Consumer Credit Union Review: Rewards Checking Account

Overall credit union rating

Advantages and disadvantages

Savings

Annual percentage return (APY)

0.03% APY

  • Advantages and disadvantages

  • Details


  • Advantages
    The inconvenients
    • Minimum opening deposit of $ 5
    • Interest compounded monthly, not daily
    • To become a member of Consumers Credit Union, pay an initial membership fee of $ 5 and open members’ savings account with at least $ 5
    • 15 branches in Chicago, Illinois and surrounding cities
    • Access to over 5,600 shared branches and 60,000 ATMs at no additional cost via the CO-OP shared network
    • Interest compounded and deposited monthly
    • Federal Insurance by NCUA

    The Consumers Credit Union Membership Sharing Savings Account is a great option if you’re looking for a savings account that doesn’t charge a monthly service fee.

    But if finding an account with a high interest rate is your priority, you’ll want to check out the Consumers Credit Union Free Rewards checking account or check out our guide to the best savings accounts to see our top picks for.


    high yield savings accounts

    .

    Verification

    Annual percentage return (APY)

    0.10% to 4.09% APY

  • Advantages and disadvantages

  • Details


  • Advantages
    • High APY
    • Minimum opening deposit of $ 5
    • No monthly service fees
    • Unlimited refunds for off-network ATM fees
    The inconvenients
    • $ 10 overdraft transfer fee
    • Limited availability of customer support
    • Interest compounded monthly, not daily
    • To become a member of Consumers Credit Union, pay an initial membership fee of $ 5 and open members’ savings account with at least $ 5
    • 15 branches in Chicago, Illinois and surrounding cities
    • Access to over 5,600 shared branches and 60,000 ATMs at no additional cost via the CO-OP shared network
    • Earn 2.09% APY on balances up to $ 10,000 when you sign up for eDocuments, complete 12 debit card transactions per month, and receive $ 500 per month in deposits
    • Earn 3.09% on balances up to $ 10,000 when you qualify for 2.09% and spend $ 500 per month with your CCU credit card
    • Earn 4.09% on balances up to $ 10,000 when you qualify for 2.09% and spend $ 1,000 / month with your CCU credit card
    • Earn 0.20% APY on balances between $ 10,000 and $ 25,000
    • Earn 0.10% APY on balances over $ 25,000
    • Interest compounded and deposited monthly
    • Federal Insurance by NCUA

    The Consumers Credit Union Free Rewards Checking Account has a tiered interest rate that rewards you from 0.10% to 4.09% APY if you meet specific requirements.

    If you don’t meet the conditions, you won’t earn any interest.

    You will get the most out of the account if you do the following:

    • To win 2.09% APY if you have less than $ 10,000 when you sign up to receive electronic documents, make 12 monthly debit card purchases and receive $ 500 in monthly direct deposits, mobile check deposits, or transfers from other banks
    • To win 3.09% APY if you qualify to earn 2.09% and spend $ 500 per month with your Consumers Credit Union credit card
    • To win 4.09% APY if you qualify to earn 2.09% and spend $ 1,000 per month with your consumer credit card
    • To win 0.20% APY if you have an account balance between $ 10,000.01 and $ 25,000 when receiving electronic documents, complete 12 monthly transactions and receive $ 500 per month in direct deposits, mobile check deposits, or transfers from other banks
    • To win 0.10% APY if you have an account balance over $ 25,000 when you receive electronic documents, complete 12 monthly transactions and receive $ 500 per month in direct deposits, mobile check deposits, or transfers from other banks

    CD

    Annual percentage return (APY)

    0.35% to 0.90% APY

  • Advantages and disadvantages

  • Details


  • Advantages
    • Competitive interest rate
    • Minimum opening deposit of $ 250
    • Standard to low early withdrawal penalties
    The inconvenients
    • No term longer than 5 years
    • To become a member of Consumers Credit Union, pay an initial membership fee of $ 5 and open members’ savings account with at least $ 5
    • 15 branches in Chicago, Illinois and surrounding cities
    • Access to over 5,600 shared branches and 60,000 ATMs at no additional cost via the CO-OP shared network
    • The durations range from 3 months to 5 years
    • Progressive interest rate: get a higher interest rate if you deposit at least $ 100,000; get the highest interest rate if you deposit at least $ 250,000
    • Penalties for early withdrawal: 60 days of interest for periods of 1 year or less; 120 days of interest for periods greater than 1 year
    • Interest compounded daily and deposited monthly
    • Federal Insurance by NCUA

    Consumers Credit Union offers regular CDs and jumbo CDs. You will benefit from a competitive interest rate, regardless of the length and amount of your deposit.

