Consumers Credit Union Review: Checking, Savings and CDs
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Overall bank rating
at Consumers Credit Union, Federally insured by the NCUA
Savings
Checking
CD rates
Banking experience
Overdraft fees
4.0
The bottom line:
Consumers Credit Union’s biggest appeal is its checking account, thanks to a rate that can go up to 4.09% APY. But you have to meet transaction requirements to get the best yields. Savings rates are much lower.
Best for: Those who want to maximize interest and earn ATM fee refunds in a rewards checking account and who are unlikely to overdraft.
Pros
- Free Rewards checking earns a high rate.
- Large free ATM network and access to shared branches.
- Easy to join.
Cons
- Low savings account interest rate.
- Overdraft courtesy pay fee is $30 and can be charged an unlimited number of times.
Full review
Consumers Credit Union Savings Account
3.5
NerdWallet ratingAPY
0.03%
With $5 minimum balance
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%. That’s less than the national average and way below what many online banks offer.
at Consumers Credit Union, Federally insured by the NCUA
5.0
NerdWallet ratingat Consumers Credit Union, Federally insured by the NCUA
Monthly Fee
$0
APY
4.09%
With $0 minimum balance
Consumers Credit Union provides one of the best interest checking accounts available. Here are the requirements for each tier:
Earn 2.09% 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 3.09% APY on up to $10,000 by making $500 in Consumers Credit Union credit card purchases monthly plus all the previous requirements.
Earn 4.09% 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.
For accounts with more than $10,000 you earn 0.10% or 0.20% APY, depending on the amount. Alternatively, 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 non-network ATM use when you meet the monthly rewards requirements.
On top of earning interest, it is a free checking account.
Consumers Credit Union CD
4.0
NerdWallet rating1-year APY
0.45%
5-year APY
0.70%
Minimum Deposit
$250
Rates for share certificates — the credit union version of CDs — are solid, though some online institutions have slightly higher ones. (See our picks for the best CD rates.) However, you need only $250 to open a Consumers CD. Term lengths go up to five years.
Banking experience
4.0
NerdWallet ratingThe 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 during business hours on weekdays and on Saturdays until 2 p.m. CT.
The credit union’s banking app earns mediocre user ratings.
Overdraft fees
2.5
NerdWallet ratingAn 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's another option when it comes to overdrafts. If you opt into overdraft privilege, the credit union will pay for the items that cost more than your balance (this is known as a "courtesy payment"), charging $30 each time. There’s no cap on the number of times the credit union can charge that fee; other financial institutions limit the number of times per day they'll charge it.
You can also link a Consumers savings account to your checking to avoid an overdraft, but it costs $10 per transfer.
Consumers Credit Union Savings Account
3.5
NerdWallet ratingAPY
0.03%
With $5 minimum balance
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%. That’s less than the national average and way below what many online banks offer.
at Consumers Credit Union, Federally insured by the NCUA
5.0
NerdWallet ratingat Consumers Credit Union, Federally insured by the NCUA
Monthly Fee
$0
APY
4.09%
With $0 minimum balance
Consumers Credit Union provides one of the best interest checking accounts available. Here are the requirements for each tier:
Earn 2.09% 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 3.09% APY on up to $10,000 by making $500 in Consumers Credit Union credit card purchases monthly plus all the previous requirements.
Earn 4.09% 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.
For accounts with more than $10,000 you earn 0.10% or 0.20% APY, depending on the amount. Alternatively, 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 non-network ATM use when you meet the monthly rewards requirements.
On top of earning interest, it is a free checking account.
Consumers Credit Union CD
4.0
NerdWallet rating1-year APY
0.45%
5-year APY
0.70%
Minimum Deposit
$250
Rates for share certificates — the credit union version of CDs — are solid, though some online institutions have slightly higher ones. (See our picks for the best CD rates.) However, you need only $250 to open a Consumers CD. Term lengths go up to five years.
4.0
NerdWallet ratingThe 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 during business hours on weekdays and on Saturdays until 2 p.m. CT.
The credit union’s banking app earns mediocre user ratings.
2.5
NerdWallet ratingAn 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's another option when it comes to overdrafts. If you opt into overdraft privilege, the credit union will pay for the items that cost more than your balance (this is known as a "courtesy payment"), charging $30 each time. There’s no cap on the number of times the credit union can charge that fee; other financial institutions limit the number of times per day they'll charge it.
You can also link a Consumers savings account to your checking to avoid an overdraft, but it costs $10 per transfer.
How does Consumers Credit Union compare?
Member FDIC | Federally insured by the NCUA | |
|---|---|---|
APY0.50% With $0 minimum balance | APY0.40% With $0 minimum balance | APY0.55% With $100 minimum balance |
BonusN/A | BonusN/A | BonusN/A |
RATING 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.
