Don’t get me wrong, I like both Ally and IngDirect. I’m a member of both and would gladly recommend these banks over brick and mortar banks. Both have top notch customer service with minimal hidden fees. But when it comes to interest rates, is there anything better out there? Ultimately, you want the maximum return for your money.
Sure there are banks that offer crazy rates, but almost all of them require you to jump through hoops and if you miss one, the penalties would wipe out any accrued savings.
I’m glad to say, I did find one such bank and it passed all my requirements:
Good customer service
You can actually talk to a service rep 24X7
Pleasant online experience
The site is functional, not fancy and easy to navigate
Fast and free ACH
One day ACH transfers! The fastest I know of. Better than Ally’s (IngDirect has the worst ACH times)
No hidden fees
No crazy hidden fees that jumped out
No account minimums
Not entirely true. Their regular savings does have a minimum – $5! I can live with that!
In-network ATM withdrawals are free.
Rates better than Ally and IngDirect
Rates consistently higher than Ally’s and IngDirect
First box of checks free. Again, Ally trumps with unlimited free checks
IngDirect has this cool feature of creating sub accounts within the main account. This bank too has this feature
Now here are some benefits that trumps both Ally and IngDirect!
- eDeposit of checks. You can scan the check to deposit from home
- Free quarterly credit scores from Experian
- Unlike Ally and IngDirect, did not receive bailout money
- It is a credit union
This wonder bank is… Alliant Credit Union.
It is a Chicago based credit union and 7th largest credit union in the country. Alliant Credit Union, formerly United Airlines Employees’ Credit Union, was established on October 26, 1935. Definitely not a new kid in the block.
Rates compared between Alliant, Ally and IngDirect as of this post:
|Alliant CU||1.50%||1.50%||Checking account requires 1 monthly deposit and must opt out of paper statements|
|Ally Bank||1.29%||0.50%||Checking account will earn 1.05% on balances of 15,000 and more|
|IngDirect||1.10%||0.25%||Checking account will earn 1.20% on balances of 50,000-100,000|
What are your experiences with Alliant? Share your thoughts.
Recommended Read: Between Ally and Ing Direct, which offers better value for your money?