BECU Review: Checking, Savings and CDs
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Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Overview
Boeing Employees' Credit Union is open to more than just people who work at Boeing; people who live, work, worship or attend school in Washington state can qualify for membership, as can folks who donate to one of a handful of foundations. BECU branches, however, are concentrated in Washington state, where the credit union is based. Members can benefit from free checking and savings accounts and high rates on low balances.
No monthly fees.
No minimum opening deposits on checking and savings accounts.
Large, free, nationwide ATM network.
Competitive rewards checking account.
Participates in shared branching.
Low rates for high balances.
Product reviews
Checking
BECU’s Member Advantage Checking account has no monthly fee or minimum balance requirement, which is common among credit unions. The real incentive is that this account also earns interest: 3.04% annual percentage yield on the first $500 and 0.10% APY on the rest. Many free checking accounts don't earn any interest, so the second rate is still better than nothing.
Other account perks include up to $3 a month in refunds for out-of-network ATM fees, a free nationwide ATM network and a money manager tool for tracking expenses and setting goals.
As great as Member Advantage Checking is, there are two monthly requirements to earn the best rate: You must receive paperless bank statements and make one transaction each month, such as a debit card purchase, direct deposit, transfer or bill payment. If you don't qualify, you can still get the free Member Checking, which earns only 0.05% APY on all balances.
» Comparison shop the best rewards checking accounts
BECU Member Advantage Checking
Savings
Similar to BECU's checking accounts, Member Advantage Savings has no monthly fees or minimum balance requirements. But the account's 5.12% APY is only for the first $500. That’s many times higher than the national average savings rate of 0.38%. But the rate drops after $500 to 0.25% APY.
And BECU's regular savings option only earns 0.25% APY, regardless of your balance.
» ALSO SEE: The best high-yield online savings accounts
BECU Member Advantage Savings
Certificates of deposit
The rates above are for regular CDs that don't require linking to checking or savings. If you already have Member Advantage Checking and Savings, you can qualify for Member Advantage CDs, which earn slightly more. But rates across the board tend to be much lower than at other big credit unions. BECU CDs have a low opening minimum of $500 and a wide range of terms, from three months to five years.
» COMPARE: Best CD rates
Full List of CD Rates
| Term | APY | Min Deposit |
|---|---|---|
| 3 months | 1.75% | $500 |
| 6 months | 2.00% | $500 |
| 1 year | 2.60% | $500 |
| 1 year | 2.10% | $500 |
| 1.5 years | 2.00% | $500 |
| 2 years | 1.85% | $500 |
| 3 years | 1.45% | $500 |
| 4 years | 1.20% | $500 |
| 5 years | 1.15% | $500 |
BECU CD
Customer experience & overdraft fees
Customer experience
There are several ways to become a BECU member, including being a Boeing employee or living, working, attending school or belonging to a religious organization in Washington. Folks who reside in select counties in Oregon and Idaho are also eligible, as are family members of someone who’s eligible. If none of those are an option, you can donate as little as $1 to one of several associations, like the BECU Foundation, to become eligible for membership to the credit union.
The credit union has a shared branch and ATM network, which gives members access to over 30,000 free ATMs and more than 5,000 branches across the country. (Read more about how shared branches are a great credit union perk.) In addition, the credit union's mobile apps are highly rated in app stores and customer support via phone is available on weekdays beyond business hours and 9 a.m.-1 p.m. PT on Saturdays.
» See our picks for the best credit unions
Overdraft fees
BECU may not have many fees, but it charges $10 for overdrawing your account, up to five times a day. One alternative is linking a savings account or line of credit to your checking for free transfers when a transaction would normally put you in the red.
» Tend to overdraw your account? Consider the best banks for overdrafts.
Rating methodology
How we rate banks and credit unions
Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.
100+
Financial institutions reviewed
100+
Financial institutions reviewed
We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
30+
Categories assessed
30+
Categories assessed
Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
60+
Data points analyzed
60+
Data points analyzed
We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.
Star rating categories
The review team is made up of seasoned writers and editors who cover personal banking deposit accounts, such as checking, savings and certificates of deposit, as well as related banking services, such as overdraft programs and ATM networks. For providers without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Alto, Amalgamated Bank, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Barclays, Bask Bank, BMO, Boeing Employees Credit Union, Bread Savings®, BrioDirect, Capital One, Cash App, CFG Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, Climate First Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Customers Bank, Discover® Bank, E*TRADE, EverBank, Fifth Third Bank, First Foundation, First Internet Bank, First Tech Federal Credit Union, FNBO Direct, Forbright Bank, FourLeaf Federal Credit Union, GO2bank, Golden 1 Credit Union, Hope Credit Union, HSBC Bank, Huntington Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, Newtek Bank, OMB Bank, OnePay, Openbank, PayPal, Peak Bank, Pentagon Federal Credit Union, PNC, Poppy Bank, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Valley Bank, Varo, Venmo, Vio Bank, Wells Fargo, Western Alliance Bank, Zolve and Zynlo Bank.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.