AlumniFi Credit Union Savings Account 2025 Review
AlumniFi Credit Union offers a high-yield savings account to help you grow your money faster. The APY is competitive, though you'll need to qualify for membership in the credit union to open this account.
AlumniFi CU Savings offers an exceptional APY that outpaces the national average savings rate. Digital banking tools and no monthly fee add to this account's appeal.
You might consider this savings account if you:
- Are a college student or recent college grad who's looking for a secure place to grow your savings
- Prefer a savings account with no monthly maintenance fees
- Don't mind saving with a digital bank
- Would like to explore the benefits of saving with a credit union vs. a bank
AlumniFi also offers an interest-checking account if you'd like to keep all your money in one place. You'll need to join the credit union to open a checking or savings account. Membership is open to:
- Staff, alumni, and donors of the University of Olivet, Michigan State University, and Oakland University
- All Michigan residents
If you don't meet those criteria you can still join by making a $10 donation to the Desk Drawer Foundation. So essentially, this credit union is open to anyone.
AlumniFi CU Savings Account Pros & Cons
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Compared to Other Online Savings Accounts
PenFed CU Premium Online Savings Account
PenFed Credit Union offers a full range of banking products, including high-yield savings accounts. The APY is below what you could earn with AlumniFi but still competitive. There's a $5 minimum to open the account and membership is extended to all U.S. citizens and permanent residents aged 18 and older.
Read our full editorial review of the PenFed CU Premium Online Savings account
Alliant Credit Union High Rate Savings Account
Alliant Credit Union High Rate Savings boasts an impressive APY, though it doesn't quite match what you could earn at AlumniFi. You'll earn the best rate when you meet a $100 minimum balance requirement and there are no monthly fees. Savers have access to thousands of fee-free ATMs nationwide.
Read our full editorial review of the Alliant Credit Union High Rate Savings account
Jovia Financial Credit Union Online Savings Account
Jovia Financial Credit Union's online savings account boasts a top-tier rate with no monthly maintenance fees. You can manage your money with online and mobile banking, and at 55,000+ Allpoint ATMs. Membership is open to people who live, work, worship, or attend school in eligible communities in Nassau or Suffolk County in Long Island, New York.
Read our full editorial review of the Jovia Financial Credit Union Online Savings account
Legacy Credit Union Incentive Savings Account
Legacy Credit Union Incentive Savings pays one of the best savings account rates--but only up to the first $1,000 you save. Once your balance crosses that threshold, you'll earn a much lower APY. Legacy's share certificate accounts pay decent rates but you'll need to choose a longer term to get the best APY.
Read our full editorial review of the Legacy Credit Union Savings account
Interest Rates
AlumniFi uses a tiered-rate approach to apply interest. The more you keep in savings, the higher the APY climbs.
Compared to other credit unions, AlumniFi beats out the competition where rates are concerned. It even surpasses some of the best high-yield savings accounts from online banks.
Comparing savings account rates matters if one of your goals is to earn the best APY for your money. As you shop around at different banks or credit unions, use these questions to see how different accounts stack up.
- Is there a minimum balance requirement to earn interest?
- How much will you need to deposit to open the account?
- Does the same APY apply to all balances or are the rates tiered?
- Is there a cap or cut-off on earning the highest advertised APY?
- Do you have to meet any other requirements, like setting up direct deposit or linking to a checking account at the same bank, to earn interest?
Savings accounts with tiered rates can pay more interest but only if you can meet the minimum balance requirements. If you're new to saving, you might prefer a savings account that pays the same APY on every penny you tuck away.
Fees
Credit unions have a great reputation for being fee-friendly, though that doesn't mean they're fee-free. Here's a look at how fees work at AlumniFi Credit Union.
Other Service Fees - AlumniFi CU Savings Account
| Type | Fee |
|---|---|
| Monthly maintenance fee | $0.00 |
| Stop payment | $25.00 |
| Foreign ATM fee | $1 |
| Non-sufficient funds fee | $0.00 |
| Dormant account fee | $5.00 |
| Incoming wire transfer | $5.00 |
| Foreign transaction fee | 1% to 3% |
| Replacement debit card | $10 |
| Expedited debit card delivery | $30 to $40 |
Overall, the fees aren't too bad. There's no monthly maintenance fee to worry about, which is great. If you open an AlumniFi checking account, there are no monthly fees for that either.
ATM Access
You won't get a debit card with the AlumniFi CU Savings account but you could with a checking account. That's convenient since you can transfer funds from savings to checking, and then use your debit card to withdraw cash at ATMs.
AlumniFi's ATM network spans 30,000+ locations in the CO-OP network. If you use an out-of-network ATM AlumniFi charges a $1 foreign ATM fee.
The ATM's owner could also charge a fee. Some banks and credit unions refund ATM surcharges; AlumniFi does not.
You'll also be subject to foreign transaction fees if you use your debit card for international withdrawals or transactions. The fee maxes out at 3%.
Check Writing
Savings accounts don't usually come with paper checks. Money market accounts are the exception.
These accounts combine features of savings accounts and checking accounts into one secure place to keep your money. AlumniFi CU Savings isn't a money market account and it doesn't include check-writing.
If you're interested in a savings account with checks, look at how many checks you can write per month. Some banks impose an excess withdrawal fee when you have more than six withdrawals from savings per month.
Account Management
AlumniFi is a digital banking solution so you'll manage your account online or through the mobile banking app. If you want to add money, you can use these options:
- Mobile check deposits
- Cash or paper check deposits at ATMs
- ACH transfers from an external linked bank account
- Internal transfers from an AlumniFi checking account
- Incoming wire transfers
AlumniFi only allows withdrawals when you have sufficient funds in your account to cover them. That means you can't overdraft your accounts and there are no overdraft fees.
Other than that, the deposit account agreement doesn't specify set withdrawal or deposit limits.
AlumniFi isn't listed as a Zelle partner. But you can still link your account to the Zelle app to send and receive person-to-person payments. Standard Zelle transfer limits apply.
FDIC Insurance
FDIC insurance protects depositors in case a bank fails. It doesn't extend to credit unions, however.
The National Credit Union Administration (NCUA) insures credit unions. If a credit union goes under for any reason, the NCUA steps in to help you get your money back.
AlumniFi is NCUA-insured, so your money is safe. The current credit union insurance coverage limit is $250,000 per depositor.
Frequently Asked Questions
Who is AlumniFi Credit Union for?
AlumniFi markets itself toward college graduates and students who are close to graduation. The account options and features are designed for people who are just getting started with saving and managing money. This account could be a good fit for someone who's recently finished school and is starting to earn their first professional paychecks.
Is a credit union a good place to save?
Credit unions are a popular savings alternative to banks and many people use them to work toward their goals. Some of the benefits of credit unions include the potential to earn better rates on savings accounts while paying lower rates for loans. Credit unions are also safe when they're insured by the NCUA.
Can anyone join a credit union?
Some credit unions extend membership to anyone, regardless of where you live, work, or go to school. AlumniFi has a broad membership field so virtually anyone 18 or older can join. Other credit unions, however, take a narrower approach and only offer membership to selected groups.
