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:
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?
Member Advantage Checking. There are no minimum balance requirements or monthly fees and you’ll earn up to 4.07% APY on the first $500 deposited. But you’ll only earn 0.05% on balances over $500 and you’ll need a Member Advantage Savings account.
Member Share Checking. A simple interest-bearing checking account with 0.05% APY, no maintenance fees and minimum balance requirement. But it requires a Member Share Savings account.
Teen and Youth Checking. Parents or legal guardians can open a joint Member Share Checking account for their child.
Member Advantage Savings. Earn up to 6.17% APY on the first $500 you deposit and receive up to $6 in ATM fee refunds monthly. But you’ll only earn 0.10% on balances over $500 and eligibility is limited to Member Advantage Checking account holders.
Member Share Savings. BECU’s standard savings account comes with 0.05% APY, ATM access and no monthly maintenance fees.
Early Saver Youth. For those 18 and younger, this joint savings account offers 2.02% APY on the first $500 deposited alongside ATM access and no maintenance fees. But once you exceed a $500 balance, you only earn 0.02%.
Money Market. BECU money market accounts come with interest rates up to 0.85% on standard accounts and up to 1.26% on money market accounts with Member Advantage.
CDs. Terms range from three to 60 months with rates of 0.25% to 1.46% APY.
Bump CD. Both 12- and 24-month terms are available with rates of up to 1.61% APY.
Veterans Family Fund CD. A six-month 0.30% to 0.35% APY CD that splits accumulated interest with veteran families in need.
Traditional and Roth IRA CDs. Terms range from 12 to 60 months with Member Advantage boosted savings of up to 1.66% APY.
Coverdell Educational Savings. A tax-free savings account as long as it’s used for eligible education expenses.
Business Basic Checking. BECU’s basic business checking account has no monthly maintenance fees and up to 600 free transactions monthly, with a $0.20 charge for each additional transaction.
Business Interest Checking. This interest-bearing checking account earns 0.05% APY, has no monthly maintenance fees and offers up to 450 free transactions monthly, with a $0.20 fee for each additional transaction.
Business Member Share Savings. This business savings account earns 0.10% APY and is required before you can open any BECU business checking account.
Business Money Market. Tiered rates of 0.20% to 0.85% APY available alongside free account alerts, online banking and statements.
Business CDs. Invest business capital in a fixed-rate CD with terms of three to 60 months and rates of 0.25% to 0.95% APY. Or opt for 12- or 24-month Bump CD with rates of up to 1.11% APY.
Loans. Access the capital you need with BECU’s home loans, auto loans, boat loans, personal loans and student loans.
Credit cards. A range of personal and business credit cards are available with no annual fees, 0% introductory APRs, no foreign transaction fees and cash rewards programs.
Insurance. BECU offers a range of insurance options that include life insurance, long-term care insurance and disability insurance.
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.
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.
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.
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%.
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.
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.
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.
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.
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
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.
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
BECU’s routing number is 325081403.
Yes. The BECU mobile banking app is available for Android and iOS for free in the Apple Store, Google Play or Windows stores.
You can apply for membership online or in person. You’ll need to bring the following:
Shannon Terrell is a senior writer for Finder who has written over 400 personal finance guides. With a focus on investments and personal finance, she breaks down jargon-laden topics to help others make informed financial decisions. She studied communications and English literature at the University of Toronto.
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