    Money market account

    Annual percentage return (APY)

    0.05% to 0.25% APY

  • Advantages and disadvantages

  • Details


  • Advantages
    • Decent interest rate on higher account balances
    • $ 5 opening deposit
    • No monthly service fees
    • Debit card offer
    • Check write capacity
    The inconvenients
    • Online banks may offer a better interest rate
    • Interest compounded monthly, not daily
    • To become a member of Consumers Credit Union, pay an initial membership fee of $ 5 and open members’ savings account with at least $ 5
    • 15 branches in Chicago, Illinois and surrounding cities
    • Access to over 5,600 shared branches and 60,000 ATMs at no additional cost via the CO-OP shared network
    • Earn 0.05% APY if you have up to $ 24,999.99 in your account
    • Earn 0.15% APY if you have an account balance between $ 25,000 and $ 99,999.99
    • Earn 0.25% APY if you have more than $ 100,000 in your account
    • Interest compounded and deposited monthly
    • Federal Insurance by NCUA

    You may like the Consumers Credit Union Money Market Account if you are able to maintain a high balance in your account. Otherwise, our best money market account guide might have more suitable choices.

    How the consumer credit union works

    Consumers Credit Union has more than 15 branches in Chicago, Illinois and neighboring cities. Currently, some branches are closed due to the pandemic, or strongly encourage making appointments in advance.

    Members have access to the CO-OP network of shared branches and ATMs, which includes more than 5,600 shared branches and 60,000 ATMs at no additional cost.

    Anyone in the United States can become a member online. To become a member, pay a one-time membership fee and open the Consumers Credit Union Member Sharing Savings Account with at least $ 5.

    Whether you are an immigrant or not a US citizen, Consumers allows you to use a Matricula Consular ID or Permanent Resident Card instead of a US Government ID to open an account. You can also use an ITIN number instead of a Social Security number.

    Customer support is available 24/7 via live chat. Customer representatives are also reachable by phone on weekdays from 8:00 a.m. to 6:00 p.m. CT or on Saturdays from 8:00 a.m. to 2:00 p.m. CT.

    The Credit Union’s mobile app received 3.9 out of 5 stars in the Google Play Store. In the Apple Store, it has 4.6 out of 5 stars.

    Consumers Credit Union is federally insured by the NCUA. Up to $ 250,000 is protected in an individual bank account.

    Is the Consumers Credit Union trustworthy?

    Consumers Credit Union has not experienced any recent public scandal.

    It also received an A + rating from the Better Business Bureau. A good BBB score shows that a company responds effectively to customer issues and has transparent business practices. However, this does not necessarily guarantee that your relationship with the company will be perfect.

    To get a better idea of ​​whether Consumers Credit Union is a perfect match for you, chat with current members about their experiences or read customer reviews online.

    How Consumers Credit Union Stacks Up

    We compared Consumers Credit Union to two other financial institutions in our guide to the best checking accounts: Discover Bank and Axos Bank.

    All three financial institutions offer great rewards


    verify accounts

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    If you are looking for a cash back checking account, Discover is the best choice. Discover Cashback Debit Account

    earns you 1% Cash Back on up to $ 3,000 in monthly purchases.

    For high yield checking accounts, these will be Consumers and Axos Bank.

    With consumers, you may be able to earn 0.10% to 4.09% APY if you meet the monthly requirements. During this time, the Axos Bank Rewards checking account may pay a lower interest rate but offers a vacation bonus of $ 100 until November 31, 2021.

    If you are exploring other account options, Consumers offers CDs with high interest rates. Meanwhile, Discover and Axos Bank have high yield savings accounts with low minimum opening deposits.


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