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. But you have to meet transaction requirements in both your checking account and on a Consumers Credit Union credit card each month to get that rate, and savings rates here are much lower than the checking rate.
The credit union also has credit cards, loans, investment services and business accounts so it can be a one-stop shop for your banking needs if you want it to be, though your savings will still likely be better off in a higher-yielding account elsewhere.
If the requirements to earn the high rate for Consumer Credit Union's checking account have you feeling queasy, know that you can find checking accounts that pay interest without any transaction requirements to earn the rate. These other accounts likely won't pay as much as CCU's account — the best ones offer rates from around 1% APY to 2.75% APY — but that's more than respectable for a checking account.
» See more: NerdWallet’s picks for the best rewards checking accounts
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 some savings accounts and share certificates.
Requirements must be met to earn strong checking rate.
Product reviews
Checking
Consumers Credit Union offers a checking account with no monthly fees and one of the highest APYs available on checking accounts but there are a lot of requirements to earn even the lowest tier rate. Here's the breakdown:
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.
Balances over $10,000 earn 0.10% or 0.20% APY, depending on the balance. And if you don’t complete the initial requirements in any month, you earn 0.01% APY on all balances.
The account also comes with access to over 30,000 free ATMs. In addition, the credit union refunds fees charged for using non-network ATMs when you meet the monthly rewards requirements.
Savings
All Consumers Credit Union members must open a share savings account to establish membership. There’s no monthly fee and a low minimum requirement of $5 to open the account. You have to keep a $5 minimum balance to maintain membership. But 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.
While you have to keep this account open to remain a member, you don’t have to use this as your main savings account. The credit union offers another savings account that earns a better rate — 3.00% APY for its Smart Saver account — but you have to meet monthly requirements to earn that rate: have a CCU checking account, receive at least $500 in qualifying deposits to that checking account, deposit at least $50 but not more than $1,000 to the Smart Saver account each month and enroll in e-statements.
You can find better rates for savings at many online banks with none of these requirements.
Consumers Credit Union Savings Account
Certificates of deposit
Rates for share certificates here — the credit union version of certificates of deposit — vary widely from being unimpressive to competitive.
In general, rates on standard length CDs are low. You can find far higher yields at other credit unions and online banks. (See our picks for the best CD rates.)
But the credit union has some non-standard terms that have high rates, like a 7-month CD that pays 4.25% APY and a 13-month CD that’s 4.25% APY.
The minimum opening deposit for the regular share certificates is $250, and standard term lengths range from six months to five years.
The credit union also offers some specialty CDs, including IRA certificates, jumbo certificates and super jumbo certificates.
You can open an IRA Certificate only by visiting a branch or by calling, as opposed to opening a regular certificate online.
If you have $100,000 to deposit, you can open one of the credit union’s jumbo certificates, which pay a slightly higher rate than the same CD with a lower minimum requirement. With a $250,000 minimum deposit, you can open a Super Jumbo Certificate, but know that these certificates might put you over the standard insurance of $250,000 per person, per account type and per institution.
Full List of Reviewed Certificate Rates
| Term | APY | Min Deposit |
|---|---|---|
| 3 months jumbo | 0.50% | $100,000 |
| 3 months | 0.50% | $250 |
| 6 months jumbo | 0.65% | $100,000 |
| 6 months | 0.65% | $250 |
| 7 months | 4.25% | $250 |
| 1 year jumbo | 1.00% | $100,000 |
| 1 year | 0.90% | $250 |
| 1.5 years jumbo | 1.09% | $100,000 |
| 1.5 years | 0.99% | $250 |
| 20 months | 3.50% | $250 |
| 2 years jumbo | 1.10% | $100,000 |
| 2 years | 1.00% | $250 |
| 2.5 years | 1.19% | $250 |
| 3 years jumbo | 1.40% | $100,000 |
| 3 years | 1.30% | $250 |
| 4 years jumbo | 1.45% | $100,000 |
| 4 years | 1.35% | $250 |
| 5 years jumbo | 1.60% | $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 — the credit union will reimburse this membership fee.
Consumers Credit Union participates in a national shared network of over 5,000 branches (along with the 30,000 surcharge-free ATMs).
Consumers Credit Union has representatives available by phone 24/7, which is rare for a credit union. And live chat is available Monday to Friday from 9 a.m. to 5 p.m. Central time.
The credit union’s banking app ratings are excellent: 4.8 stars on both Google Play and in the Apple iOs app store at the time of writing. But the logged-out experience of the website isn’t ideal from a consumer standpoint. NerdWallet writers found that there was limited info provided about the savings and money market accounts and in general, using the website to answer our research questions wasn’t an intuitive experience.
Overdraft fees
An overdraft will cost you dearly here: $30 per transaction. That’s nearly double the average overdraft fee of $17, according to NerdWallet data.
And Consumers Credit Union can charge the overdraft fee up to four times per day, for a total of $120.
But you can set up free overdraft transfers from a Consumers Credit Union 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.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.