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Alliant Credit Union VS Popular Direct

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: 4.0 Star Icon
2.55%APY
Savings/MMA
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Pros:

  • High-interest rates on accounts
  • Account available everywhere
  • Variety of CD terms
  • Online and mobile banking

Cons:

  • Opening accounts requires large deposit
  • The savings account has a monthly fee
  • Only offer CDs and one savings account
  • Linked external account required
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.

Popular Direct Review

The interest rates on Popular Direct accounts are very competitive. They are considerably higher than your typical brick and mortar banks. The rates are competitive with other online-only accounts.

Because Popular Direct is an online-only bank, the accounts are available everywhere. Applying for the account is quick and completed online. Everything you need for your account is accessed online. There are no branch locations.

Popular Direct offers a variety of different CD term lengths. The terms range from a three-month term to five-year terms. The other terms include six months, one year, eighteen months, two, three, and four-year terms. The interest rates increase the longer the term length.

All Popular Direct accounts come with online and mobile banking. With online banking, you can set up account notifications and see statements. You can transfer funds between the linked external account. Mobile and online banking allow you to transfer money between Popular Direct accounts. You can check account balances and deposit checks.

To open a savings account with Popular Direct, you must have $5,000 as your opening deposit. To open a CD with Popular Direct, you must have $10,000 as the opening required deposit. You will still earn interest if your balance drops below these required amounts.

Popular Direct savings account has a monthly fee. The fee is $4 per month if your balance falls below $500. No fee is charged if your balance remains above $500. There is also a fee for closing the account before 180 days after opening it. A $5 monthly fee is charged each month if your account is inactive for 12 months. Following the 12th month, the fee is charged each month the account is inactive.

Popular Direct only offers CDs and one savings account. They do not offer a checking account, money market account, or any business accounts. The CDs range from 30-day CDs to a five-year term.

Popular Direct requires you link your account to an external account. The linked account allows you to make deposits into your Popular Direct account. The external bank account cannot be changed within the first 60 days of opening the account.

Read the full Popular Direct review.

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