Boeing Employees Credit Union
BECU branches are concentrated in Washington state, where the credit union is based, and membership criteria favor those who live and work in the state or have ties to Boeing.
The bottom line
- A great low-fee checking account.
- Low savings rates.
- Residents outside of Washington must be comfortable banking online or via a mobile app.
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|Certificates of deposit|
Read on for more details about BECU’s checking and savings accounts, certificates of deposit, customer experience and overdraft fees.
5.0 / 5.0
BECU’s one checking account option comes with Member Advantage, which pays 4.07% annual percentage yield on the first $500. It’s a short-lived advantage that drops to 0.05% APY after. You also have to agree to electronic services such as paperless bank statements and one of the following each month: online bill payments, direct deposits or debit card purchases. The real incentive on this account is the lack of fees.
» MORE: Best online checking accounts
4.0 / 5.0
You don’t have to worry about standard fees or requirements with a BECU savings account. With its Money Manager tool, you can also track expenses and set savings goals.
If you’re hoping that your rates will give your savings a boost, though, this may not be the account for you. Better rates of 1% or higher can be found at online-only banks and other credit unions.
Certificates of deposit
2.5 / 5.0
This credit union offers many CD options, including one that makes a charitable contribution to veterans’ families. At these rates, though, don’t tie up your money when you can get the same rate in an online savings account and have easier access to your cash.
There are plenty of opportunities to give to charities through credit unions that can offer you competitive rates.
4.5 / 5.0
Members of BECU can get almost a full mobile-banking experience. You can make person-to-person money transfers only through the website, and text banking isn’t an option. Customers can use other features like mobile check deposits, alerts and a digital wallet compatible with Apple Pay and Microsoft Wallet for mobile payments.
The Money Manager tool allows you to set up all internal and external bank accounts to track spending. Members can use the website to pay bills, transfer funds or get customer service, which is also available by phone.
3.5 / 5.0
Minimal fees, poor savings rates
BECU’s no-fee checking account shines. The savings account is solid, too, if you don’t mind low rates. You’ll also get good banking technology.
BECU is a great alternative to big banks, if you qualify for membership. Becoming a member is easy if you live in Washington, but residents of other states need ties to eligible members to join.
Updated Sept. 28, 2016.
NerdWallet’s overall rating is a weighted average of each category: checking, savings, CDs, customer experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing tech and customer service. Several Nerds contribute to each financial institution’s ratings to ensure consistency and accuracy.
What the ratings mean:
— Among the very best
— Very good; only minor caveats for most customers
— Good; issues that might make a difference to some customers
— Fair; make sure strengths and weaknesses are a good match for you
— Poor; proceed with great caution
(or below) — Best to avoid