AlumniFi, the online division of Michigan State University Federal Credit Union, offers online checking and savings accounts tailored to college and university graduates. The checking account features a Visa debit card, bill pay, direct deposit, and more, while the savings account earns competitive rates up to 4.75% APY.
A unique feature of AlumniFi is the “Changed” tool that rounds up debit card purchases to pay off student loans faster. The platform charges minimal fees with service charges that may apply in certain situations. Pros include no monthly fees, competitive rates, and free access to the debt payoff tool, while cons include no branch access and limited account options.
Members can contact AlumniFi support Monday to Friday from 8 a.m. to 8 p.m. ET via phone or email. The platform has an app for iOS and Android with features like checking account balances, debit card locking, and funds transfer. Membership is required to open an account, available to Michigan residents, Cooley Law School affiliates, or those making a $10 donation to the Desk Drawer Foundation.
AlumniFi is NCUA-insured with deposits held at Michigan State University Federal Credit Union. The platform’s routing number is 072486898. While AlumniFi offers competitive rates and features, some online banks may provide a wider range of products and larger ATM networks.
Read more at Yahoo Finance: High-interest online checking and savings accounts college grads