Consumers Credit Union Rewards Checking account review August 2019 |

Consumers Credit Union Rewards Checking account review

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Consumers Credit Union Rewards Checking
  • Highest APY
  • No monthly fees
  • No balance requirements
  • ATM fee reimbursements

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Earn up to 5.09% APY on your checking balance, but only if you meet the strict requirements.

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 one of the highest yields in the country, total reimbursement on all ATM fees and more — all without a monthly fee.

APY5.09% 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+
Monthly fee$0
Minimum deposit to open$0
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 requirements to earn 3.09% APY.
Overdraft fee$30
Nonsufficient funds fee$30
  • Cash by teller
  • Check by teller
  • Bank transfer
  • Cash by ATM
  • Check by ATM
  • Wire transfer
  • Mobile/remote check deposit
  • Direct deposit

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 5.09% 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.
  • $0 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:

  • 3.09%: Enroll in eDocuments, Complete 12+ debit purchases over $100 and post $500+ direct deposit or ACH credits per month.
  • 4.09%: Meet the 3.09% APY conditions and spend $500+ in CCU Visa credit card purchases per month.
  • 5.09%: Meet the 3.09% 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 with 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’ll earn 0.2% on balances between $10,000.01 and $25,000, and 0.1% on balances above $25,000.01.
  • Requirements to earn APY. The hoops to jump through to get the highest APY tier may not be worth it to you since it’s significantly lowered 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.

Compare with other checking accounts

Name Product APY ATMs Fee
Access to 16,000 ATMs and nearly 5,000 branches nationwide
(can be waived)
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 5,000 branches.
1.25% on balances of $0+ with $1,000+ in direct deposits, 10 $3+ debit card transactions and 5 additional account transactions per month
ATM fees reimbursed at any ATM nationwide
Earn up to 1.25% APY while enjoying a suite of digital tools for smarter money management.
Free at over 56,000 ATMs around the world
A full-service account with convenient, surcharge-free access to two massive ATM networks.
0.01% on balances of $5+
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
(can be waived)
Get $350 by funding and maintaining your new account with at least $5,000 in combined checking and savings for 90 days and setting up recurring third-party direct deposits for 3 consecutive months. Offer expires December 31, 2019.
2.00% on balances of $10,000+ or deposit $1+ each calendar month into any Aspiration cash management or investment account
Free to use anywhere worldwide
A spend and save combo account with no monthly service fees, free access to every ATM in the world, unlimited cash back rewards and deposits insured by the FDIC. The Aspiration Spend & Save Account is a cash management account offering of Aspiration Financial, LLC, an SEC-registered broker-dealer. Aspiration is not a chartered bank.
Free to use anywhere worldwide
(can be waived)
Get a $750 welcome bonus when you join Sapphire Banking by September 28, 2019. 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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How much do I need to open an account?

You can open this account with $0, but you’ll need to become a member of the credit union by purchasing and holding one $5 share.

How do I apply?

You can open this account online in minutes:

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

How do I deposit or withdraw money?


  • 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.

Bottom line

The Rewards Checking account offers the highest interest rate we’ve come across, even among savings accounts. It also offers ATM fee reimbursements and has $0 monthly fees — but watch out for the requirements to earn the advertised APY. If this account isn’t right for you, compare other checking options to find one that meets your financial needs.

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