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Consumers Credit Union Account Basics

Savings

CCU offers four regular savings accounts: Membership Share, Special Share, Smart Saver and Holiday Savings Club. Each requires a minimum initial deposit of $5 (which covers your membership fee). The Consumers Credit Union Membership Share Savings and the Consumers Credit Union Special Share Savings accounts currently pay 0.03% APY, while the Consumers Credit Union Holiday Club Savings pays 0.25% APY.

To join CCU and take advantage of its products and services, you must open a Membership Share account.

The Consumers Credit Union Smart Saver account offers a APY from 0.25% to 3.00%. If you don’t meet the following  requirements, you’ll earn the lower APY.

The requirements include:

  • Deposits totaling at least $50 a month
  • Maximum aggregate deposit amount of $1,000 per month, with no restriction on the total balance
  • ACH direct deposits or remotely deposited checks totaling at least $500 a month into any non-IRA checking account with the same primary owner
  • Enrollment in e-statements

For Holiday Savings Club accounts, the entire balance is transferred to another account held at CCU on or after November 1, but the account remains open. You can’t make withdrawals from a holiday account at any other time.

One other savings option is the Consumers Credit Union IRA Savings account, available for traditional, Roth and educational IRAs. It pays 0.25% APY and requires a minimum initial deposit of $10. Preauthorized, automatic and telephone transfers aren’t allowed at any time from these accounts.

For the Membership Share, Special Share and Smart Saver accounts, an account holder can’t make more than six monthly transfers and withdrawals from their account to another account or a third party via a preauthorized, automatic, internet or telephone transaction, or by check, draft or debit card. If you exceed these limits, a fee may be charged or your account may be closed.

Checking

If you’re looking to stash up to $10,000 in an interest-bearing checking account, CCU supplies several appealing options. The Consumers Credit Union no-fee checking account offers no interest, yet no minimum balance. Its rewards checking accounts do provide interest. The rewards accounts require a minimum initial deposit of $5 (to maintain your membership).

Depending on which requirements you meet, a Consumers Credit Union Rewards Checking account pays 0.01% to 5.00%. The top three tiers of this type of account offer APYs exceeding many competing savings accounts and checking accounts. The APYs for the top three tiers apply to balances of $10,000 or less. Above $10,000 up to $25,000, the APY for all three tiers is 0.20%. If the balance is higher than $25,000, the APY for those three tiers is 0.10%.

The basic requirements for Rewards Checking accounts include:

  • 12 debit card purchases per month
  • ACH deposits, direct deposits or mobile check deposits totaling at least $500 each month
  • Enrollment in eDocuments

Meeting these basic requirements will result in monthly ATM fees’ being refunded.

To qualify for 5.00% APY, an account holder must meet the basic requirements and make at least $1,000 in purchases per month on a CCU Visa credit card. At the 4.00% level, the requirements are the same, except the threshold for monthly credit card purchases is $500. To earn the 3.00% APY, you must meet only the basic requirements.

For a rewards account that fails to meet the basic requirements, the APY is 0.10%.

The Consumers Credit Union Student Choice ® Checking is geared toward students ages 13 to 17 and is available as well. It requires a minimum balance of but does not pay interest.

Certificates

The APYs for the Consumers Credit Union Certificate Account and the Consumers Credit Union IRA Certificate Account, or CDs, range from 0.50% to 5.00%. Some of these APYs are lower than what you’d find at a number of other banks and credit unions. Each certificate, no matter the term length, requires a $250 minimum deposit.

CD Term APY
91 Days 0.50%
6 Months 0.65%
1 Year 1.00%
13 Months 5.00%
17 Months 4.30%
18 Months 0.90%
2 Years 1.20%
30 Months 1.00%
3 Years 1.30%
4 Years 1.35%
5 Years 1.50%

To earn higher APYs for Consumers Credit Union Jumbo Certificate Account and Consumers Credit Union Super-Jumbo Certificate Account and IRA certificates, minimum deposits of $100,000 and $250,000 are required, respectively. The top jumbo certificate currently pays APY and the top super jumbo certificate pays .

Money Market Account

CCU offers a traditional money market account (Consumers Credit Union Money Market Account) and an IRA money market account.

