How to Snag $200 Cash Back When Opening an Alliant Checking Account

Looking for a solid checking account bonus that doesn't require jumping through a dozen hoops? This one caught my eye because it combines a well-regarded credit union with a straightforward path to $200. It's not a direct deposit from Alliant itself, but a cash back payout through Rakuten. Let's break down exactly what you need to do to qualify and whether it's worth your time.

The Step-by-Step Path to Your $200

This offer works through Rakuten's shopping portal, which is more commonly used for retail purchases. The process is specific, so follow these steps in order to make sure you qualify.

First, you absolutely must start on the Rakuten offer page. Don't go directly to Alliant's website. Click through from Rakuten, then either log into your existing Rakuten account or create a new one. If you're new to Rakuten, you can often get a welcome bonus there too, which is a nice little extra.

Next, you'll open a new Alliant High-Rate Checking account. Once that's done, you have 30 days from your initial click to get a direct deposit of $500 or more into that new account. This is the core requirement.

Here's the catch that's easy to miss: the terms also state you need to fund a new Alliant Certificate (that's their term for a CD) with at least $1,000. You'll need to keep the checking account open for a minimum of 60 days to secure the bonus.

Important Fine Print and Practical Advice

The biggest thing to remember is that Alliant isn't cutting you a check. Rakuten is. Your $200 will show up as Cash Back in your Rakuten account, which you can then have paid out via PayPal or a physical check. This means you need to be comfortable with Rakuten's payout timeline and process.

Since you're opening a certificate, pay attention to its term and rate. Locking up $1,000 is a real commitment, so factor that into your decision. Make sure the certificate's terms work for your savings goals.

Also, double-check what counts as a 'direct deposit' for Alliant. Often, transfers from payment apps like PayPal or Venmo, or even transfers from another bank, can trigger the requirement. It's worth a quick call to Alliant's support to confirm before you set anything up.

Finally, take screenshots. Document your click from the Rakuten page, your account application confirmation, and proof of your direct deposit. If there's any issue with tracking, this documentation will be invaluable when you contact Rakuten's support.

Is This Offer Right For You?

This is a great offer if you were already considering Alliant Credit Union, which has a strong reputation for customer service and competitive rates. The $200 is a nice kicker. It's also good if you're comfortable with the Rakuten ecosystem and don't mind the extra step of the certificate requirement.

However, if you're just bonus chasing and the idea of opening a CD doesn't appeal to you, or if you prefer a simpler, direct bank bonus, there might be better options out there. The $1,000 certificate is a meaningful part of the deal, not just a footnote.

Weigh the total value: $200 for moving your direct deposit and parking $1,000 in a CD for its full term. Run the numbers on what that CD will earn you separately, and add it to the $200 to see the total potential value of opening these accounts.

Bottom Line

• The $200 payout comes from Rakuten, not Alliant, so you must track it through your Rakuten account.
• Funding a $1,000 Alliant Certificate is a mandatory part of the offer, not optional.
• Timing is strict: the $500 direct deposit must hit within 30 days of your initial click from Rakuten.
• This offer is best for those who find Alliant's products appealing beyond just the bonus.

Common Questions