You'll find Consumers Credit Union appealing if you enjoy online banking or live near Chicago, Illinois. The credit union has one of the best high-yield checking accounts right now, with a low minimum opening deposit and zero monthly fees.
Consumers Credit Union Overall Rating
| Feature | Personal Finance Insider rating (out of 5) |
| Savings | 3.5 |
| Checking | 4.25 |
| CD | 4 |
| Money market account | 3.75 |
| Trustworthiness | 5 |
| Total | 4 |
Consumers CU has one of the best high-yield checking accounts right now, with a low minimum opening deposit and zero monthly fees.
Consumers Credit Union Pros and Cons
| Pros | Cons |
|
|
Consumers Credit Union Membership Share Savings Account
no monthly service fee
0.03%
$5
Pros
Cons
- To become a member of Consumers Credit Union, pay an initial $5 membership fee and open the Membership Savings Account with at least $5
- 14 open branches in Chicago, Illinois, and nearby cities
- Access to over 5,600 shared branches and 60,000 surcharge-free ATMs through the CO-OP Shared Network
- Interest compounded and deposited monthly
- Federally insured by the NCUA
The Consumers Credit Union Membership Share Savings Account is a worthwhile option if you're searching for a savings account that doesn't charge monthly service fees.
But if your priority is finding an account with a high interest rate, you'll want to check the Consumers Credit Union Free Rewards Checking Account or choose a high-yield savings account at a different institution.
Consumers Credit Union Free Rewards Checking Account
no monthly service fee
up to 5.00%
$5
Pros
Cons
You'll find Consumers Credit Union appealing if you enjoy online banking or live near Chicago, Illinois. The credit union has one of the best high-yield checking accounts right now, with a low minimum opening deposit and zero monthly fees.
Consumers Credit Union Free Rewards Checking Account- To become a member of Consumers Credit Union, pay an initial $5 membership fee and open the Membership Savings Account with at least $5
- 14 open branches in Chicago, Illinois, and nearby cities
- Access to over 5,600 shared branches and 60,000 surcharge-free ATMs through the CO-OP Shared Network
- Earn 3.00% APY on balances up to $10k when you enroll in eDocuments, make 12 debit card transactions per month, and receive $500 per month in deposits
- Earn 4.00% on balances up to $10k when you meet qualifications for 3.00% and spend $500/month with your CCU credit card
- Earn 5.00% on balances up to $10k when you meet qualifications for 3.00% and spend $1,000/month with your CCU credit card
- Earn 0.20% APY on balances between $10k and $25k
- Earn 0.10% APY on balances over $25k
- If you don't meet the requirements to earn a rewards interest rate, you'll earn 0.01% APY and you won't get ATM refunds
- Interest compounded and deposited monthly
- Federally insured by the NCUA
The Consumers Credit Union Free Rewards Checking Account has a tiered interest rate that rewards you up to 5.00% if you meet specific requirements.
If you don't meet the requirements though, you'll only earn 0.01% APY on your account balance.
You'll get the most out of the account if you do the following:
- Earn 3.00% APY if you have less than $10,000 when you sign up to receive eDocuments, make 12 monthly debit card purchases, and receive $500 in monthly direct deposits, mobile check deposits, or transfers from other banks
- Earn 4.00% APY if you meet the requirements to earn 3% and spend $500 per month with your Consumers Credit Union Credit Card
- Earn 5.00% APY if you meet the requirements to earn 3% and spend $1,000 per month with your Consumers Credit Card
- Earn 0.20% APY if you have an account balance between $10,000.01 and $25,000 when you receive eDocuments, make 12 monthly transactions, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks
- Earn 0.10% APY if you have an account balance over $25,000 when you receive eDocuments, make 12 monthly transactions, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks
Consumers Credit Union IRA CDs
0.50% to 4.25%
$250
Pros
Cons
- To become a member of Consumers Credit Union, pay an initial $5 membership fee and open the Membership Savings Account with at least $5
- 14 open branches in Chicago, Illinois, and nearby cities
- Access to over 5,600 shared branches and 60,000 surcharge-free ATMs through the CO-OP Shared Network
- Terms range from 3 months to 5 years
- Early withdrawal penalties: 60 days of interest on terms 1 year or less; 120 days of interest on terms longer than 1 year
- Interest compounded daily and deposited monthly
- Federally insured by the NCUA
Consumers Credit Union offers Consumers Credit Union Consumers Credit Union IRA CDs and jumbo CDs. It has several terms lengths, and the most competitive rates are on 11-month and 22-month CDs.
