Alliant Digital Checking

Alliant Credit Union High-Rate Checking is arguably the best credit union checking account on the market. It combines the low fees of an online bank with the consumer-friendly ethics of a member-owned cooperative. With a high 0.25% APY (significantly higher than Chase or BoA), $20/month in ATM rebates, and no overdraft fees, it is a fantastic "hub" account for anyone comfortable with digital-only banking.

At a Glance

• Account Type: Personal Checking (Credit Union)
• Monthly Fee: $0
• Minimum Opening Deposit: $0 (but requires membership in the CU)
• APY (Interest): 0.25% (Requires e-statements + 1 electronic deposit/month)
• ATM Access: 80,000+ Surcharge-free ATMs; $20/month rebate for out-of-network fees.
• Overdraft Fees: $0 (Courtesy Pay)
• Key Feature: High Interest Rate & ATM Rebates
• Eligibility: Easy membership (Donate to Foster Care to Success if you don't meet other criteria).

Overview

Alliant Credit Union is one of the largest online-only credit unions in the U.S. Its High-Rate Checking account is designed to compete directly with banks like Ally and SoFi. It offers the best of both worlds: the tech and speed of a modern fintech, backed by the stability and member focus of a credit union.

Features & Benefits

• 0.25% APY: This rate applies to all balances. Whether you have $500 or $50,000, you earn interest.
• ATM Freedom: You have access to over 80,000 surcharge-free ATMs (Allpoint, MoneyPass, etc.). If you go out of network, Alliant reimburses up to $20 in fees at the end of the day.
• No Overdraft Fees: Alliant eliminated overdraft fees on all checking accounts. If a transaction exceeds your balance, they will either decline it or cover it (Courtesy Pay) without charging you a penalty.

Fees & Requirements

• Monthly Fee: $0.
• Foreign Transaction Fee: 1% (Visa International Service Assessment). This is a weak point; do not use this card for purchases abroad (Schwab or Capital One are better there).
• Membership: To join, you generally just agree to become a member of Foster Care to Success (a partner charity). Alliant usually covers the $5 donation cost for you during the application.

Borrower Experience

• Digital First: Alliant closed its physical branches to focus entirely on digital. The result is a robust, glitch-free app and website.
• Customer Service: US-based support is available 24/7, which is a significant advantage over many fintechs that offer chat-only support.

Who It’s Best For

• The "Hub" Banker: If you want one place to keep your checking and high-yield savings (Alliant Savings pays extremely competitive rates), this is a perfect ecosystem.
• ATM Users: If you are tired of hunting for a specific bank's ATM, the $20 rebate effectively makes every ATM "your" ATM.
• Ethical Bankers: If you prefer the member-owned structure of a credit union over big corporate banks.

Who Should Skip It

• International Travelers: The 1% foreign transaction fee makes this a poor choice for spending overseas. Use Schwab or Capital One 360 instead.
• Cash Earners: If you are a bartender or server with cash tips to deposit nightly, the lack of branches will be a dealbreaker.
• Paper Statement Lovers: If you refuse to use e-statements, you won't get the interest rate.

Bottom Line

Alliant Credit Union High-Rate Checking is the gold standard for digital checking. It strips away the fees, pays you interest, and subsidizes your ATM usage. If you can handle the lack of physical branches and the 1% foreign fee doesn't bother you, it is arguably the most consumer-friendly checking account available today.