Boeing Employees Credit Union (BECU) Review: Checking, Savings, CD, Money Market and IRA Accounts

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Updated on Tuesday, December 1, 2020

Boeing Employees Credit Union’s checking account options

Member Share Checking

The APY isn’t anything to write home about.
APYMinimum Balance to Earn APY
0.01%$0
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: $25

This is a basic checking account, and it doesn’t offer a great rate. Consider Member Advantage Checking if you want a better rate. What you do get with this account, however, is free online banking, mobile banking, bill pay and a debit MasterCard® with fraud protection. BECU won’t charge you any foreign transaction fees, but an out-of-network ATM might.

How to open a Member Share Checking account

You must become a member to open a checking account at BECU. Visit the application page to open one, and open member share savings account at the same time. The form will ask you to submit details such as your name and address (physical and email) and you’ll need to present valid form of ID. Next, you fund your savings account, then your checking account.

You can also open an account at your local branch. To speed up the process, you can make an appointment in advance.

BECU also offers free checking accounts for children. Parents can access their child’s account online via telephone banking, in person or at an ATM. Once the child turns 18, he or she can convert the account to either a Member Share or Member Advantage checking account. To open a checking account for your child, you will need to first open an Early Saver account for him or her. If you’re already a member, you can log into your account online and open an account — or, you can do it in person.

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Member Advantage Checking

Earn a significantly higher rate on your first $500.
APYMinimum Balance to Earn APY
1.00%$0 - $500
0.01%$500.01
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: Up to $6 per month
  • Overdraft fee: $25

The Member Advantage Checking account is best for those who have more than one account at BECU. Not only do Member Advantage accounts have better rates, you can qualify for premium rates on products such as CDs and money market accounts. And you’ll be hard-pressed to beat the APY you get on the first $500 in your account.

To qualify for this account, you need open a Member Advantage Savings account, sign up to get e-statements and make at least one transaction per month — either via bill pay, direct deposit or using your debit card. Considering you need to open a savings account to qualify for membership, it’s the smarter choice to open a Member Advantage account so you can take advantage of what it offers.

How to get a Member Advantage Checking account

To enjoy the benefits of Member Advantage Checking, you must open a savings account to qualify for membership. Head over to BECU’s online application and select the Member Advantage option. You’ll need to provide personal information, such as your name, address (physical and email) and present a valid form of ID before you can fund your accounts. You can also open an account in person and make an appointment to speed up the process.

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How Boeing Employees Credit Union checking accounts compare

Boeing Employees Credit Union checking accounts come with some of the highest interest rates available — compare them with this list of the best online checking accounts. You also won’t pay any monthly maintenance fees and the Member Advantage account offers ATM refunds. Keep in mind, however, that the high interest rate is available only on the first $500 you have in your Member Advantage account.

Boeing Employees Credit Union savings account options

Member Share Savings

This is the regular savings account you can use to establish membership.
APYMinimum Balance to Earn APY
0.02%$0
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: N/A

This is one of the accounts BECU requires everyone to open to become a member. There’s nothing really special about this account except you get free ATM access — even for out-of-network ATMs — though the other financial institution might charge you a fee.

Federal Regulation D limits savings account holders to six debits per month. If you make more than six related transactions, you’ll pay a $20 excess withdrawal fee per transaction. Although you will earn some interest on this account, you’re probably better off with the Member Advantage Savings account because you can earn a much higher rate.

How to get a Member Share Savings account

To open this account, visit BECU’s website and fill out an online application — select the “Just Savings” option. You’ll need to provide personal details, such as your name and address (physical and email) and submit a valid form of ID. Next, you can fund your accounts. You can also go to your local branch and make an appointment to speed up the process.

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Member Advantage Savings

You can earn an extremely high rate on your first $500.
APYMinimum Balance to Earn APY
1.00%$0 - $500
0.02%$500.01
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: Up to $6 per month
  • Overdraft fee: N/A

This account is best for those who want to get a better rate and have access to premium rates for the money market and CD accounts. You get a stellar rate on your first $500, free online banking with bill pay, mobile banking and ATM refunds. Since you have to open a savings account to qualify for membership, you may as well go with this option.

To qualify for a Member Advantage account, you need to open both the savings and checking accounts, sign up for e-statements and make at least one transaction each month. And because this is a savings account, Regulation D mandates that you can only make six debits a month. If you go over the limit, BECU will charge you a $20 excess withdrawal fee.

