BECU Review: Checking, Savings and CDs
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- Savings
- Checking
- Certificates of deposit
- Customer experience
- Overdraft fees
Overall institution rating
4.0
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, among those in some other states. 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.
Pros
- 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.
Cons
- Expensive overdraft fee.
- Limited membership.
Full review
Savings
Savings
Federally insured by NCUA
4.5
/5 NerdWallet ratingSimilar to BECU's checking accounts, Member Advantage Savings has no monthly fees or minimum balance requirements. But the account's 6.17% APY is only for the first $500. That’s many times higher than the national average savings rate of 0.45%. But the rate drops after $500 to 0.50% APY.
And BECU's regular savings option only earns a paltry 0.02% APY, regardless of your balance.
Checking
Checking
Federally insured by NCUA
4.5
/5 NerdWallet ratingBECU’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: 4.07% 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 $6 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 0.01% APY on all balances.
Certificates of deposit
CD
Federally insured by NCUA
3.5
/5 NerdWallet ratingThe 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
Customer experience
4.0
NerdWallet ratingGiven its membership restrictions, BECU is not for everybody. Even though you don’t have to be a Boeing employee to join, other options mainly include living, working, attending school or belonging to a religious organization in Washington, or within select counties in Oregon and Idaho, or being a family member of someone who’s eligible.
If you can take advantage of BECU, it 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. on Saturdays.
Overdraft fees
4.0
NerdWallet ratingBECU may not have many fees, but it charges $25 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.
How does BECU compare?
 SoFi Checking and Savings Member FDIC |  CIT Bank Platinum Savings Member FDIC |  Citizens Access Savings Member FDIC |
|---|---|---|
NerdWallet rating 5.0 /5 | NerdWallet rating 4.5 /5 | NerdWallet rating 4.5 /5 |
APY 4.50% With $0 min. balance for APY | APY 5.05% With $5,000 min. balance for APY | APY 4.50% With $0.01 min. balance for APY |
Bonus $250 Earn up to $250 with direct deposit. Terms apply. | Bonus N/A | Bonus N/A |
Learn more at SoFi Bank, N.A. | Learn more at CIT Bank | Learn more at Citizens |
Methodology
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking 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 technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
