Consumers Credit Union Review: Checking, Savings and CDs

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.

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.

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.