Summary: AlumniFi is the online division of Michigan State University Federal Credit Union. It offers online checking and savings accounts geared toward college and university graduates.

AlumniFi’s checking account features include a Visa debit card, bill pay, peer-to-peer transfers, direct deposit, and spending insights. You also get access to a network of 30,000 ATMs. Checking account balances earn 0.5% APY for the first $50,000 and 1% APY for balances above that threshold.

AlumniFi offers an online high-yield savings account (HYSA) earning competitive rates ranging from 4.25% to 4.75% APY, depending on your balance. The first $25,000 earns 4.25%, balances up to $100,000 earn 4.5%, and balances above $100,000 earn 4.75%. The account charges no monthly maintenance fees.

Additionally, AlumniFi’s “Changed” feature rounds up debit card purchases and uses the spare change to pay off your student loans faster and automatically. It usually costs $3 per month but is included with the AlumniFi savings account.

Read more: Savings accounts with interest rates of 4% APY and higher

AlumniFi charges minimal fees, but it has service charges that may apply in some situations.

AlumniFi has its share of pros and cons, which you should consider before opening an account.

Pros

  • No monthly fees: There are no monthly fees to use its checking or savings accounts, allowing you to keep more of your interest earnings.

  • Competitive rates: The savings account pays one of the highest rates available today, and the checking account also pays interest.

  • Free access to debt payoff tool: The savings account includes access to a tool that rounds up your debit card purchases and uses the round-ups to pay off your student loans.

Cons

  • No branch access: AlumniFi is an online banking platform, so you can’t visit a branch if you prefer in-person service.

  • Best savings rate requires a large balance: All savings balances pay a competitive APY, but the best rates are reserved for balances above $100,000.

  • Limited account options: AlumniFi only offers a checking account and savings account. If you’re looking for a more comprehensive banking experience, AlumniFi may not have what you need.

Customers can reach AlumniFi support Monday through Friday from 8 a.m. to 8 p.m. ET. Phone support is not available on weekends. In addition to calling with questions, you can also send an email to AlumniFi’s support inbox.

AlumniFi has an app for iOS and Android. The app only has a handful of reviews, with a 5.0 rating and 17 reviews on the Apple App Store. On Google Play, it has a 4.5 rating with 18 reviews. The app includes features such as checking account balances and transaction history, debit card locking, ATM location, and funds transfer.

Because AlumniFi is the online division of Michigan State University Federal Credit Union, membership is required to open an account.

Membership is available to those in one of the following groups:

1. Those who live, work, worship, or attend school in the State of Michigan

2. Those who are students, alumni, employees, or pensioners of Cooley Law School

However, those who don’t meet these requirements can still become a member by making a one-time $10 donation to the Desk Drawer Foundation.

AlumniFi’s mailing address is:

3777 West Road

East Lansing, MI 48823

The general contact number is 855-955-2965. Support is available Monday through Friday from 8 a.m. to 8 a.m. ET.

Yes, AlumniFi is NCUA-insured. Deposits are held at Michigan State University Federal Credit Union and insured up to the federal limit of $250,000 per depositor.

AlumniFi’s routing number is 072486898.

AlumniFi compares favorably to competitors, offering a high savings APY and debit card access. However, some online banks and credit unions may offer a wider variety of products and larger ATM networks.

Read the full article here

News Room is the official editorial voice of MAGA Medicine, delivering timely, curated coverage of U.S. news, politics, finance, business, entertainment, and lifestyle. With a commitment to accuracy and relevance, News Room aggregates trusted RSS feeds from leading publishers across the nation to bring you the stories shaping America—unfiltered and up-to-date.

Leave A Reply

Exit mobile version