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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 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 APY Minimum deposit to open ATMs Out-of-network ATM fee
Consumers Credit Union Rewards Checking
Finder Rating: 4 / 5: ★★★★★
Consumers Credit Union Rewards Checking
4.09% on balances of $0 to $10,000
0.20% on balances of $10,000.01 to $25,000
0.10% on balances of $25,000.01+
$5
Over 30,000 ATMs and access to over 5,000 shared branches
Earn Up to 4.09% APY* on balances up to $10,000. No monthly maintenance fees. Online Banking and Bill Pay
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Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
Consumers Credit Union CDs
0.45%
0.45%
0.5%
0.6%
0.7%
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What banking products does Consumers Credit Union offer?

Consumer banking

  • Rewards Checking

No monthly fees, total ATM fee reimbursements and up to 4.09% APY on balances up to $10,000.

  • Student Choice Checking

A free account for kids 13 to 17 years old with a $310 daily debit limit, no overdrafts and up to $25 of ATM monthly fee reimbursements.

  • Membership Share Savings Account

Sign up for Consumer Credit Union and automatically get this account with a $5 minimum balance requirement, no monthly fees and 0.05% APY.

  • Holiday Savings Account

Save for the busy holiday season with this automated savings account. Sign up for this plan and it makes transfers to your account, starting November 1st.

  • Money Market Account

A minimum balance requirement of $2,000 and interest rates that range from 0.15% to 1.00%.

  • IRA Savings Account

Open a Traditional, Roth or Educational IRA with as little as $10 and you’ll be able to contribute when you want and earn a guaranteed yield.

  • IRA Money Market Account

An account with the same options and requirements as the IRA Savings but with higher yields and more flexible access.

  • Certificates

Both regular and IRA certificate offer deposit as low as $250 and select a term between 91 days and five years to earn 0.35% to 0.7% APY.

  • Jumbo Certificates

Deposit at least $100,000 into a jumbo or IRA certificate and select a term between 91 days and five years to earn 0.35% to 0.80% APY.

Other consumer services

  • Loans

Access a variety of financing options for your next big purchase, including fixed- and adjustable-rate mortgages, home equity loans, auto loans and personal loans.

  • Credit cards

CCU has a wide selection of Visa credit cards and offers accounts with no annual fees, rewards points and a Student Visa account with a $250 starting credit limit.

  • Insurance

CCU’s life, auto and home insurance partners can help protect you, your family and your home with discounted rates, free quotes and more.

Business banking

  • Basic Commercial Checking

No monthly fee when you hold an average daily balance of at least $1,000 and you’ll get unlimited monthly transactions for $15 a month.

  • Corporate Checking

Earn interest on your balance, control employee access and visibility and get unlimited monthly transactions for $30 a month.

  • Business Membership Savings

Open an account with as little as $5 to earn 0.05% APY. Avoid the monthly fee with an average daily balance of $100 or more.

  • Business Money Market

Open an account with $500 or more, earn up to 0.25% APY and easily access your account with personalized checks.

  • Business High Yield Money Market

Open an account with $100,000 or more and earn 0.75% on your balance.

Other business services

  • Loans

Business term loans, commercial mortgages and business lines of credit help offer your budding business the flexible capital it needs to flourish.

  • Credit cards

The Consumers Credit Union Business VISA Platinum has no annual fee and fee-free cash advances, plus free additional cards for employees, individual credit limits and more.

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 4.09% 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 APY Minimum deposit to open ATMs Out-of-network ATM fee
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
5.00% on balances of $0 to $10,000
$10
55,000 free in-network ATMs
$0
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.
Chase Secure Banking℠
Chase Secure Banking℠
N/A
$0
Access to 16,000 ATMs and more than 4,700 branches nationwide
$2.50
Chase Secure Banking offers no overdraft services and $100 signup bonus to new Chase customers
Douugh
Finder Rating: 4 / 5: ★★★★★
Douugh
N/A
$0
more than 38,000 ATMs in the MoneyPass ATM network
The Douugh app is an AI assistant focused on your finances.
OnJuno
Finder Rating: 4.8 / 5: ★★★★★
OnJuno
1.20% on balances of $0 to $50,000
0.25% on balances of $50,000.01+
$0
more than 85,000 ATMs nationwide
$0
OnJuno embraces an open banking system for everyone, regardless of their age, location, or income.
Lili
Finder Rating: 4.7 / 5: ★★★★★
Lili
1.00%
$0
32,000 fee-free ATMs nationwide
$2.50
Freelancers get paid up to two days early and can automatically set aside money for taxes with the Lili digital bank account. Get up to 10 referral rewards, or $1000.
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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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