Alliant only offers kids savings through age 12. After that they only offer checking for teens. You have to be 18 to get the high yield savings account. Any other ideas for 14 yo besides Capital One 360 ?
Not sure of what your actual goal is, but you may want to consider a custodial account. Just understand that this is not a regular savings account and there could be other implications of this. But if your only goal is to have the child’s money earn the 1.45% then this is a way to do it. That said, how much does your child have? Seems to me that if it’s enough to make the interest rate difference matter, you should be looking at completely different ways to set up the assets.
Just a comment/observation/data point:
I have always been an Alliant fan, but more proof of the wisdom of that stance is coming in. I will not go into detail on the background or reasons. Suffice it to say I am “laundering” a bit of money (sorry: no drugs and nothing illegal) through Ally Bank, using Ally’s bank-to-bank ACH funds transfer system. And OMG does it STINK compared with Alliant.
This takes me back fifteen years to the hated days when I was still using CashEdge, a miserable ACH service I left after becoming aware how terrible it was. Ally is making me wait three days for my money!! Alliant offers us overnight ACH service. WOW!!
Yes, indeed, it has taken me some time to figure out that Alliant ACH service is the ONLY way to go.
As an example, 2/26, I ACH transferred funds from an establishment. Money was in Alliant 2/27, today. Just wish we could ACH transfer out of Alliant more than $25K per day. But Alliant will ACH transfer funds into accounts of $100K per day. Money INTO $100K, but OUT $25K. lol
So who has been crushing the 3% cashback without issues?
Shinobi: You probably not aware that with Ally’s ach transfer system, after you do a number of transfers to a particular bank, both inbound and outbound, it automatically switches over to 1 day service…and Ally’s limits are much higher than Alliants, at $250,000 inbound and $150,000 outbound per day (One Million Max inbound per month and $600,000 outbound per mouth)…
When i transfer in or out to Allliant from Ally…my transfers go 1 day in each direction…Same with Bank of America…it’s because i did a number in each direction with the 2 banks, using Ally’s ach service…
Thank you, craig10x, for pointing that out. But for me, well, I cannot live with something like that. I need to know definitively, for example, what it takes to obtain the one day service. To be very clear, I’m not asking you, craig10x.
Instead I think Ally has an obligation to customers to explain clearly, and in adequate detail, what they require in order to grant one day ACH service. I find that information nowhere.
I need the sort of one-day ACH service routinely available at Alliant Credit Union, for many, many years, with no craziness, no unpublished rules, and no “hey, we’re doing you a favor”. At Alliant, one day ACH service is their standard!! I cannot afford to mess around with anything else. Period.
Ally Bank, by comparison in the ACH realm, is a joke.
Then again,Although Alliant CU is $100,000 in per day…they cut back outgoing transfers to a very inconvenient $25,000.00 so what’s so great about that? At least Ally is $250,000 inbound and $150,000 outbound per day…So, even if it takes a little while to GET the 1 day transfers, it’s still better, in the long run…
Also, when i had their platinum rewards credit card, i was really shocked to discover they didn’t include an important feature like Extended Warranty on purchases! Needless to say i dumped that card pretty quickly…Banks and Cus decide which Visa and Mastercard features they want to include and apparently they didn’t want to spend the small amount extra to include the coverage…
I use to like Alliant Cu a LOT…in recent years, i have found them pretty disappointing…Also, their mobile app is slow as a slug (and i have reported that to them many times) and they STILL don’t know when the heck they are going to release their new Online banking revamp… 
craig10x, does this mean you may be leaving Alliant CU again.
Your remark about Ally ACH transfers in $250K & out $150K sound so great. Problem is, we don’t know how quick these moves can be made. What about the % interest that is gained on savings, Alliant 1.45%, what is Ally?
Hi Patty 
Yeah…although i won’t close my membership and i do have a small amount of money with them, I have Bank of America for my local, Ally Bank and to replace Alliant, i set up with a bank known as ebanc (actually myebanc) which is the internet bank subsidiary of a florida bank known as BAC Florida…Love the set up over there and the Savings rate is 1.50% and the Checking account has an excellent bill pay as well as unlimited atm rebates too…
So, i have my cash divided between the two now…and as far as Ally Bank’s Savings rate, it is the same as Alliant at 1.45% apy…
It does sound great. But absent Alliant’s assured overnight service I have no interest.
Last two CD deals (Freedom and Sharonview) I mailed in an Alliant check, just regular first class mail, and kept the funds in Alliant savings until it was time to cover the check. That system seems to work quite well. Alliant still honors VERY large checks with no hassle whatsoever.
Also I use Alliant’s overnight ACH service for a great many more things than moving large sums of money. Waiting three days for all that stuff is just nuts. I cannot reliably remember that long. There is too much going on for that. Three days is just crazy!!
I know this isn’t Alliant related but with myebanc, i am able to transfer up to $250,000 a day and it’s one day service (outgoing)…However, interestingly enough i can’t set up any incoming transfer from a outside bank!
I asked them about this and they said they do it like that for a “security measure”…however, if you phone them, once they verify your identity on the phone, they will set up an incoming transfer and i believe there is no limit on the amount…
They did tell me that many customers have been asking them to add on the ability for the customer to do it themselves in the online banking, so it’s likely they will add that soon…Not sure yet what the maximum allowed will be using that method…
I hope it is also $250,000…In any event, it would still be one day service…
They have no restrictions on pushes and pulls from other banks of course…
Ha!
I knew craig10x had to be on to another bank by now.
Is this an unadvertised feature? I dont see it mentioned anywhere on their product web page.
@ArgyII: Well, i did need a replacement for Alliant 
And the set up looked kind of interesting…which it is…
@glitch99: Yes, i guess you could call it an unadvertised feature…they really should mention it on their website…it is mentioned in their disclosures and they confirmed when i called and e-mailed them about it…
It said: we will not charge you a fee for atm usage and refund any fees incurred from other atms…
And the refunds are supposed to be next day not end of statement (i was told)…
$50 account closing fee…
At least that forces Craig to keep the account open for 6 months. He’ll probably circle out and back in 3-4 times by then 
Anyone have an automatic payment hit twice on their checking account? My Alliant CC account just double deducted the payment twice from my non-Alliant account. First time for me, about to call them up.