How to get a Member Advantage Savings account

Go to BECU’s online application and choose the Member Advantage option to open both the checking and savings accounts. You’ll be asked to provide personal details such as your name, address and a valid form of ID. Afterward, you can fund your accounts.

Alternatively, you can head to your local branch. To speed up the application process, you can make an appointment.

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Early Saver

Earn a significant amount of interest on your child’s first $500.
APYMinimum Balance to Earn APY
2.02%$0 - $500
0.02%$500.01
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: N/A

You earn a pretty high rate on the first $500 in this account, and there are no monthly maintenance fees. Those older than 13 can get access to online banking; otherwise, parents and guardians can help children access cash through telephone banking, at a local branch or via the ATM.

Because this is a savings account, Federal Regulation D mandates that account holders are limited to six certain debits a month. You’ll be charged $20 per withdrawal after the first six. Once your child turns 18, he or she can convert to a Member Savings account or a Member Advantage account and start earning BECU’s best rates.

How to get an Early Saver account

You first need to become a member to help your child open an account. Visit the online application and open a savings account first, then open an Early Saver account. The form will ask you to fill in details, such as your name and your child’s, plus your address and Social Security number; then, you can fund the account. You can also open an account at your local branch — and make an appointment in advance.

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How Boeing Employees Credit Union savings accounts compare

The Early Saver and Member Advantage Savings accounts offer one of the highest rates available. Unfortunately, it’s good only for the first $500 in the account. After that, the APY falls, and is below what’s offered in our list of the best online savings accounts.

Is you’re looking for a youth savings account, the Early Saver is a great choice. If you plan on using a savings account to stash your short-term savings, you might want to do some comparison shopping to find the account that will earn more in interest.

Boeing Employees Credit Union CD rates

Certificate of deposit

Earn a healthy APY with Member Advantage rates.
Regular rate
TermAPYMinimum Balance to Earn APY
3 to 5 months 0.05%$500
3 to 5 months 0.05%$50,000
3 to 5 months 0.05%$100,000
6 to 11 months0.05%$500
6 to 11 months0.10%$50,000
6 to 11 months0.10%$100,000
12 to 17 months0.05%$500
12 to 17 months0.10%$50,000
12 to 17 months0.10%$100,000
18 to 23 months0.05%$500
18 to 23 months0.10%$50,000
18 to 23 months0.10%$100,000
24 to 35 months0.05%$500
24 to 35 months0.10%$50,000
24 to 35 months0.10%$100,000
36 to 47 months 0.05%$500
36 to 47 months 0.10%$50,000
36 to 47 months 0.10%$100,000
48 to 59 months0.20%$500
48 to 59 months0.25%$50,000
48 to 59 months0.25%$100,000
60 months 0.20%$500
60 months 0.25%$50,000
60 months 0.25%$100,000
Member Advantage rate
TermAPYMinimum Balance to Earn APY
3 to 5 months 0.15%$500
3 to 5 months 0.20%$50,000
3 to 5 months 0.20%$100,000
6 to 11 months0.20%$500
6 to 11 months0.25%$50,000
6 to 11 months0.25%$100,000
12 to 17 months0.30%$500
12 to 17 months0.35%$50,000
12 to 17 months0.35%$100,000
18 to 23 months0.30%$500
18 to 23 months0.35%$50,000
18 to 23 months0.35%$100,000
24 to 35 months0.30%$500
24 to 35 months0.35%$50,000
24 to 35 months0.35%$100,000
36 to 47 months 0.30%$500
36 to 47 months 0.35%$50,000
36 to 47 months 0.35%$100,000
48 to 59 months0.45%$500
48 to 59 months0.50%$50,000
48 to 59 months0.50%$100,000
60 months 0.45%$500
60 months 0.50%$50,000
60 months 0.50%$100,000
  • Minimum opening deposit: $500 or $100 for add-to option feature
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty:Depends on length of term:
    • 12 months or less: 30 days’ interest
    • More than 12 months: 90 days’ interest

BECU CDs are fixed-rate accounts suitable for those who want a guaranteed rate of return from their investment. You can qualify for Member Advantage rates if you have both a Member Advantage checking and savings account.

This CD also a great choice if you decide you want to make additional deposits after your initial one. Instead of making one lump-sum deposit — you would need at least $500 — you can choose the add-to option feature.

