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Consumers Credit Union Review 2021
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.
Written By
Reviewed By
Updated on Friday, October 1, 2021
Consumers Credit Union
- Consumers Credit Union bank savings accounts
- Consumers Credit Union checking accounts
- Consumers Credit Union Bank CDs
- Customer experience at Consumers Credit Union Bank
Consumers Credit Union was founded in 1930 by a cooperative of mostly Finnish immigrants. In the days since, it has grown to serve not only its home state of Illinois, but also members across the country.
Most credit unions have restrictive membership requirements — Consumers Credit Union does not. You can become a member regardless of where you live by paying a one-time, $5 membership fee to the Consumers Cooperative Association. Once you’re a member, you’ll be able to access some of the highest-yield checking and savings accounts around — all without paying any monthly maintenance fees.
Consumers Credit Union bank savings accounts
- APY: 1.50% if meeting certain requirements (0.25% if not)
- Minimum opening deposit: $5
- Monthly fee: None
Consumers Credit Union’s highest-yield savings account does not disappoint — its 1.50% APY is leagues ahead of the competition in the current low-interest environment. It does come with a catch, though: There’s a savings limit, so you’re only allowed to save up to $1,000 per month in your Smart Saver account. If you try to deposit more than the max limit, the difference will automatically be transferred to your Membership Share/Savings Account at the end of the business day.
To earn the 1.50% APY, you must be enrolled in electronic documents, deposit at least $50 into the account monthly and have at least $500 in direct deposits sent to a connected CCU checking account monthly. If you do not meet these requirements, your Smart Saver balance will earn only 0.25% APY.
- APY: 0.03% on all balances
- Minimum opening deposit: $5
- Monthly fee: None
To join Consumers Credit Union, you’ll need to open a Membership Share/Savings account — and this account must remain open in order for you to maintain your membership. Because of the low interest rate, this may not be where you want to keep the bulk of your savings, as the balance could earn more in other accounts.
- APY: 0.05% on balances below $25,000; 0.15% on balances between $25,000 and $99,999.99; 0.25% on balances $100,000 and over
- Minimum opening deposit: $5
- Monthly fee: None
Traditionally, money market accounts earn more than savings accounts — but that has largely changed in recent years, with many savings accounts offering higher rates. And even in today’s low-interest environment, the APY paid on Consumers Credit Union’s money market account is low. You earn 0.25% APY only on balances that are $100,000 or greater. Balances between $25,000 and $99,999.99 earn 0.15%, and balances lower than that earn 0.05%.
- APY: 0.25% on all balances
- Minimum opening deposit: $5
- Monthly fee: None
Credit unions frequently offer holiday savings accounts, and Consumers Credit Union is no exception. With your Holiday Club Savings account, you’ll be encouraged to automate savings throughout the year. Then, on Nov. 1, the money will be transferred to your Membership Share/Savings account so you can use it for holiday shopping. You can then use this account to start saving money for the next year. If, however, you withdraw money before Nov. 1, the account will be closed. The APY offered on this account is decent, especially considering the account’s focus.
- APY: 0.25% on all balances
- Minimum opening deposit: $10
- Monthly fee: None
As a part of a well-balanced portfolio, you may wish to open a savings account within your IRA. This will likely be the most conservative investment within your retirement account. Consumers Credit Union’s IRA Savings account does pay interest — but while it’s not a terrible rate, it is less competitive than the best offers on the market.
- APY: 0.05% on balances below $25,000; 0.15% on balances between $25,000 and $99,999.99; 0.25% on balances $100,000 and over
- Minimum opening deposit: $5
- Monthly fee: None
You may also opt to open a money market account within your IRA. Balances over $100,000 currently earn 0.25% APY, balances between $25,000 and $99,999.99 earn 0.15% APY and balances any lower earn 0.05% APY. At these rates, Consumers Credit Union’s IRA savings account makes more sense as your entire balance will earn a higher APY.
Compare these rates to today’s best online high-yield savings accounts.
