Consumers Credit Union products: CDs, Savings, and Checking

This Illinois credit union offers competitive banking products and other services to customers across the country.

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Consumers Credit Union

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Consumers Credit Union offers a wide range of deposit accounts, Certificate of Deposits (CDs) and business accounts with competitive rates and fees. You can earn high interest rates even on a checking account, just be sure to watch out for high service fees.

Compare Consumers Credit Union bank products

Name Product Minimum deposit to open ATMs Out-of-network ATM fee
Consumers Credit Union Rewards Checking
$0
Over 30,000 ATMs and access to over 5,000 shared branches
Earn a super high 3.09% APY on balances up to $10,000 if you receive eDocuments, make 12+ debit card purchases totaling $100+ and direct deposit $500+ each month. Earn 4.09% APY if you also spend $500+ on CCU's credit card, or 5.09% if you also spend $1,000+ on the credit card monthly.
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What banking products does Consumers Credit Union offer?

How do I join Consumers Credit Union?

In order to open any account at CCU, you’ll first need to become a member. Here’s how to join:

  1. Visit the IL branch or go to the CCU Website.
  2. Open a Membership Share Account and make a $5 payment to the Consumers Cooperative Association.
  3. Deposit and maintain a balance of at least $5 in your Membership Share Account.

What do I need to become a member of Consumers Credit Union?

To become a member, you’ll need to supply the following:

  • Name and date of birth
  • US address
  • Social Security number
  • Driver’s license or other state-issued ID
  • Contact information (Email and phone number)
  • $5 contribution to Consumers Credit Association

How does Consumers Credit Union compare to leading banks?

Consumers Credit Union is an Illinois-based credit union that was established in 1930 and aims to provide a more personal and secure alternative to traditional financial institutions. While it only has 10 official branches that are all located in Illinois, the credit union offers accounts to customers in every state.

Checking accounts

Pros

  • High APY on its checking account. CCU’s Rewards checking account offers up to 5.09% APY on balances up to $10,000. Most savings accounts only go as high as 2.5%.
  • No minimum balance requirements. You aren’t required to keep a certain amount of money in any of CCU’s checking accounts.
  • Fee reimbursements. Get unlimited fee reimbursements for ATM use as long as you make the required deposits and withdrawals for your account.

Cons

  • High service fees. Watch out for high service charges for things like overdrafts, replacement cards and incoming wire transfers.
  • Conditions and eligibility requirements. To earn the advertised rates for its Rewards Checking account, you’ll need to meet account conditions and eligibility requirements, like making numerous debit card transactions and setting up monthly direct deposits.
  • ATM withdrawal limits. To prevent fraud, you can’t withdraw more than $505 a day from an ATM.

Savings accounts

Pros

  • A variety of savings accounts. Open a smart saver account to save for a specific goal, a holiday club savings account to save for Christmas or an IRA savings account to save for retirement.
  • High rate for Smart Saver account. You’ll earn a solid 2% APY when you’re enrolled in e-statements, deposit $50 to $1,000 a month into your Smart Saver account and have at least $500 in monthly direct deposits going to your CCU Checking account.
  • ATM card. Some accounts come with an ATM card that lets you withdraw cash for free at over 30,000 ATMs nationwide.

Cons

  • Low rates. Besides the Smart Saver account, CCU’s other savings accounts earn anywhere from 0.05% to 0.25% on average.
  • Minimums to earn interest. If you have a money market account, you’ll need to maintain a $2,000 minimum balance to earn interest.
  • Monthly withdrawal limits. As with all savings accounts, you can’t make more than six outgoing transactions a month. If you go over this limit, CCU will either charge you a fee or close your account.

CDs

Pros

  • Several term options. You can lock your money away in a CCU CD for as little as 91 days or as long as five years.
  • Low opening deposits. You only need $250 to open a CCU CD. Although jumbo CDs have a $100,000 opening deposit.
  • No monthly fees. CCU doesn’t charge any fees to open or maintain a CD.

Cons

  • Average APYs. CCU CDs earn anywhere from 0.5% to 1.9% APY. Although these rates are higher than the national average, you can find higher rates elsewhere.
  • Early withdrawal penalty. If you need to withdraw your money before your CD matures, you’ll pay a fee equal to 60 days’ interest on CDs with terms of one year or less and 120 days’ interest on CDs with terms longer than one year.