If you opt for the add-to option feature, you’ll need only $100 for an opening deposit. You’ll also need to authorize an automatic recurring transfer to the account for up to $1,000 a month. You can’t increase the amount you set, but you can either reduce or stop it at any time. If you make an early withdrawal, the recurring transfer will be discontinued.

When your account matures, you have a seven-day grace period during which you can deposit or withdraw funds, or renew the CD for another term. If you do nothing, your CD will renew automatically.

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Bump up CD

This offer gives you the opportunity to increase your rate during your CD term.
Regular rate
TermAPYMinimum Balance to Earn APY
12 months0.05%$500
12 months0.10%$50,000
12 months0.10%$100,000
24 months0.05%$500
24 months0.10%$50,000
24 months0.10%$100,000
Member Advantage rate
TermAPYMinimum Balance to Earn APY
12 months0.25%$500
12 months0.30%$50,000
12 months0.30%$100,000
24 months0.25%$500
24 months0.30%$50,000
24 months0.30%$100,000
  • Minimum opening deposit: $500 or $100 with add-to option feature
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty:Depends on length of term:
    • 12 months or less: 30 days’ interest
    • More than 12 months: 90 days’ interest

The bump up CD offers you the opportunity to increase your rate once during the CD’s term. The advertised rates for the bump up CDs are a bit lower than fixed-rate CDs, however, and there aren’t as many term options.

A bump up CD works like this: If and when the published rate increases, you can request the increased rate for the remainder of your term. Note that the offer does not include promotional rates. When your CD matures, you have a seven-day grace period during which you can renew for another term, make withdrawals or deposit additional funds. Again, do nothing and it will renew automatically.

Like the fixed-rate CD, you can choose the add-to option feature, which will enable you to make a lower opening deposit at $100 but you’ll need to make recurring deposits each month for up to $1,000. You can make changes or even cancel the transfers, but you can’t increase the amount you contribute. BECU will cancel the recurring transfer if you make an early withdrawal.

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Veterans Family Fund CD

This CD gives you the opportunity to help veterans in need.
TermAPYMinimum Balance to Earn APY
6 months0.05%$500
6 months0.10%$50,000
6 months0.10%
$100,000
  • Minimum opening deposit: $500 or $100 with add-to option feature
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 30 days’ interest

This CD gives you an opportunity to earn a guaranteed rate of return and donate half the interest you earn to veteran families in need. You must sign an agreement that authorizes BECU to donate at least half of the interest you earn to the Veterans Family Fund of America, and the other half will go to you when your account matures. The amount you contribute might be tax-deductible, so make sure you check with a tax professional.

You can lower your minimum opening deposit to $100 by choosing the add-to option feature. To qualify, you’ll need to make a monthly recurring deposit of up to $1,000. You can lower your monthly contributions or cancel them when you want, but you can’t increase them.

When your account matures, you have a seven-day grace period during which you can make additional deposits or withdraw funds. Do nothing and your CD will renew automatically.

How to get a Boeing Employees Credit Union CD

You’ll first need to become a BECU member to open a CD. You can do that by opening a savings account and the CD at the same time. Go to the website and fill out an online application form with your name, address and a valid form of ID, then fund your account. Or, open an account in person and make an appointment if you want to speed up the process.

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How Boeing Employees Credit Union CD rates compare

Some of BECU’s CD terms don’t have great rates, but the Member Advantage rates are good. To get the highest rates possible, check out the current best CD rates and do some comparison shopping.

Boeing Employees Credit Union money market account options

Money market account

This account gives you check-writing capabilities.
APYAPY With Member AdvantageMinimum Balance to Earn APY
0.05%0.05%$0
0.15%0.10%$10,000
0.20%0.10%$50,000
0.20%0.10%$100,000
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This money account is best for those who want a savings account with check-writing capabilities. The rate, however, isn’t as high as the savings account offers for your first $500. You also don’t get ATM access, although you can link it to your checking account if you want.

The Member Advantage rates are the best compared with the regular APY. To qualify, you’ll need to have both the Member Advantage Checking and Savings accounts, sign up for e-statements and conduct at least one transaction each month. Because this is a savings account, you can make only six certain debits per month as mandated by Federal Regulation D — each one you make after that will cost you $20.

How to get a Boeing Employees Credit Union money market account

To open a money market account, you must open a savings account to establish membership. Go to BECU’s website and fill out an online application form with information such as your name and address, then submit a valid form of ID and fund the account. Or, head to your local branch to open an account — speed up the process by making an appointment.

