[Expired] Alliant Checking $50 Signup Bonus, Easy Requirements

Just received the following e-mail from somebody at Alliant:

Hi Chuck, Hope you are doing well! I wanted to let you know that as of August 1, Alliant is no longer offering a $50 bonus for new checking accounts. If you can please update your recent article, we’d be very appreciative as we’d hate for folks to join and then be disappointed.

Offer at a glance

• Maximum bonus amount: $50
• Availability: Nationwide
• Direct deposit required: None
• Additional requirements: eStatements, one ACH transfer
• Hard/soft pull: Soft pull
• Credit card funding: None
• Monthly fees: None
• Early account termination fee: 6 months or bonus is forfeited
• Expiration date: Unknown

The Offer

Alliant Credit Union offers new members of the credit union a $50 for opening an Alliant High-Rate Checking account.

In order to get this offer, you need to first signup to become a member of Alliant Credit Union (details below), and then you should get an offer via email a couple of days later with this checking offer and a (unique?) offer code. Don’t signup for a checking account at the time of opening the credit union account; then they won’t send you the offer.

I became an Alliant member and opened a savings account with them. A couple of days later, this $50 checking offer came via email. From what I gather, it’s a standard offer sent to new members.

Requirements

To get the $50 bonus, you have to open the High-Rate Checking account, and do these two requirements:

• Signup for e-statements
• Have one ACH transfer over to the Alliant checking account within 90 days of becoming a member

The terms are clear that any ACH is fine, no need for direct deposit, and any amount is fine as well, apparently.

(Here’s an old offer on PDF with the same details.)

Update: Readers report that so long as you meet the requirements, everyone has been getting the $50 bonus. Simply open the High-Rate Checking account at the time you signup to become a member, do the Requirements, and you should get the $50 bonus.

Membership Eligibility

Alliant Credit Union is open to select groups. Most of us become members by donating $10 to Foster Care to Success.

There is a $5 signup bonus from Alliant (as long as you don’t close out the account within 90-days of opening), bringing down the net cost to just $5.

The Fine Print

• To qualify for the $50 bonus deposit offer, new member must open an Alliant checking account and meet the requirements of Alliant High Rate Checking within 90 days of his/her membership enrollment date and remain in good standing. Members who do not open checking or do not meet the high rate checking requirements during the timeframe do not qualify to receive the deposit.
• The $50 bonus deposit offer is not transferable, is only valid for new Alliant members and cannot be used in conjunction with any other checking offer. One $50 bonus deposit per member.
• Once we verify qualifications, we will deposit the $50 bonus deposit directly into the member’s account. Please allow up to 60 days for deposit to be made. Check the status of the bonus deposit on Alliant Online Banking.
• The $50 bonus deposit is considered as taxable income and will be paid as a special dividend and reported on IRS Form 1099-INT.
• This account must remain open for at least six months or the bonus amount will be subtracted from your checking or savings account upon closing.
• When applying for your checking account, use the promo code sent to you in the offer email.
• The 04/01/2016 High Rate Checking dividend provides an Annual Percentage Yield (APY) of 0.65% APY. The APY is accurate as of the 03/15/2016 dividend declaration date. Checking dividend may change after account is opened and is subject to change monthly.
• There is no minimum balance requirement to open an Alliant Checking Account or to earn a dividend or to earn the bonus.

Avoiding Fees

Fee Schedule Link

• There is a $1 paper statement fee; be sure to go paperless (you’ll probably do this at the time of account opening).
• There is a $10 early termination fee if you close the account within 90-days of opening.
• There is also a $10 inactivity fee. No info given on what’s called ‘inactivity.’

Our Verdict

Keep in mind that Alliant will do a Chex inquiry, and doing this bonus will likely result in two inquires; one when you initially become a member and a second when you open the checking account a few days later after getting the offer. It seems that you can just open the checking account at the same time you signup for the credit union, meet the requirements, and the $50 bonus will post.

Most people probably won’t do this just for the $50. However, Alliant is known for their high-yield savings account (currently, 1% APY), and many people have an account with them for that reason.

Also worth noting that the Alliant checking account is unique with .65% APY, a rate we don’t typically see, so the checking account can actually be useful to use as an ordinary checking account. (To get the .65% rate, you need to have a monthly ACH transfer into the account, something easily automated.)

The other thing to keep in mind is that there was once a $150 Alliant checking bonus back in 2014 so you might want to hold out for one of those. But I think $50 is more the standard offer.

 

Useful posts regarding bank bonuses:

• A Beginners Guide To Bank Account Bonuses
• PSA: Don’t Call The Bank
• Introduction To ChexSystems
• Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
• What Banks & Credit Unions Do/Don’t Pull ChexSystems?
• How To Use Our Direct Deposit Page For Bank Bonuses Page
• Common Bank Bonus Misconceptions + Why You Should Give Them A Go
• How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
• Affiliate Links & Bank Bonuses – We Won’t Be Using Them
• Complete List Of Ways To Close Bank Accounts At Each Bank