Overall banking

Pros

  • ATM and branch network. Get free access to over 30,000 Co-Op ATMs and 5,000 shared branches.
  • Options. CCU offers a wide selection of consumer and business banking products that you might only expect from a much larger institution.
  • Low minimum deposits. Most accounts only require $5 minimum balance to become a member.

Cons

  • Subpar rates. Although CCU has a few accounts with high APYs, its rates are much lower than the competition.
  • Must be a member. You’ll need to become a member to open an account.
  • Limited customer service. Customer service is only available during standard work hours during the week, plus limited hours on Saturday and no availability on Sunday.

Compare Consumers’ checking to the competition

Name Product Minimum deposit to open ATMs Out-of-network ATM fee
HSBC Premier Checking
$1
Free to use at all ATMs in the US
$0
Get up to $700 (max. $120 per month) for eligible new customers who open an HSBC Premier checking account. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.
TD Beyond Checking
$0
1,900 ATMs across the country and Canada
$0
A checking account that offers interest plus three ways to waive the monthly fee, two overdraft paybacks a year and no ATM fees with a $2,500 balance.
Axos Bank Rewards Checking
$50
ATM fees reimbursed at any ATM nationwide
$0
Earn up to 1.25% APY while enjoying a suite of digital tools for smarter money management.
HSBC Advance Checking
$0
Surcharge-free HSBC ATMs nationally and internationally, plus up to four rebates a month for using non-HSBC ATMs in all US states except New York
Get up to $270 (max. $50 per month) for eligible new customers who open an HSBC Advance checking account. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.
TD Convenience Checking℠
$0
1,900 ATMs across the country and Canada
$3
Offering digital wallet compatibility, free Zelle transfers, TD rate discounts and no fees for students and young adults age 17 to 23. But the $15 monthly maintenance fee could chip at your funds.
Chase Total Checking
$0
Access to 16,000 ATMs and nearly 4,900 branches nationwide
$2.50
Get a $200 bonus when you open a new Chase Total Checking account and set up direct deposit within 60 days of opening your account. Chase's simplest checking account is easy to use and gives you access to 16,000 ATMs and nearly 4,900 branches. Available online nationwide except in Alaska, Hawaii and Puerto Rico.
Chase Premier Plus Checking
$0
Access to 16,000 ATMs and nearly 4,900 branches nationwide
$2.50
Get a $300 signup bonus as a new Chase checking customer when you open a Chase Premier Plus Checking account and set up direct deposit. Available online nationwide except in Alaska, Hawaii and Puerto Rico.
Axos Bank Essential Checking
$0
ATM fees reimbursed at any ATM nationwide
No fees. Unlimited domestic ATM fee reimbursements.
BBVA Online Checking
$25
No ATM fees nationwide at more than 64,000 AllPoint, participating 7-Eleven and BBVA USA ATMs
$3
A full-service account with convenient, surcharge-free access to two massive ATM networks
Chase Sapphire Checking
$0
Free to use anywhere worldwide
$0
Get a $1000 welcome bonus when you join Sapphire Banking by March 06, 2020. Within 45 days of joining, transfer a total of $75,000 or more in qualifying new money or securities to a combination of eligible checking, savings and/or investment accounts (excludes any J.P. Morgan retirement accounts and CDs), and maintain the balance for at least 90 days.
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Consumers Credit Union reviews and complaints

Consumers Credit Union is a member of the NCUA which means that deposits are insured for up to $250,000. It’s not officially accredited on the BBB website but it holds a B+ rating and a 1.5 out of 5 customer review score. Complaints from customers mention things like billing and collection issues, inaccurate information and processing delays.

Consumers Credit Union customer service

here are a few ways you can get in touch with customer service:

  • Phone: 877-275-2228 Monday to Thursday 9 a.m. to 5 p.m., Friday 9 a.m. to 6 p.m. and Saturday 9 a.m. to 1 p.m. CST.
  • Live chat: Visit the Contact Us page on the CCU website
  • Secure message: Log into your online banking account to send a secure message

Bottom line

Consumers Credit Union is an Illinois-based credit union that serves the entire country with a wide range of deposit accounts and other banking products. It has low deposit requirements and almost no monthly fees.

But you’ll need to become a member before opening an account, and watch out for the high service fees. Or find another account by comparing your bank and credit union options.

Common questions about banking at Consumers Credit Union

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