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Boeing Employees’ Credit Union bank products: Savings, Checking, and CDs

Members benefit from no monthly fees and a sweeping product suite.

Boeing Employees’ Credit Union

West Coast-based Boeing Employees’ Credit Union (BECU) serves its members a comprehensive selection of free checking and savings accounts. But its interest rates are lackluster and you’ll need to become a member before you apply.

Am I eligible?

For a personal membership at BECU, meet the following criteria:

  • Residents of Washington state, select Oregon and Idaho counties
  • Employees, volunteers, retirees and family members of:
      • BECU
      • Boeing Company
      • Any credit union
  • Members, employees, volunteers and retirees of:
      • The University of Washington Alumni Association
      • The Washington State University Alumni Association
      • The NW Credit Union Foundation

For a business membership at BECU, meet the following criteria:

  • Business owners operating in Washington state, select Oregon and Idaho countries
  • Business owners affiliated with the Boeing Company
  • Business owners that belong to the NW Credit Union Foundation, the University of Washington Alumni Association, the Washington State University Alumni Association or any other US Credit Union Service Organization

What banking products does BECU offer?

How does Boeing Employees Credit Union compare to other banks or services?

BECU manages over $21 million in assets and has over 50 branches scattered throughout Washington state. Contrary to its name, you don’t have to be a Boeing employee to take advantage of this credit union’s perks.

Checking accounts

Pros

  • No fees or opening deposit requirements. Most accounts have no monthly maintenance fees and you can open them with as little as $0.
  • Interest-bearing checking. A number of BECU’s personal and business checking accounts feature the added bonus of earning interest.
  • ATM fee reimbursements. Not only does BECU offer an ATM network of over 30,000 free ATMs, but some accounts also come with monthly third-party ATM fee reimbursements.

Cons

  • Low interest rates. BECU has several interest-bearing checking accounts, but the rates top out at 0.05%. Other banks have checking account APYs much higher than this.
  • APY restrictions. The Member Advantage Checking account has an advertised 4.07% APY, but you’ll only earn this on the first $500 deposited. After that, the rate drops to 0.05%.
  • Other fees. Expect to pay $25 for overdrafts, stop payment requests and domestic outgoing wire transfers and $35 for outgoing international wire transfers.

Savings accounts

Pros

  • No monthly fees. A majority of accounts have no monthly maintenance fees, helping you save in the long run.
  • No minimum balance requirements. Open a savings account with as little or as much money as you’d like.
  • Jumpstart on savings. If you open a Member Advantage Savings or Early Saver account, you’ll earn an impressive 2.02% APY. But it’s only on the first $500 in your account. After that, the rate drops to 0.02%.

Cons

  • Unimpressive rates. This credit union’s savings rates range from 0.05% to 0.10%, with the highest money market rates of 0.95% reserved only for those with more than $100,000 in their account.
  • Expensive excessive transaction fee. If you make more than six outgoing transactions a month, expect to pay a $20 fee each time.
  • Only one business savings account. Business owners who want to bank with BECU have one savings option, which earns a low 0.10% APY.

CDs

Pros

  • Several types of CDs. Choose from a regular CD, a Bump up CD, a Veterans Family Fund CD or an IRA CD — each with varying APYs and term lengths.
  • Low opening deposits. Open a CD with as little as $500.
  • Add-to option. This feature allows you to make additional deposits to your CD at any time and lets you get started with a low opening deposit of $100 instead of $500.

Cons

  • Average APYs. BECU CD rates range from 0.45% to 1.05% APY depending on the term length. Although these aren’t the lowest rates we’ve seen, you can find higher APYs at other banks and credit unions.
  • Early withdrawal penalties. You’ll lose out on 30 days interest for CD terms of 12 months or less. Or, 90 days interest for CD terms greater than 12 months if you need to access your money before it’s ready.

Overall banking

Pros

  • Comprehensive selection. BECU has a large selection of products ranging from personal and business checking and savings options.
  • Membership perks. BECU members get access to rewards for good credit, free financial education seminars and community discounts to sporting events, shows and local fairs.
  • Shared branching. As part of the shared branching network, BECU gives members direct access to over 30,000 free ATMs and 5,000 branches nationwide.

Cons

  • Limited branch network. BECU’s branch network is limited to Washington and South Carolina.
  • Strict membership requirements. This credit union is primarily open to those who live or work in Washington state or select counties in Oregon and Idaho.
  • Tiered interest. While its high interest rates are attractive at first glance, they only apply to the first $500 deposited, after which the rate drops significantly.

Compare Boeing Employees Credit Union to the competition

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
American Express® High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings
0.40%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Aspiration Spend & Save Account
Finder Rating: 3.8 / 5: ★★★★★
Aspiration Spend & Save Account

1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0 per month or $15 per month for Aspiration Plus ($12.50 per month if you pay annually)
$10
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
Chime Savings
Finder Rating: 4.6 / 5: ★★★★★
Chime Savings
0.50%
$0
$0
Grow your savings automatically with recurring transfers, round-ups on debit card purchases and 0.5% APY.
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings

0.61% on $0 to $24,999
0.25% on $25,000 to $99,999
0.15% on $100,000+
$0
$250
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
Discover Online Savings Account
Finder Rating: 4.6 / 5: ★★★★★
Discover Online Savings Account
0.40%
$0
$0
Take advantage of a high-interest online savings account with no fees, no minimums and more.
UFB Direct High Yield Savings
Finder Rating: 3.6 / 5: ★★★★★
UFB Direct High Yield Savings
0.20%
$0
$100
Earn an APY when your balance is higher than $10,000 with this no-monthly-fee savings account.
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Compare up to 4 providers

BECU’s customer service

BECU offers members five ways to get in touch:

  • In-person. If you live within BECU’s branch network, visit one of its financial centers during business hours to speak with a representative.
  • Phone. Call 800-233-2328 weekdays from 7 a.m. to 7 p.m. or Saturdays from 9 a.m. to 1 p.m., PT.
  • Mail. Send a letter to BECU, PO Box 97050, Seattle, WA 98124-9750.
  • Social media. Reach out to BECU on Facebook, Instagram, LinkedIn or Twitter.
  • Online messaging center. Send a secure online message to customer service through your online account.

Bottom line

Boeing Employees’ Credit Union offers nationwide access to its selection of banking products. Its minimal account fees and ATM fee reimbursements help differentiate it from other providers, but it lacks competitive interest rates and its branch network is limited.

If you don’t fit the criteria to join this credit union, review your options with other providers for an account that best meets your banking needs.

Frequently asked questions

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