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Consumers Credit Union Review: Checking, Savings and CDs

March 21, 2019
Banking, Banks & Credit Unions, CDs, Checking Accounts, Savings Accounts
Consumers Credit Union Review
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4.0 cheatgame.info rating

Where Consumers Credit Union shines:

  • Free Rewards checking earns up to 5.09% APY.
  • Large free ATM network.
  • Easy membership.

Where Consumers Credit Union falls short:

  • Low savings account interest rate.

Where Consumers Credit Union shines:

  • Free Rewards checking earns up to 5.09% APY.
  • Large free ATM network.
  • Easy membership.

Where Consumers Credit Union falls short:

  • Low savings account interest rate.

Where Consumers Credit Union shines:

  • Free Rewards checking earns up to 5.09% APY.
  • Large free ATM network.
  • Easy membership.

Where Consumers Credit Union falls short:

  • Low savings account interest rate.

 

The bottom line

Consumers Credit Union

at Consumers Credit Union,

Federally insured by the NCUA

Consumers Credit Union’s biggest appeal is its checking account, thanks to a rate that can go up to 5.09% APY. But you have to meet transaction requirements to get the best yields.

Best if: You are looking for a free rewards checking account that pays high rates if you meet certain requirements.


Read on for details about Consumers Credit Union’s checking and share accounts, certificates, member experience and fees.

Checking accounts

5.0 / 5.0

UPSIDES

Pays top-notch rewards rates: Consumers Credit Union provides one of the best interest checking accounts available. Here are the requirements for each tier:

  • Earn 3.09% APY on up to $10,000 by making at least 12 monthly debit card purchases totaling $100 or more, having electronic transactions (direct deposit or ACH transfer) of at least $500 per month and receiving e-statements.
  • Earn 4.09% APY on up to $10,000 by making $500 in Consumers Credit Union credit card purchases monthly all the previous requirements.
  • Earn 5.09% APY on up to $10,000 by making an additional $500 in credit card purchases monthly all the previous requirements.

For accounts with more than $10,000 you earn 0.10% or 0.20% APY, depending on the amount. Alternatively, if you don’t complete the initial requirements in any month, you earn 0.01% APY on all balances.

Large ATM network: There are over 30,000 free ATMs available. In addition, the credit union refunds fees charged for non-network ATM use when you meet the monthly rewards requirements.

No monthly fees: In addition to earning interest, it is a free checking account.

A DOWNSIDE

Higher rewards have more requirements. Reaching one of the three tiers described above may be challenging for some members. If you want an easier way to earn high rates, consider one of cheatgame.info’s favorite high-yield savings accounts instead.

Account reviewed for rating: Free Rewards Checking

» Want to see other options? Browse cheatgame.info’s best checking accounts.

Share savings

3.5 / 5.0

All Consumers Credit Union members must open a share savings account to establish membership. 

UPSIDE

No monthly fee: There are also no ongoing minimum balance requirements. You need just $5 to open an account.

DOWNSIDE

Low yields: The savings account doesn’t earn much — just 0.05% APY. That’s about half the national average and way below what online banks offer.

Account reviewed for rating: Member Share Savings

» Want to explore more options? See more top credit unions.

How does Consumers Credit Union compare?

Consumers Credit Union

Savings Account

cheatgame.info Rating

at Consumers Credit Union,

Federally insured by the NCUA

APY

0.05%

Monthly Fees

$0

Bonus features

No Monthly Fee

Mobile-friendly

Goldman Sachs Bank USA

Online Savings

cheatgame.info Rating

at Goldman Sachs Bank USA,

Member, FDIC

APY

2.25%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

American Express National Bank

High Yield Savings Account

cheatgame.info Rating

at American Express National Bank,

Member, FDIC

APY

2.10%

Monthly Fees

$0

Bonus features

Competitive APY

Live help 24/7

No Monthly Fee

Not for you? Read more bank reviews

Share certificates

4.0 / 5.0

UPSIDE

Low minimum deposit: You need only $250 to open a share certificate, the credit union version of a CD. Term lengths go up to five years.

DOWNSIDE

Rates are solid but not stellar: The credit union’s one-year CD earns 1.50% APY and a five-year CD earns 2.50% APY. In contrast, online banks currently have APYs well above 2% for one-year CDs. (See our best picks for CD rates.)

Account reviewed for rating: Share certificates

Member experience

4.0 / 5.0

UPSIDES

Easy to join: The credit union has Chicago-area branches, but you don’t need to live in the area to become a member. To be eligible to apply, you have to join its sponsoring organization, the Consumers Cooperative Association, for $5.

Access to shared branches: Consumers Credit Union participates in a national shared network of 1,800 branches (along with the 30,000 surcharge-free ATMs).

Customer service by phone and webchat: Representatives are available during business hours, which includes weekdays and Saturday mornings.

DOWNSIDE

Low mobile app ratings: User reviews suggest the credit union’s banking app is not easy to use and sometimes has sign-in glitches.

Overdraft fees

2.0 / 5.0

UPSIDE

Slightly smaller overdraft fees: An overdraft costs $30 per transaction, which is a little less than the $35 fee larger banks often charge.

DOWNSIDES

No limit on overdraft fees: Consumers Credit Union does not put a daily cap on how many overdraft fees you can be charged. That means if you have four negative transactions in a single day, you’d face fees of $120.

Costs for overdraft protection: You can link a Consumers savings account to your checking to avoid an overdraft, but it costs $10 per transfer.

Consumers Credit Union

at Consumers Credit Union,

Federally insured by the NCUA

» Ready to take the next step? Consumers has average savings and certificate options, but Free Rewards Checking is where the credit union really shines, especially if you can avoid overdrafts. If you want to maximize interest earned in your checking account — and you can meet the transaction requirements — then this institution is worth a look.

 


Ratings methodology

cheatgame.info’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, customer experience and overdraft fees.

Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation.

Ratings are rounded to the nearest half-star.

How we rate banks and credit unions.