Consumers Credit Union 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
Consumers Credit Union’s biggest appeal is its checking account, thanks to a rate that can be as high as 5.00% annual percentage yield. You have to meet transaction requirements to get the best yields, and savings rates are much lower.
No monthly fees.
Anyone can become a member.
Large, free, nationwide ATM network.
Participates in shared branching with other credit unions.
Low minimum opening deposits.
Expensive overdraft fee.
Low rates on savings accounts and share certificates.
Requirements must be met to earn strong checking rate.
Product reviews
Checking
Consumers Credit Union provides one of the best interest checking accounts available. Here are the requirements for each tier:
Earn 3.00% APY on up to $10,000 by making at least 12 monthly debit card purchases, having electronic transactions (direct deposit, ACH transfer or mobile check deposit) of at least $500 per month and receiving e-statements.
Earn 4.00% APY on up to $10,000 by making $500 in Consumers Credit Union credit card purchases monthly plus all the previous requirements.
Earn 5.00% APY on up to $10,000 by making an additional $500 in credit card purchases monthly (for a total of $1,000), plus all the previous requirements.
Accounts with more than $10,000 earn 0.10% or 0.20% APY, depending on the balance. If you don’t complete the initial requirements in any month, you earn 0.01% APY on all balances.
There are over 30,000 free ATMs available. In addition, the credit union refunds fees charged for using non-network ATMs when you meet the monthly rewards requirements.
On top of earning interest, it is a free checking account.
Savings
All Consumers Credit Union members must open a share savings account to establish membership. There's no monthly fee and a low minimum balance requirement of $5 to open an account and maintain membership. The savings account doesn’t earn much: 0.03% APY. That’s less than the national average and far below what many online banks offer.
Consumers Credit Union Savings Account
Certificates of deposit
Rates for share certificates — the credit union version of certificates of deposit — aren’t impressive, and you can find far higher yields at other credit unions and online banks. (See our picks for the best CD rates.) The minimum opening deposit is $250, and standard term lengths range from six months to five years.
Full List of Certificate Rates
| Term | APY | Min Deposit |
|---|---|---|
| 3 months | 0.50% | $100,000 |
| 3 months | 0.50% | $250 |
| 6 months | 0.65% | $100,000 |
| 6 months | 0.65% | $250 |
| 7 months | 4.10% | $250 |
| 10 months | 3.95% | $250 |
| 1 year | 1.00% | $100,000 |
| 1 year | 0.90% | $250 |
| 17 months | 3.55% | $100,000 |
| 17 months | 3.50% | $250 |
| 1.5 years | 1.19% | $100,000 |
| 1.5 years | 0.99% | $250 |
| 20 months | 0.70% | $250 |
| 2 years | 1.20% | $100,000 |
| 2 years | 1.00% | $250 |
| 2.5 years | 1.19% | $250 |
| 3 years | 1.50% | $100,000 |
| 3 years | 1.30% | $250 |
| 4 years | 1.55% | $100,000 |
| 4 years | 1.35% | $250 |
| 5 years | 1.70% | $100,000 |
| 5 years | 1.50% | $250 |
Consumers Credit Union CD
Customer experience & overdraft fees
Customer experience
The credit union has Chicago-area branches, but you don’t need to live in the area to become a member. To be eligible to apply, you have to join its sponsoring organization, the Consumers Cooperative Association, for $5.
Consumers Credit Union participates in a national shared network of over 5,000 branches (along with the 30,000 surcharge-free ATMs).
Representatives are available by phone during business hours on weekdays and on Saturdays until 2 p.m. CT.
The credit union’s banking app ratings are above average.
Overdraft fees
An overdraft costs $30 per transaction, which is a little less than the $35 fee larger banks often charge. Consumers Credit Union can charge the overdraft fee up to four times per day, for a total of $120.
There are free overdraft transfers from a Consumers savings account to a checking account to avoid 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.