Consumers Credit Union checking accounts
- APY: Up to 4.09% on balances up to $10,000; 0.20% on balances between $10,000.01 and $25,000; 0.10% on balances over $25,000
- Minimum opening deposit: $5
- Monthly fee: None
- ATM access: No CCU fees for using out-of-network ATMs
Rewards Checking at Consumers Credit Union is one of the best checking accounts around. To earn its generous APYs, you’ll need to meet some basic requirements: Enroll in electronic documents, make at least 12 debit card purchases per month and have at least $500 in deposits via direct deposit or remotely deposited checks each month.
If you meet these requirements, you’ll earn the following rates:
Up to $10,000 | $10,000.01-$25,000 | Over $25,000 |
|---|---|---|
| 2.09% APY | 0.20% APY | 0.10% APY |
If you also make at least $500 in credit purchases with your CCU Visa card throughout the month, you’ll earn these rates:
| Up to $10,000 | $10,000.01-$25,000 | Over $25,000 |
|---|---|---|
| 3.09% APY | 0.20% APY | 0.10% APY |
If you make at least $1,000 in credit purchases throughout the month, you’ll earn even more:
| Up to $10,000 | $10,000.01-$25,000 | Over $25,000 |
|---|---|---|
| 4.09% APY | 0.20% APY | 0.10% APY |
In addition to jaw-dropping APYs, Rewards Checking account holders who meet the basic account requirements receive unlimited ATM surcharge refunds when they incur fees charged by out-of-network ATM owners.
- APY: None
- Minimum opening deposit: $5
- Monthly fee: None
- ATM access: Access to 30,000+ free ATMs
Free Checking is Consumers Credit Union’s no-frills checking account — there are no monthly maintenance fees and no minimum monthly balance requirement, though the account also bears no interest. You’ll need $5 to open this account, and you’ll get free access to over 30,000 ATMs in the CO-OP network. Consumers Credit Union doesn’t charge any fees for using out-of-network ATMS, but the ATM owner might.
- APY: None
- Minimum opening deposit: $5
- Monthly fee: None
- ATM access: Access to 30,000+ free ATMs
Student Choice Checking is for teens between the ages of 13 and 17. This account doesn’t pay interest, doesn’t come with check-writing capabilities and has a daily spend limit of just $310 on the associated debit card. You can’t overdraw this account, and teens who hold it will also be eligible to apply for Consumers Credit Union’s VISA credit card. They will also receive up to $25 in refunds of fees charged by out-of-network ATMs on a monthly basis. If this account isn’t converted into a Free Checking account before the teen’s 19th birthday, a $10 monthly maintenance fee will be charged.
Compare Consumers Credit Union to the top checking accounts on the market.
Consumers Credit Union Bank CDs
| Term | APY | Minimum opening deposit to earn APY |
|---|---|---|
| 1 year | 0.45% | $250 |
| 3 years | 0.60% | $250 |
| 5 years | 0.70% | $250 |
Consumers Credit Union offers regular CDs in terms of 91 days to five years. They come with a low minimum opening deposit of $250, but don’t pay very high APYs. Early withdrawal penalties are 60 days’ worth of interest on terms of one year or less; if the term is longer than one year, the penalty is 120 days’ worth of interest.
Consumers Credit Union also offers Jumbo and Super Jumbo CDs. To open a Jumbo CD, you’ll need a minimum opening deposit of $100,000. One-year Jumbo CDs earn 0.55% APY, three-year terms earn 0.70% APY and five-year terms earn 0.80% APY. Super Jumbo CDs require a minimum deposit of $250,000. One-year Super Jumbo CDs earn 0.65% APY, three-year terms earn 0.80% APY and five-year terms earn 0.90%. All CDs compound daily with interest posting monthly.
No-penalty CDs are currently not offered at Consumers Credit Union.
Compare Consumers Credit Union to the best CDs on the market.
Customer experience at Consumers Credit Union Bank
Consumers Credit Union is based in Illinois, but it’s a member of the CO-OP network. This means that as a Consumers Credit Union member, you can take advantage of shared branching. If you go into any other CO-OP member credit union, you should be able to do almost everything you’d be able to do at a Consumers Credit Union branch. The CO-OP network also offers Consumers Credit Union customers access to 30,000-plus ATMs nationwide.
The Consumers Credit Union app gets good member reviews, and offers all the capabilities you’d like to see in a banking app — mobile check deposit, transferring funds, organizing a budget and setting up alerts.
