What is the communities opinion on Alliant vs PenFed I'm currently using Penfed's personalized checking account (Access America) I am considering Alliant after a friend stated and I quote Alliant Kicks as*
@BearsCubsOtters wrote:You may want to start this discussion in the Personal Finance part of MyFico if you are looking for checking account comparison and general credit union questions. This Smorgasboard does not get much attention.
I am a member of both. I joined PenFed over 10 years ago and Alliant just last year. I joined PenFed or their low personal loan rates and I joined Alliant for their high savings rate (well, at least as of last year it was high).
Alliant Pros:
Quick ACH transfers and can be used to pull funds out for free of an account from a bank/credit union that charges a fee to ACH to an outside financial institution. For instance, you want to move $500 from US Bank to a small, local bank but US Bank charges $3 to do so; you could instead use Alliant to pull the $500 from US Bank and once it posts to Alliant, move it to the small bank, no fees.
0.25% APY on checking (with a monthly direct deposit)
No minimum or fees
1st box of checks free
Higher rate savings (currently 0.75%)
They are usually one of the first financial institutions to raise the savings rates once The Fed raises Prime Rate.
Large Allpoint ATM network
Is part of the shared branch program with other credit unions
Alliant Negatives:
Frankly, their lending products are ho hum. They do have a 2% rewards Visa card; but their personal and auto loans can be bested by PenFed and other credit unions
No Personal Line of Credit available; not even a Checking Line of Credit.
Generally, if you do not qualify for membership for their normal field of membership (airline employee, resident of Chicgagoland) then you have to join through a donation or other membership. I joined using Freelancers Union-its free but they send tons of junk email.
PenFed Pros:
They have a nationwide charter now, so anybody can join without having to qualify through employer, military or other way.
Typically some of the best personal loan rates and very competitive car loan rates
High APY online savings account
Offers Personal Lines of Credit as well as Checking Line of Credit for overdraft
Decent credit card rewards (best seems to be the 2% cash back Power Cash Rewards card-if you have their checking or are military qualified-otherwise its another 1.5% card
For some members, pre-approved credit offers every quarter which are rarely declined and rarely use a HP
Penfed Cons:
They charge checking account fees like the big banks do; for instance, you must either park $500 in checking or have a monthly direct deposit to avoid a monthly fee. This seems very un-credit-union-like.
Very limited branch network
PenFed is not connected to the Shared Branch network like many other credit unions are.
You really have to watch PenFed...they change rates on their website all the time. Sometimes the rates are lower on car loans and credit cards for a limited time and then they go up (for new applicants I should mention). So if you are shopping for a low rate with Penfed, jump on the low rate when you see it because it could change.
Anybody can join. Although, frankly anybody can join Alliant too (and a multitude of other credit unions), I sometimes worry that credit unions like PenFed and NFCU are opening themselves up to bad loans and fraud by allowing virtually anybody in. I liked when credit unions were more difficult to join but I do see the need to grow the credit union. This could also be a pro because members who may have not previously been able to join now can and bring a lot of business which benefits everybody. Only time will tell.
Personally, for me...yes, I do like Alliant...but only for savings and possibly checking. For everything else, PenFed does it better. There are lower lending rates and more lending options.
Thank you for taking the time to reply what valuable information I would have never known that! I'll go with PenFed and just keep a membership with Alliant just in case! I'm still coming off of a 10k discover approval when almost a year ago I thought First premier and Credit one were massive limits at like 400$ I wish I listened sooner goal is to buy a house in two years so I'm trying to get my foot in the door with some of the best credit unions who may be good for a mortgage,Auto loan, Checking line of credit and decent line up of savings and cds also one that is not prone to 2008 style bank collapse! I was a Wells Fargo guy for many years and learning they are not so great compared! Again I thank you for taking the time to give me a heads up and some information!
@BearsCubsOtters wrote:You may want to start this discussion in the Personal Finance part of MyFico if you are looking for checking account comparison and general credit union questions. This Smorgasboard does not get much attention.
