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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
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Pros and Cons: Ally
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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.
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| Minimum opening deposit | $5 (Alliant covers the fee) | |
| Monthly service fee | None | None |
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Alliant vs. Ally Savings Account Comparisons
Alliant and Ally pay higher interest rates than the average savings account. Alliant also has a
| Annual percentage yield (APY) | ||
| Minimum opening deposit | None | |
| Monthly service fee | None | None |
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Alliant vs. Ally Certificate Comparisons
| Term lengths | 3 months to 5 years | 3 months to 5 years |
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| Annual percentage yield (APY) | ||
| Early withdrawal penalties | 7 days to 180 days interest | 60 to 150 days of interest |
| Types of CDs | Standard CD, IRA CD | High-yield CD, No Penalty CD, Raise Your Rate CD, IRA CD |
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Alliant vs. Ally Money Market Account
Alliant doesn’t have a money market account, but Ally does.
It also provides you with a debit card and paper checks, making it a convenient savings tool for accessing money quickly if necessary.
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 three unresolved complaints.
A high BBB rating doesn’t necessarily guarantee your relationship with a bank will be perfect. Consider chatting with current customers or reading online customer reviews, too.
Alliant and Ally haven’t been involved in any recent public controversies.
Frequently Asked Questions
Is Alliant or Ally better?
Deciding between Alliant or Ally will likely come down to several differentiating factors.
For instance, 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.
You also may have to consider whether you prefer banking with an online bank or credit union. Credit unions usually require membership to open an account.
At Alliant, you can become a member by joining the Foster Care to Success (Alliant will cover the $5 joining fee). You may also join if you live near the bank’s headquarters in Chicago; are an employee, retiree, or member of an eligible organization; or you have a family member that’s an Alliant member.
Which bank has the highest interest rate?
Ally offers a higher interest rate on its savings account. Keep in mind interest can rates fluctuate on savings accounts, though.