APYs for the traditional and IRA money market accounts currently range from 0.55% to 1.16%, with a $5 minimum initial deposit (to maintain your membership). To earn 0.55% APY, the minimum balance is $0.00 to $24,999.99. The minimum balance is $25,000 to $99,999.99 to earn 0.65% APY, $100,000 to $249,999.99 to earn 0.75% APY and $250,000+ to earn 1.16% APY.


Consumers Credit Union Fees

Overall, Consumers Credit Union has fewer fees than many traditional banks, and most of its personal bank accounts have no monthly fees. Plus, there’s no overdraft fee when you use CCU’s overdraft transfer service to move money from a linked savings account when you overdraw your checking account. From over accounts, overdraft transfer service fees apply.

Here’s an overview of the CCU fees you may come across:

  • Overdraft transfer services: $30 each Courtesy Pay transfer (charged up to four times per day)
  • Stop payment request: $30
  • Money order: $5
  • Excessive withdrawal: $5
  • Inactivity fee: $5 per month (charged when there are no transactions for two years)
  • Incoming domestic wire transfer: $10
  • Outgoing domestic wire transfer: $25

Distinguishing Features

In addition to checking, savings, certificates and money market accounts, CCU offers home loans, home equity loans, personal loans, auto loans and several Visa credit cards. This is a more generous menu of financial products than many online banks offer.


Access on the Go

CCU enables customers to sign up for online banking. Online banking customers can use the credit union’s mobile app. Features of the app include bill pay, funds transfer and mobile check deposit.

Customers with debit and credit cards also have access to a mobile wallet that can be used with Apple Pay, Google Pay and Samsung Pay.

Although CCU branches are located only in Illinois, you can take advantage of services in other states. The credit union provides surcharge-free access to a nationwide network of more than 30,000 ATMs and access to more than 5,000 shared credit union branches.

CCU also enables customers to check balances and transactions via text at no charge.


Who Is Consumers Credit Union Best For?

Consumers Credit Union is best for the following people:

  • Individuals looking for a high-yield checking account
  • People who want a bank account with no monthly fees
  • Anyone looking for a wide range of banking products and services
  • Chicago-area residents who want to bank in person and support a credit union rather than a traditional bank

How To Open a Consumers Credit Union Account

Opening a bank account with Consumers Credit Union is a straightforward process. Here are the steps to follow:

  1. Visit the Consumers Credit Union website and click on the “Open an Account” button.
  2. Choose an account, if opening one other than the requisite Membership Share Savings account.
  3. Agree to the terms and conditions.
  4. Verify your identity using your personal information, such as your name, birth date, address and Social Security number.
  5. Submit your application.

Applying for an account will require you to pay a one-time membership fee of $5 to the Consumers Cooperative Association, which makes you a member of Consumers Credit Union.


How Consumers Credit Union Stacks Up

For every type of account except checking, Consumers Credit Union sits in the middle of the road among financial institutions. But CCU shines when it comes to the APYs for its Rewards Checking account. If you’re willing to meet the requirements, such as minimum numbers of monthly debit card purchases and monthly deposits, CCU’s Rewards Checking account may mean more money in your pocket.


Methodology

Forbes Advisor rates banks and credit unions on several factors, including fees, interest rates, ATM networks and more. We give separate ratings to the individual products found at each financial institution, such as checking accounts, savings accounts and CDs. We assign banks a rating between one and five stars, with one star being the lowest rating and five stars being the highest.

To learn more about our rating system and review methodology, check out our guide on How Forbes Advisor Reviews Banks.

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Frequently Asked Questions (FAQs)

Is Consumers Credit Union insured by the NCUA?

Yes, CCU deposits are insured by the National Credit Union Administration (NCUA) up to $250,000 per depositor, for each account ownership category, in the event of a credit union failure.

How are members of Consumers Credit Union connected?

All members of CCU are members of the Consumers Cooperative Association. Under state law in Illinois, credit unions must have what’s known as a membership “common bond.” For CCU, the association serves as that bond. For other credit unions, a bond might be working at the same company or living in the same community.

When did Consumers Credit Union start offering online banking?

CCU introduced online banking in 1999. Four years later, it recorded more than 3.7 million online banking transactions.

Why would I choose a credit union over a traditional or online bank?

Credit unions and banks can offer similar products and services. However, credit unions tend to offer additional perks, like better customer service, competitive interest rates and financial education offerings. Understanding the differences between banks and credit unions can help you make the right decision for your family.