I am a member of both. I joined PenFed over 10 years ago and Alliant just last year. I joined PenFed or their low personal loan rates and I joined Alliant for their high savings rate (well, at least as of last year it was high).
Alliant Pros:
Quick ACH transfers and can be used to pull funds out for free of an account from a bank/credit union that charges a fee to ACH to an outside financial institution. For instance, you want to move $500 from US Bank to a small, local bank but US Bank charges $3 to do so; you could instead use Alliant to pull the $500 from US Bank and once it posts to Alliant, move it to the small bank, no fees.
0.25% APY on checking (with a monthly direct deposit)
No minimum or fees
1st box of checks free
Higher rate savings (currently 0.75%)
They are usually one of the first financial institutions to raise the savings rates once The Fed raises Prime Rate.
Large Allpoint ATM network
Is part of the shared branch program with other credit unions
Alliant Negatives:
Frankly, their lending products are ho hum. They do have a 2% rewards Visa card; but their personal and auto loans can be bested by PenFed and other credit unions
No Personal Line of Credit available; not even a Checking Line of Credit.
Generally, if you do not qualify for membership for their normal field of membership (airline employee, resident of Chicgagoland) then you have to join through a donation or other membership. I joined using Freelancers Union-its free but they send tons of junk email.
PenFed Pros:
They have a nationwide charter now, so anybody can join without having to qualify through employer, military or other way.
Typically some of the best personal loan rates and very competitive car loan rates
High APY online savings account
Offers Personal Lines of Credit as well as Checking Line of Credit for overdraft
Decent credit card rewards (best seems to be the 2% cash back Power Cash Rewards card-if you have their checking or are military qualified-otherwise its another 1.5% card
For some members, pre-approved credit offers every quarter which are rarely declined and rarely use a HP
Penfed Cons:
They charge checking account fees like the big banks do; for instance, you must either park $500 in checking or have a monthly direct deposit to avoid a monthly fee. This seems very un-credit-union-like.
Very limited branch network
PenFed is not connected to the Shared Branch network like many other credit unions are.
You really have to watch PenFed...they change rates on their website all the time. Sometimes the rates are lower on car loans and credit cards for a limited time and then they go up (for new applicants I should mention). So if you are shopping for a low rate with Penfed, jump on the low rate when you see it because it could change.
Anybody can join. Although, frankly anybody can join Alliant too (and a multitude of other credit unions), I sometimes worry that credit unions like PenFed and NFCU are opening themselves up to bad loans and fraud by allowing virtually anybody in. I liked when credit unions were more difficult to join but I do see the need to grow the credit union. This could also be a pro because members who may have not previously been able to join now can and bring a lot of business which benefits everybody. Only time will tell.
Personally, for me...yes, I do like Alliant...but only for savings and possibly checking. For everything else, PenFed does it better. There are lower lending rates and more lending options.
See my reply below I'm still getting the hang of this forum despite being a member for years I've recently started to actually use the benefits and knowledge shared here! I no stupid me!
@NoMoreE46 wrote:-Fantastic write up. With regards to parking $500 into Penfed, I believe that you must DD the $500/month but there is no requirement to maintain this $500 in the account after the DD.
@Aim_High is well versed with PenFed.
Thanks for the tag, @NoMoreE46.
Agreed that @BearsCubsOtters 's write up is outstanding and only possible as longer-term client of both. Thanks for that! 
I've read about and considered Alliant also but now am glad I didn't try to set up accounts with them. PenFed just seems to be a better overall choice based on my own observations as well as the comments above.
Currently as of 09/04/2020, I'm showing Alliant's High-Rate Online Savings account pays 0.65% and PenFed's Premium Online Savings account pays an even-higher 0.80%. Plus PenFed's Power Cash Rewards is (in my opinion) possibly the best overall flat-rate 2% card out there.
