile app
- Link to other Ally bank accounts
- Not the highest money market account APY
- No physical branch locations
- $10 excess transaction fee (paused during COVID-19)
Product Details
- Access to checks and a debit card
- Interest compounded daily, paid monthly
- FDIC insured
Compare Today’s Savings Rates
Alliant vs. Ally Trustworthiness and BBB Rating
We use ratings from the Better Business Bureau, so you see how a bank deals with customer issues.
The BBB gave Alliant an A+ rating. Meanwhile, Ally received an A rating from the BBB because it has a few unresolved complaints.
Alliant and Ally haven’t been involved in any recent public controversies.
Frequently Asked Questions
You’ll favor Alliant if you’re looking to open savings or checking accounts for minors since Ally doesn’t offer bank accounts for kids. If you’re looking for a variety of CD options, you may lean more toward Ally. Alliant doesn’t have no-penalty or step-up CDs.
Ally offers a higher interest rate on its savings account. Keep in mind interest can rates fluctuate on savings accounts, though.
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