NEW YORK–The Wall Street Journal has published its list of the “Best Banks and Credit Unions” of 2024, and among the credit union winners is a name that frequently appears on such compilations.
But as is always the case with such rankings, only a limited number of credit unions and banks were considered.
According to the Journal, it “sifted through dozens of bank and credit-union accounts to find the ones that offer the best combination of low fees, convenience and transparency. We also considered account flexibility, simplicity and user-friendliness, both for in-person as well as online banking.”
Here is who the Journal named to its list:
Best Credit Union: Alliant Credit Union (Chicago) High-Rate Savings
“Why we picked it: In (the Journal’s) roundups, Alliant took the top spot among credit unions in our Best Checking and Best Savings rankings,” the Journal stated. “While traditionally, credit unions limit their membership to people who live, work, go to school or worship within a particular geographic footprint, anyone can join Alliant. It’s one of a new breed of credit unions that operates digitally and opens its membership to all. You just need to become a member of the affiliated nonprofit Foster Care to Success. Alliant even pays the $5 required membership fee.”
Product Pricing
The Journal said the winning account pricing includes:
- APY for High-Rate Savings: 3.1%
- APY for High-Rate Checking: 0.25%
- $5 minimum to open a checking or savings account
- No minimum balance requirement for checking
- $5 minimum balance for savings ($100 minimum balance to earn interest on savings)
- No monthly maintenance fee for checking or savings
- Join by becoming a member of Foster Care to Success—Alliant pays the $5 fee
“Even without branches, Alliant aims to make banking easy. Its account structures are simple and transparent, and you won’t get socked with fees that erode the interest you can earn. (About the only fee you might have to pay is a $1 monthly fee if you want paper statements),” the Journal said. “A network of more than 80,000 ATMs can help you avoid out-of-network fees—and if you can’t, Alliant will even refund you up to $20 a month in other operators’ ATM fees.
“Alliant has a decent APY for its savings account—which is good for every dollar of your balance. Its checking account has one of the most generous APYs we’ve come across,” the Journal added.
Caveats
There are caveats when it comes to the account, according to the Journal’s review, including that there’s a $100 minimum to earn the advertised savings APY.
Other CUs Considered
The Journal said it considered other credit unions for its top honors.
“For California residents, Golden 1 Credit Union offers free checking—plus a big branch network. But you have to live or work in the Golden State to bank at Golden 1,” the Journal said. “Lake Michigan Credit Union’s checking account has an eye-catching APY, but you only earn the top rate on the first $15,000 of your balance. You also have to jump through a number of hoops each month—such as conducting a certain number of transactions—in order to earn the top rate.”
The Bank Winners
On the bank side, the Journal named Capital One’s 360 Performance Savings as its top account, citing the convenience of a big, national bank with low fees and attractive rates as the reasons it won.
Specific features of the account include:
- 360 Performance Savings APY: 4.35%
- 360 Checking APY: 0.1%
- No minimum opening balance
- No monthly maintenance fee for checking or savings
- Open and manage your account in a branch, or via mobile app or web
- Digital tools help you set and track savings goals
Other Banks
Other banks considered by the Journal included American Express’ online checking and savings accounts, which it said offer user-friendly terms and generous APYs.
“But there’s no in-person banking, and you have to have an American Express card to be eligible to open an account,” the Journal added.
It also highlighted TD Bank’s Signature Savings, which requires a balance of at least $100,000—and link it to another TD account—to earn the most attractive rate.
The Journal named Ally as the best online bank.
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