The bottom line: Alliant offers a more appealing checking account, but Ally narrowly beats Alliant on savings. For CDs, it’s dead even between the two — Ally has more CD variety, but Alliant has higher CD rates.
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 institutions’ history.
Pros and cons: Alliant Credit Union
ProsCons
24/7 customer service by phone
Anyone can become a member (Join Foster Care to Success, and Alliant will cover your $5 joining fee)
No monthly service fees
Competitive interest rates on savings account and CDs
Interest-earning checking account
Kids savings account option
$1,000 minimum opening deposit on CDsNo physical locations
Pros and cons: Ally
ProsCons
24/7 live customer service
over the phone or through live chat
No monthly service fees
$0 opening deposits on accounts
Competitive interest rates on savings account and CDs
Interest-earning checking account
Saving account comes with tools to help you save
Unique CDs, including no-penalty CDs, IRA CDs, and Raise Your Rate CDs
No physical locationsNo joint bank accounts for minorsC- rating from the Better Business Bureau for unresolved complaints
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.
Alliant High-Interest Checking AccountAlly Interest Checking AccountAPYAlliant High-Interest Checking AccountAlly Interest Checking AccountMinimum opening deposit$5 (Alliant covers the fee)Ally Interest Checking AccountMonthly service feeNoneNonePerksEarn interest on your accountNo overdraft feesFree overdraft protection No incoming wire transfer feesRefunds up to $20/month in out-of-network ATM feesAccess to 80,000 free ATMs May deposit cash at Alliant ATMsEarn interest on your accountNo overdraft feesEarly direct depositFree overdraft protection No incoming wire transfer feesRefunds up to $10/month in out-of-network ATM feesAccess to 43,000 free ATMsCaveatsNo physical locationsNo physical locationsDoesn’t accept cash depositsNext stepsAlliant High-Interest Checking AccountAlly Interest Checking Account
Winner: Alliant
The Alliant High-Interest Checking Account lets you deposit cash at Alliant ATMs, and you’ll have access to a larger ATM network than with the Ally Interest Checking Account. You’ll also earn Alliant High-Interest Checking Account regardless of your account balance, while Ally has a tiered interest rate.
Alliant vs. Ally savings account comparisons
Alliant and Ally pay higher interest rates than the average savings account. Alliant also has an Alliant Credit Union Kids Savings Account featured in our best kids savings account guide.
Alliant High-Rate Savings AccountAlly High Yield Savings AccountAPYAlliant High-Rate Savings AccountAlly High Yield Savings AccountMinimum opening depositNoneAlly High Yield Savings AccountMonthly service feeNoneNonePerksAdd “Supplemental savings accounts” to save for goalsATM card includedSavings buckets feature lets you separate savings to create specific goalsSurprise savings tool automatically transfers extra change from your checking account to help you saveCaveatsNeed to keep at least $100 in your account daily to earn interestNo physical branches No physical branchesNext stepsAlliant High-Rate Savings AccountAlly High Yield Savings Account
Winner: Ally
The Ally High Yield Savings Account narrowly wins over the Alliant High-Rate Savings Account because you don’t need to keep a certain amount in your account to earn interest. You may still like the Alliant High-Rate Savings Account if you’d like easy access account, though — not many savings accounts offer ATM cards.
Alliant vs. Ally certificate comparisons
Alliant CertificateAlly High Yield Certificate of DepositTerm lengths1 year to 5 years3 months to 5 yearsMinimum opening depositAlliant CertificateAlly High Yield Certificate of DepositAPYAlliant CertificateAlly High Yield Certificate of DepositEarly withdrawal penalties7 days to 180 days interest60 to 150 days of interestTypes of CDsStandard CD, IRA CDHigh-yield CD, No Penalty CD, Raise Your Rate CD, IRA CDNext stepsAlliant CertificateAlly High Yield Certificate of Deposit
Winner: Tie
Alliant and Ally CDs are equally compelling options and will likely depend on your priorities. Ally High Yield Certificate of Deposit has more short-term CDs, CDs that let you withdraw money early without a penalty (No Penalty CDs), and CDs that raise your rate over time (Raise Your Rate CDs). Meanwhile, Alliant Certificate currently pays higher CD rates, especially on long-term CDs.
Alliant vs. Ally money market account
Alliant doesn’t have a money market account, but Ally does. Ally Money Market Account pays a competitive interest rate and has a Ally Money Market Account opening deposit — most banks usually require at least $1,000 to open a money market account.
It also provides you with a debit card and paper checks, making it a convenient savings tool for accessing money quickly if necessary.
Winner: Ally
Ally Money Market Account is our default winner for this category because Alliant doesn’t offer a money market account.
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 a C- rating because it has a high volume of customer complaints and four unresolved customer issues.
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.
Winner: Alliant
Alliant beats Ally in this category since it is more likely to respond to customer issues. Both institutions are trustworthy banking options overall, though.
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 only offers terms over a year, and it 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 and Alliant offer a similar interest rate on savings accounts. Meanwhile, Alliant has higher interest rates on CDs, regardless of which term you choose.
Keep in mind interest rates fluctuate, and savings rates are expected to increase throughout 2022.