Wanting to change to credit union

[Anonymous]

My wife and I are recently 30 and starting our planning for the future plans. I'm wanting to switch to a credit union and thinking of alliant. We don't have a large cash fund in savings yet but working towards that. I want somewhere who are good to borrow from and someone to stick with long term. We currently bank with first citizens bank in nc and they're rates and different loan choices suck. I've considered just opening an American express savings but thought I'd look for some guidance before making a choice. Appreciate your help guys!

[Anonymous]

Why not have both? I bank with a local bank for my checking (I also have a CLOC, savings and Visa Signature with them) because I simply like having a bank for my day-to-day checking needs. But I am also a member of Security Service FCU, PenFed and NFCU because they beat the pants on almost all banks for savings rates and lending rates. 

You should give yourself options by having several financial institutions in which you can take your pick for various products. If you are happy with your First Citizens Bank for checking, there is no reason why you should change that. In the meantime by all means opening an Alliant CU savings account is a great way to earn more interest than any bank will provide to you. There are also the online direct banks like Amex, Synch Bank, Barclay's and Ally to name a few. The benefit of Alliant over those guys is that you can use most credit unions shared branches to access your Alliant accounts and as a member you can apply for other products from Allian that the direct banks don't offer.

If you live in NC have you checked out that odd State Employees Credit Union? How a hodunk credit union in a state where time forgot became the second largest credit union in the country baffles me. Its like in addition to a Social Security Number, SECU gives each newborn an account at the hospital when they are born. Seriously, how is SECU so large? 

[Anonymous]

You have to work for the state to be a member. I used to be with LGFCU when I was married in 2011; got divorced and messed that whole relationship. I'd never be let in again. However the rates aren't that fantastic. Alliant is Co op also so I imagine it wouldn't be difficult. Biggest question I have about alliant is how is their customer service.

[SouthJamaica]

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@Anonymous wrote:
My wife and I are recently 30 and starting our planning for the future plans. I'm wanting to switch to a credit union and thinking of alliant. We don't have a large cash fund in savings yet but working towards that. I want somewhere who are good to borrow from and someone to stick with long term. We currently bank with first citizens bank in nc and they're rates and different loan choices suck. I've considered just opening an American express savings but thought I'd look for some guidance before making a choice. Appreciate your help guys!

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I think it's great to open a relationship with a credit union. Alliant is fine, but PenFed and Langley are great, and there are probably local credit unions which have great terms.

[Moneyklutz]

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@Anonymous wrote:
... Biggest question I have about alliant is how is their customer service.

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My experience so far has been stellar. 4 months ago I opened a savings account, SSL and checking account and every contact I've had with them has been simple, easy and without any issue. 

Keeper in my book.

[mongstradamus]

Another major win for alliant is that they have very competitive savings and cd rates if thats something thats important to you

[Moneyklutz]

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@mongstradamus wrote:

Another major win for alliant is that they have very competitive savings and cd rates if thats something thats important to you

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Speaking of which...

Just logged in to my account this morning and was happy to see they bumped the savings APY rate from 1.25% to 1.30%!

Nice way to start the New Year 

@Anonymous is still @ .65% but thats still better than most.

[sid33]

As far as the savings accounts go, last night I opened a Amex Personal Savings(1.35%) and a Discover Savings(1.30%). I started with Amex, and quickly learned the only way to get access to your savings, if you needed to in a hurry, was to to a ACH to an external accountwhich could take a few days. Also the only way to add to the account was either direct deposit, or external account transfer. So then I decided to open a savings and checking with Discover. This way I can quickly have access to my savings if needed. I would just have to transfer from savings to checking. They also allow to do mobile deposits to the savings account. 

I'm a member of NFCU, PenFed, DCU, and Shell FCU. I figured it would be nice to try something different, that's why I really didn't look into Alliant.

DCU has great rates on auto loans, and offer 5.12% on the first $1k in savings.