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Consumers Credit Union Rewards Checking account review

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Earn up to 4.09% APY on your checking balance, but only if you meet the strict requirements.’s rating: 4.0 / 5.0


Due to their size and structure, credit unions often offer more personal banking experiences and competitive rates. Consumers Credit Union Rewards Checking account is a prime example. It offers an eye-popping 4.09% APY, total reimbursement on all ATM fees and more — all without a monthly fee.

$0 per month


Up to 4.09%



Minimum deposit to open


APY4.09% on balances of $0 to $10,000 with eDocuments, debit card purchases, direct deposit and credit card purchases
0.20% on balances of $10,000.01 to $25,000
0.10% on balances of $25,000.01+
Fee$0 per month
Minimum deposit to open$5
ATMsOver 30,000 ATMs and access to over 5,000 shared branches
ATM transaction fee$0
ATM fee rebatesIn order to get reimbursed for ATM fees, you’ll need to meet the minimum interest requirements.
Overdraft fee$30
Nonsufficient funds fee$30

Expert review

Peter Carleton

Review by

Peter Carleton is a writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading.

Expert review

The Consumers Credit Union Rewards Checking account offers $0 monthly fees and up to 4.09% APY — the highest interest rate we’ve come across, even among savings accounts. The account is best for those who plan to keep balances up to $10,000 and spend $1,000 or more in CCU credit card purchases a month.

If you don’t meet these requirements, you won’t earn the advertised rate.

How do I open a Consumers Credit Union Rewards Checking account?

You can open the Consumers Credit Union Rewards checking account online in minutes:

  1. Click Apply now.
  2. From the Consumers Credit Union (MI) website, click Open an Account and Free Rewards Checking Application.
  3. Sign up as a new member or log in if you already have an account.
  4. Select Rewards Checking under Checking Accounts, then click Next.
  5. Enter your personal information and click Next.
  6. Review or change your account selections and click Confirm.
  7. Upload pictures of your supporting documents and click Next.
  8. Accept the account agreements and disclosures.
  9. Agree to tax ID terms, then click Next.
  10. Fund your account and Submit your application.


In order to open this account, you must meet the following eligibility requirements:

  • 18 years of age or older — you can call or visit a branch if you’re underage
  • Social Security number and/or Tax ID
  • Government-issued ID
  • Member of CCU
  • Valid US address

Required information

When you apply for this account, you’ll need to provide personal information that includes:

  • Name and date of birth
  • Mailing address
  • Social Security or tax ID number
  • Driver’s license or other state-issued ID
  • Contact information
  • Employment information

What are the benefits of the Consumers Credit Union Rewards Checking account?

This NCUA-insured checking account comes packed with useful features and benefits:

  • Highest APY. Earn as much as 4.09% APY on up to $10,000 when you meet the requirements.
  • $0 monthly fees. You’ll pay $0 monthly fees to keep this account open.
  • ATM fee reimbursements. Get reimbursed for any and all ATM fees when you meet the requirements.
  • $5 balance requirements. There are no opening deposit or ongoing balance requirements.
  • Large branch and ATM network. Unlike most credit unions, CCU has a network of over 30,000 ATMs and access to over 5,000 shared branches.

Requirements to earn APY

Keep in mind, even if you meet the requirements to earn the highest APY tier, it will only apply on balances up to $10,000. And in order to earn the advertised APY, you’ll need to meet a few conditions. Otherwise, you’ll only earn 0.01% APY:

  • 2.09%: Enroll in eDocuments, complete at least 12 debit purchases totaling $100+ and post $500+ direct deposit or ACH credits per month. Note:
  • 3.09%: Meet the 3.09% APY conditions and spend $500+ in CCU Visa credit card purchases per month.
  • 4.09%: Meet the 4.09% APY conditions and spend $1,000+ in CCU Visa credit card purchases per month.

Consumers Credit Union ATM network and fees

This account comes with a Visa debit card with chip technology, allowing you to shop securely almost anywhere. Consumers Credit Union has over 30,000 ATMs and 5,000 shared branches. But if you need to visit an out-of-network ATM or branch, any and all fees will be reimbursed.

What should I look out for?

While this account is one of the strongest checking options available right now, there are a few things you should watch out for:

  • Maximum balance on APY. You’ll only earn the advertised APY on balances up to $10,000. Beyond that, you get 0.2% on balances between $10,000.01 and $25,000, and 0.1% on balances above $25,000.01. The strict requirements may not be worth it since the rate drops significantly on balances above $10,000.01.
  • Fee reimbursement requirements. In order to get reimbursed for ATM fees, you’ll need to meet the requirements to earn 3.09% APY.
  • Mandatory membership. While anyone can join CCU, you’ll need to go through the application process, pay a one-time $5 fee to Consumers Cooperative Association, then deposit and maintain a minimum $5 in your Membership Share/Savings Account.
  • High service charges. Watch out for the $30 overdraft charge, $10 overdraft transfer fee, $5 card replacement fee, $10 incoming wire transfer fee and other service charges.
  • Limited customer service hours. Customer service is only available during standard business hours during the week, limited hours Saturday and closed Sunday.

If you prefer a high-interest rewards account that can hold more than $10,000, you’ll want to keep looking. As always, compare your options when looking for a checking account.

Compare with other checking accounts

Name Product Minimum deposit to open ATMs Out-of-network ATM fee
HSBC Premier Checking
Free to use at all ATMs in the US
Get a 3% cash bonus, up to $600 (max. $100 per month) during first six months after account opening. Must open HSBC Premier checking account through offer page by September 30, 2020, and set up qualifying direct deposits into the new account. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.
BBVA Online Checking
No ATM fees nationwide at more than 64,000 AllPoint, participating 7-Eleven and BBVA USA ATMs
A full-service account with convenient, surcharge-free access to two massive ATM networks.
Axos Bank Essential Checking
ATM fees reimbursed at any ATM nationwide
No fees. Unlimited domestic ATM fee reimbursements.
Axos Bank Rewards Checking
ATM fees reimbursed at any ATM nationwide
Earn up to 1.25% APY while enjoying a suite of digital tools for smarter money management.
Aspiration Spend & Save Account
55,000 free in-network ATMs
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC.
Fee-free ATM withdrawals at Allpoint ATMs
A digital bank account with no hidden fees, no minimum account balance and no maintenance charges.

Compare up to 4 providers

How much do I need to open the Consumers Credit Union Rewards checking account?

You can open this account with $5, but you’ll need to become a member of the credit union by purchasing and holding one $5 share.

How do I deposit or withdraw money?

There are several ways to deposit or withdraw funds from your Consumers Credit Union Rewards checking account:


  • Mobile check deposit
  • At an ATM or branch
  • Phone, online or wire transfer
  • Direct deposit
  • Mail a check


  • At an ATM or branch
  • Phone, online or wire transfer
  • Cashback from participating merchant
  • Bill pay

How do I contact Consumers Credit Union customer service?

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

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

Frequently asked questions

Checking account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.

Read the full methodology of how we rate checking accounts.

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