Alliant Credit Union’s 2023 annual report: A record $439 million in dividends paid as membership soars to 830,000
Report details member savings of $442 million by banking with Alliant vs. having same accounts with the average national bank
CHICAGO, ILLINOIS (February 22, 2024) — Today, the all-digital Alliant Credit Union unveiled its 2023 annual report, showing a strong financial performance for one of the largest credit unions in the nation and soaring member value vs. traditional banks. Alliant reports both record dividends paid and record membership growth coupled with substantial member savings by having accounts with Alliant vs. the average national bank, despite an overall tumultuous year for the U.S. economy.
Through continued investments in its digital-first strategy, technological innovation and a focus on increased member value, Alliant saw significant 2023 growth. Some of the key growth areas highlighted in Alliant’s 2023 annual report include:
- $442 million in member value. What members earned at Alliant vs. having those same accounts at an average bank. $830 in value per member from low loan rates, low fees and savings rates that are more than five times more than the average national bank.
- As part of its continued member value proposition, Alliant offers high-reward credit cards with up to 2.5% cash back, some of the highest certificate rates in the industry, ATM network/fee refunds and an award-winning mobile app.
- $439 million in dividends paid. A record dividend payout and a 172% increase from 2022.
- 830,000 members nationwide. Alliant reports a record number of members in 2023, a 52% increase over 2020.
- $1.8 billion net worth. A 40% increase in the last three years.
- $18.5 billion in assets. Soaring 36% since 2020 to the highest in Alliant’s history.
- $14.4 billion in deposits. Alliant grew deposits by 29% since 2020.
“I’m proud of the 2023 results Alliant delivered for its members. We continue to invest in the best digital experiences while maintaining the industry’s best cost structure and delivering the best products, rates, and value to our members,” said the CEO of Alliant Credit Union, Dennis Devine. “2023 was a pivotal year for our economy and for many of our members, and Alliant emerged stronger than ever. Thank you to the Alliant team for their hard work and talent in delivering what is consistently recognized as one of the very best financial institutions.”
Additionally, to improve the digital-first member experience in 2023, Alliant:
- Launched new certificate structures delivering some of the highest rates in the industry.
- Developed and launched several innovations to its mobile app.
- Helped members stay better informed through improved account alerts.
- Enhanced its online and mobile banking platforms.
- Implemented pivotal digital advancements to enhance security and the user experience.
Read Alliant’s full annual report.
With a member-centric approach to banking, Alliant eliminated overdraft fees1 in 2021, and, to better manage cost structures and reflect how its members bank, the credit union went completely digital in 2019.
About Alliant Credit Union (IL)
Alliant Credit Union is a not-for-profit financial cooperative with more than 850,000 members and nearly $19 billion in assets. Alliant was named one of CNBC's Top Credit Unions for 2023 and one of Money.com's Best Banks for America. Headquartered in Chicago and founded in 1935, Alliant is the largest credit union in Illinois and one of the largest credit unions in the United States. As an all-digital credit union, Alliant's mission is to provide members with a tech-forward banking experience coupled with consistent, superior financial value while simplifying and enabling how people save, borrow and pay.
