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Consumers Credit Union (MI) Interest Checking review

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An interest-bearing checking account, but only for select Michigan residents.

finder.com’s rating: 3.3 / 5.0

★★★★★

The word “interest” may be in the name of the Consumers Credit Union Interest Checking account. But highest balances earn only 0.4% APY. And you’ll need to live, work or study in Michigan’s Lower Peninsula to open an account.

$10 per month

Monthly fee

Up to 0.40%

APY

$1,000

Minimum deposit to open

Details

APY0.40% on balances of $250,000+
0.35% on balances of $100,000 to $249,999
0.15% on balances of $0 to $9,999
Monthly fee$10 per month
To waive the feeMaintain a daily balance of at least $1,000
Minimum deposit to open$1,000
ATMs30,000+ ATMs nationwide
ATM transaction fee$0
Out-of-network ATM feeForeign ATMs - $3.00 per transaction
Foreign transaction fee2%
Overdraft fee$35
Nonsufficient funds fee$35

Expert review

Julia Cameron

Review by


Julia Cameron is a writer and editor who has experience in finance, mergers and acquisitions, content marketing and immigration law. She has a passion for interior design and an affinity for Old Florida, where she lives with her family.

Expert review

The Consumers Credit Union Interest Checking account is best for those who would like to earn interest on their balance. This account offers cashback and unlimited checkwriting privileges.

But its low tiered APYs top out lower than many high-yield accounts on the market.

What are the benefits of Consumers Credit Union (MI) Interest Checking?

The Interest Checking account offers nationwide ATM access, mobile check deposit and other benefits such as:

  • Earns interest. You’ll earn 0.15% to 0.4%, depending on your balance.
  • Unlimited check writing. Write as many checks as you need without incurring a fee. And get a free box of checks annually
  • Automatic overdraft. Sign up for Courtesy Pay to protect your account from declined transactions due to shortages, with 30 days to repay what you’re forwarded. Note that each incident incurs a $35 fee.
  • Member perks. Access exclusive discounts on services that skew local as a CCU member.
  • Cashback rewards. Sign up for Get Cash Back for automatic rewards when you use your debit card.

Consumers Credit Union’s ATM network and fees

Use your debit card to access cash at more than 30,000 fee-free ATMs nationwide, including 200 in CCU’s immediate service area. Search for the nearest location on Consumers Credit Union’s locations page.

While at least one CCU account reimburses you for third-party ATM fees, this one does not.

What should I look out for?

The Consumers Credit Union Interest Checking account charges a $5 monthly fee for paper statements and has these potential drawbacks:

  • Minimal interest. Even if you maintain the $1,000 minimum daily balance, you won’t earn much with an APY that tops out at 0.4% — even with a quarter-million-dollar balance. Look instead at CCU’s high-yield Serious Interest Checking.
  • Limited service area. CCU membership is limited to those who live, work or study at select schools in Michigan’s Lower Peninsula.
  • Maintenance fees. You’ll need to maintain a daily balance of at least $1,000 to avoid the $10 monthly fee.

If you’re looking for a high-yield checking account, you’ll want to keep looking. As always, compare your options when choosing a checking account.

Compare to other checking accounts

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Citibank® Account Package
Citibank® Account Package
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NorthOne Business Banking
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$0
A digital bank account featuring free cash deposits, on-demand customer support and streamlined bookkeeping integrations.
BBVA Free Checking
$25
1,000 fee-free ATMs across the country
$3
Pay a $0 monthly service charge and get free access to BBVA ATMs.
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.
Chime Spending account
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$2.50
Get rid of fees with this mobile-first bank offering consumer-friendly accounts. Chime can also help you save easily and access your paycheck faster.
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How do I open an Interest Checking account?

You must become a member of Consumers Credit Union to sign up for this account, which is an easy step in online signup.

  1. Go to the Consumer Credit Union website and navigate to the personal checking page. From there, click Open New Members to begin the process of becoming a member. If you’re already a member, click Open Existing Members to skip to account signup.
  2. Click Yes, I Meet The Criteria to confirm your eligibility and follow the process for membership.
  3. Select whether you’d like to be enrolled in Courtesy Pay for debit card and ATM transactions and click Next.
  4. Enter your email address and phone number, agree to the terms and conditions and click Next.
  5. Follow the prompts to register and fund your checking account.

Required information

Consumers Credit Union isn’t clear about the documentation you’re required to submit to confirm that you’re eligible for membership or to sign up for checking.

Expect to submit identifying information that includes:

  • Your legal name and residential address
  • Your date of birth
  • Proof of residency, employment or study in CCU’s service area
  • The routing and account number for your funding

Eligibility

You’re eligible for the Consumers Credit Union Interest Checking account if you meet these requirements:

  • Legal US resident
  • At least 18 years old
  • Government-issued ID, like a driver’s license or passport
  • Valid Social Security number
  • Live, work, worship or study in select institutions in Michigan’s Lower Peninsula
  • At least $1,000 for an opening deposit

How do I deposit or withdraw money from my Consumers Credit Union Interest Checking account?

Consumers advertises tech-friendly tools on par with digital banks for easy access to your cash with the benefit of local branches.

  • Branch office. Deposit or withdraw your money in person at a local Consumers Credit Union office.
  • ATM. Access your money through one of 30,000+ fee-free ATMs and 1,800 shared branch networks nationwide. Search for surcharge-free ATMs through the site.
  • App. Download CCU’s free app to deposit checks, pay through three mobile wallets and manage your account on the go.
  • Wire transfer. Sign into your online account to move your money between CCU accounts or to another member for free. Transfers to other banks or credit unions may incur a fee.

What other checking options does Consumers Credit Union offer?

Interest Checking appears to be CCU’s midgrade account. Other options include:

  • Simple Checking. This basic checking account requires $25 to open with the same general benefits Interest Checking options.
  • Serious Interest Checking. This high-yield account allows you to earn from 3.09% APY to 5.09% APY on balances of $10,000 or more.
  • Student Choice Checking. Get your kids on the right financial footing with an account designed for 13- to 17-year-olds that includes a debit card, ATM fee reimbursement and more.

Frequently asked questions

Checking account ratings

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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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