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Alliant Credit Union VS Colorado Federal Savings Bank

Which bank is better for you?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
No Rate Information
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Pros:

  • No monthly maintenance fees
  • ATM fee reimbursement
  • Low opening required amounts
  • Variety of personal deposit accounts

Cons:

  • Must qualify to become a member
  • No business accounts offered
  • To earn interest requires qualifications
  • Jumbo CD rates similar to regular CDs
  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
1.75%APY
Savings/MMA
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Pros:

  • Accounts are opened online
  • No monthly fees or required balances
  • Competitive interest rates
  • Savings account has low opening amount

Cons:

  • Limited accounts offered
  • Must link an external bank account
  • Highest rates require a large amount
  • CDs require a large opening deposit
Alliant Credit Union Review

Accounts offered through Alliant do not have monthly maintenance fees. The only fee is if you receive paper statements. To keep the account open requires a $5 balance. To earn interest does require $100 in all the savings accounts.

Alliant participates with over 80,000 ATMs free of charge. If you withdraw money from an ATM not in their network, Alliant will reimburse those fees. They reimburse up to $20 per month in ATM fees. Deposits, withdrawals, transfers, and checking account balances qualify for a rebate. The high rate checking, and teen checking account qualify for ATM reimbursement.

The amounts required to open Alliant accounts is low. The savings accounts require $5 to open. The checking accounts do not list a set amount to open. All the regular CD terms require $1,000 to open. Alliant does offer jumbo CDs, but they require $25,000 to open.

Alliant offers a good variety of personal accounts. They offer a free, high-rate, and teen checking account. They offer two savings accounts and a savings account for kids. Personal credit cards, lending options, and insurance options are also available.

To open Alliant accounts, you must become a member of their credit union. You must meet qualifications to become a member. Those requirements include working with specific companies or be related to someone who is a member of Alliant. If you do not meet those requirements, you may be able to qualify through Support Foster Care to Success. Find out if you are eligible on the Alliant website.

Alliant does not offer specific business accounts. Only personal deposit accounts are available. Those accounts include savings accounts, checking accounts, and CDs. Personal credit cards, lending options, and insurance are also offered.

The interest rates on Alliant accounts are not tiered. To earn the most competitive interest rate, you must meet specific qualifications. Those include receiving eStatements and having at least one monthly electronic deposit. Direct deposits help you qualify.

The Alliant jumbo CDs interest rates are only slightly higher than the regular CD rates. The jumbo CDs require $25,000 to open, but do not offer much higher rates than the regular CD rates. The regular CDs require $1,000 to open. Alliant offers six regular and six jumbo CDs.

Read the full Alliant Credit Union review.

Colorado Federal Savings Bank Review

Opening an account is completed entirely online. You do not have to mail any information in or wait for the bank to mail you information. All the information you need to open an account is on their website.

Colorado Federal Savings Bank accounts do not have any monthly maintenance fees. The accounts are completely free. There are no fees to transfer money into the account with electronic transfers.

The interest rates for CFSB are competitive. Their rates are much higher than your typical brick and mortar rates. They are competitive with other online-only accounts. CFSB rates are not tiered. Any amount over the required opening deposit earns the competitive rates offered.

The high yield savings account only requires $1.00 to open the account and keep in the account. The interest rate for this account is competitive. The only fee is if you withdraw more than six times each billing cycle.

CFSB offers limited accounts. Only online savings accounts and CDs are available. No checking or money market account is available. There are no business accounts available. Only those few personal deposit accounts are available through CFSB.

To fund your CFSB accounts, you must link the account to an external bank account. Make deposits into your accounts by electronic transfers from your linked account. Money can only be withdrawn into the linked external bank account.

The CFSB premier savings account earns the highest rate offered. To open that account, you must have $50,000. There are no monthly maintenance fees for this account. However, you must keep $50,000 in the account to earn the competitive interest rate. Only new customers are eligible to open this account.

To open a CD through CFSB requires $5,000. There are six different CD terms. They range from six-months to five-year terms. The only fee is if you withdraw your money before it reaches the maturity date. The interest rates for each of the different terms are competitive.

Read the full Colorado Federal Savings Bank review.

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