To join Consumers Credit Union, pay a one-time $5 membership fee and open a savings account.

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The bottom line: You’ll find Consumers Credit Union appealing if you enjoy online banking or live near Chicago, Illinois. The credit union has a unique Consumers Credit Union Free Rewards Checking Account with a low minimum opening deposit and zero monthly fees.  

Overall credit union rating

Feature
Insider rating (out of 5)

Savings
3.5

Checking
3.75

CD
4

Money market account
3.75

Trustworthiness
5

Total
4

Pros and cons

Pros
Cons

Membership is open to anyone in the US (pay a $5 membership fee)
Free rewards checking account
Competitive interest rates on CDs
Low minimum opening deposits on all accounts
No monthly service fees

Branches only available in specific cities in Illinois
Low interest rates on savings and money market account
Mixed reviews on the mobile app
Interest compounded monthly, not daily on some accounts

Savings
Consumers Credit Union Membership Share Savings Account

The Consumers Credit Union Membership Share Savings Account is a worthwhile option if you’re searching for a savings account that doesn’t charge monthly service fees. 

But if your priority is finding an account with a high interest rate, you’ll want to check the Consumers Credit Union Free Rewards Checking Account or go through our best savings accounts guide to look at our top picks for high-yield savings accounts. 

Checking
Consumers Credit Union Free Rewards Checking Account

The Consumers Credit Union Free Rewards Checking Account has a tiered interest rate that rewards you Consumers Credit Union Free Rewards Checking Account if you meet specific requirements.

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

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

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Earn 2.09% APY if you have less than $10,000 when you sign up to receive eDocuments, make 12 monthly debit card purchases, and receive $500 in monthly direct deposits, mobile check deposits, or transfers from other banks
Earn 3.09% APY if you meet the requirements to earn 2.09% and spend $500 per month with your Consumers Credit Union Credit Card
Earn 4.09% APY if you meet the requirements to earn 2.09% and spend $1,000 per month with your Consumers Credit Card
Earn 0.20% APY if you have an account balance between $10,000.01 and $25,000 when you receive eDocuments, make 12 monthly transactions, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks
Earn 0.10% APY if you have an account balance over $25,000 when you receive eDocuments, make 12 monthly transactions, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks

CD
Consumers Credit Union Share Certificate of Deposit

Consumers Credit Union offers Consumers Credit Union Share Certificate of Deposit and jumbo CDs. You’ll earn a competitive interest rate, regardless of the term and amount that you deposit.

Money market account
Consumers Credit Union Money Market Account

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

How Consumers Credit Union works

Consumers Credit Union has more than …read more

Source:: Business Insider

      

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