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How Boeing Employees Credit Union money market accounts compare

Unfortunately, this money market account falls short of some of the best offerings out there. Even with the Member Advantage rates, the rates are less than half of what financial institutions are offering on this list of the best money market rates. You might be better off looking elsewhere.

Boeing Employees Credit Union IRA account options

IRA CD rates

IRA CD

You can earn more with Member Advantage rates.
Regular rates
TermAPYMinimum Balance to Earn APY
12 months0.05%$500
12 months0.10%$50,000
12 months0.10%$100,000
24 months0.05%$500
24 months0.10%$50,000
24 months0.10%$100,000
Member Advantage rates
TermAPYMinimum Balance to Earn APY
12 months0.30%$500
12 months0.35%$50,000
12 months0.35%$100,000
24 months0.30%$500
24 months0.35%$50,000
24 months0.35%$100,000
  • Minimum opening deposit: $500 of $100 with the add-to option feature
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Depends on length of term:
    • 12 months or less: 30 days’ interest
    • More than 12 months: 90 days’ interest

This is a great option for those who want to earn a guaranteed rate of return, especially if you qualify for Member Advantage rates. You have the option of making a one-time deposit or choosing the add-to option feature, which comes with a lower opening deposit minimum of $100. If you choose the latter, you’ll need to make an automatic recurring transfer to the account of up $1,000 each month. You can reduce the amount or cancel it any time, which can come in handy, especially if you’re nearing the IRS limit for yearly contributions.

You get a seven-day grace period during which you can make withdrawals, additional deposits or renew for another term. You can choose the add-to option feature when you open the account. Do nothing and your CD will renew automatically.

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Bump up IRA CD

Get an opportunity to bump up your rate with this IRA account.
Regular rate
TermAPYMinimum Balance to Earn APY
12 months0.05%$500
12 months0.10%$50,000
12 months0.10%$100,000
24 months0.05%$500
24 months0.10%$50,000
24 months0.10%$100,000
Member Advantage rate
TermAPYMinimum Balance to Earn APY
12 months0.25%$500
12 months0.30%$50,000
12 months0.30%$100,000
24 months0.25%$500
24 months0.30%$50,000
24 months0.30%$100,000
  • Minimum opening deposit: $500 or $100 with add-to option feature
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Depends on length of term:
    • 12 months or less: 30 days’ interest
    • More than 12 months: 90 days’ interest

This CD is best for those who want a fairly conservative investment vehicle with the opportunity to increase the rate of return. You can boost your rate if BECU increases the APY at any time during your term. All you have to do is request a rate increase.

You can also choose the add-to option feature, which lowers your opening deposit to $100. All you need to do is make monthly recurring deposits up to a maximum of $1,000. Remember that the IRS might impose limits on how much you can contribute per year, but you can cancel the transfers any time.

When your account matures, you have a seven-day grace period during which you can withdraw funds, make additional deposits or renew for another term. Do nothing and your account will renew automatically.

How to get a Boeing Employees Credit Union IRA CD

You must become a member to open a BECU IRA CD. Just open a savings with BECU’s online application form, complete the online IRA account form. Next, print out the form, sign it and mail back to complete the application process.

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How Boeing Employees Credit Union IRA CD rates compare

BECU’s IRA CD rates are slightly lower than ones on this list of the current best IRA CD accounts, even member advantage rates. One great thing about these IRAs, however, is the add-to option feature — not a lot of other financial institutions offer the option to make additional deposits. If that’s important to you, BECU is a great choice.

IRA savings account

You’ won’t really earn a great rate with this account.
APYMinimum Balance to Earn APY
0.02%$0
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This savings account offers a low opening deposit. You won’t, however, get ATM access: It’s just a basic account that gives you an opportunity to make tax-sheltered or tax-deferred savings. Keep in mind that you can make only six certain debits a month from this account mandated by Regulation D — the credit union will charge $20 per related transaction that exceeds the limit.

How to get a Boeing Employees Credit Union IRA savings account

You need to establish membership by opening a savings account — use BECU’s online application form to do that, then fill out the IRA form, print it out and submit.

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Overall review of Boeing Employees Credit Union’s banking products

Overall, Boeing Employees Credit Union’s products offer competitive rates and some great features such as ATM refunds, no monthly maintenance fees and the ability to add additional funds to a CD account. If you want to take advantage of even higher rates, having a Member Advantage account will make that happen. Although you might find higher rates out there, BECU offers decent products, depending on your goals.