Consumers Credit Union Review: Checking, Savings and CDs
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Overall bank rating
- Savings
- Checking
- CD rates
- Banking experience
- Overdraft fees
4.0
Consumers Credit Union’s biggest appeal is its checking account, thanks to a rate that can go up to 5.00% 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 fee is $30.
Full review
Savings
Federally insured by NCUA
3.5
/5 NerdWallet ratingAll 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.
Checking
Federally insured by NCUA
4.5
/5 NerdWallet ratingat Consumers Credit Union
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.
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.
CD
Federally insured by NCUA
2.0
/5 NerdWallet ratingRates for share certificates — the credit union version of CDs — aren’t impressive, and you can find far higher yields at other credit unions and online banks. (See our picks for the best CD rates.) The minimum opening deposit is $250, and 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 ratings are above average.
Overdraft fees
4.0
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.
As of March 2022, the credit union stopped charging an extended overdraft fee, which was charged if an account stayed overdrawn for six or more days in a row.
There are also free overdraft transfers from a Consumers savings account to a checking account to avoid an overdraft.
Savings
Federally insured by NCUA
3.5
/5 NerdWallet ratingAll 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.
Checking
Federally insured by NCUA
4.5
/5 NerdWallet ratingat Consumers Credit Union
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.
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.
CD
Federally insured by NCUA
2.0
/5 NerdWallet ratingRates for share certificates — the credit union version of CDs — aren’t impressive, and you can find far higher yields at other credit unions and online banks. (See our picks for the best CD rates.) The minimum opening deposit is $250, and 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 ratings are above average.
4.0
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.
As of March 2022, the credit union stopped charging an extended overdraft fee, which was charged if an account stayed overdrawn for six or more days in a row.
There are also free overdraft transfers from a Consumers savings account to a checking account to avoid an overdraft.
How does Consumers Credit Union compare?
 LendingClub High-Yield Savings Member FDIC |  SoFi Checking and Savings Member FDIC |  Discover Bank Online Savings Member FDIC |
|---|---|---|
NerdWallet rating 4.5 /5 | NerdWallet rating 5.0 /5 | NerdWallet rating 5.0 /5 |
APY 4.25% With $0 min. balance for APY | APY 4.00% With $0 min. balance for APY | APY 3.60% With $0 min. balance for APY |
Bonus N/A | Bonus $250 Earn up to $250 with direct deposit. Terms apply. | Bonus $200 Requirements to qualify |
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.
