The $7.8 billion Alliant Credit Union was the only cooperative to make Money Magazine’s “Best Banks 2011” list.
The publication said the Chicago-based credit union earned the ranking because it “combines an open-door policy with competitive offerings.”
“Credit unions traditionally best the big banks for customer service and account terms, but membership can be tough to secure,” according to Money. “Employment by major companies such as Google or Kaiser grants access here, as does a one-time $10 donation to the charity Foster Care to Success.”
The publication also liked that Alliant offers 1.15% on savings, no fees on noninterest checking, and “a direct deposit to the interest-bearing option gets you 1.1% with no charges.” Money also noted that Alliant has branches in Arizona, California, Colorado, Illinois, New Jersey, Texas and Virginia.
Other financial institutions were ranked for best checking account, best savings account, best online package and best regional banks.