Consumers Credit Union Money Market Account
no monthly service fee
0.55% to 1.16%
$5
Pros
Cons
- To become a member of Consumers Credit Union, pay an initial $5 membership fee and open the Membership Savings Account with at least $5
- 14 open branches in Chicago, Illinois, and nearby cities
- Access to over 5,600 shared branches and 60,000 surcharge-free ATMs through the CO-OP Shared Network
- Earn 0.55% APY if you have up to $24,999.99 in your account
- Earn 0.65% APY if you have an account balance between $25,000 and $99,999.99
- Earn 0.75% APY if you have an account balance between $100,000 and $249,999.99
- Earn 1.16% APY if you have an account balance of more than $250,000
- Interest compounded and deposited monthly
- Federally insured by the NCUA
You may like the Consumers Credit Union Money Market Account if you're able to maintain a high balance in your account. Otherwise, our best money market account guide might have more fitting choices.
Compare today's checking accounts
How Consumers Credit Union Works
Consumers Credit Union has 15 open branches in Chicago, Illinois, and nearby cities. Three of the credit union's locations are temporarily closed until further notice. It's also strongly encouraged to set up an appointment before you visit a branch.
Members have access to the CO-OP Shared Branch and ATM network, which has over 5,600 shared branches and 60,000 surcharge-free ATMs.
Anyone in the US is eligible for membership online. To become a member, pay a one-time membership fee and open the Consumers Credit Union Membership Share Savings Account with at least $5.
If you're an immigrant or not a US citizen, Consumers lets you use a Matricula Consular ID or permanent resident card instead of a US government ID to open an account. You can also use an ITIN number instead of a social security number.
Customer support is available 24/7 through live chat. Customer representatives are also accessible over the phone on weekdays from 8 a.m. to 6 p.m. CT or Saturdays from 8 a.m. to 2 p.m. CT.
The credit union's mobile app received 4.1 out of 5 stars in the Google Play store. In the Apple store, it has 4.1 out of 5 stars.
Consumers Credit Union is federally insured by the NCUA. Up to $250,000 is protected in an individual bank account.
Consumers Credit Union Trustworthiness and BBB Rating
Consumers Credit Union hasn't gone through any recent public scandals.
It's also received an A+ rating from the Better Business Bureau. A good BBB score shows that a company efficiently responds to customer issues and has transparent business practices. It doesn't necessarily guarantee that your relationship with the business will be perfect, though.
Consumers Credit Union vs. Discover Bank
If you're looking for a cash-back checking account, Discover® Bank (FDIC Insured) is the most suitable choice. The Discover® Cashback Debit Account lets you earn 1% cash back on up to $3,000 in purchases monthly (see website for details).
Consumers will be a better choice if you'd like to earn a competitive interest rate on a checking account. You may earn 5.00% if you meet certain requirements, like using your Consumers debit card and credit card frequently.
Consumers Credit Union vs. Axos
For high-yield rewards checking accounts, it'll come down to Consumers and Axos Bank.
With Consumers, you may be able to earn 5.00% APY if you meet the monthly requirements. Meanwhile, the Axos Bank Rewards Checking might pay a lower interest rate.
If you're exploring additional account options, Consumers has CDs with high interest rates. Meanwhile, Discover and Axos Bank have high-yield savings accounts with low minimum opening deposits.
Why You Should Trust Us: How We Reviewed Consumers Credit Union
We rate bank accounts on a scale from one to five stars. For Consumer's checking, savings, and money market accounts, we used Personal Finance Insider's bank account ratings methodology. The exact factors we evaluate vary depending on the type of account — for example, we look at overdraft fees for checking accounts and interest rates for savings and money market accounts.
For Consumer's CDs, we used our CD rating methodology which looks at interest rates, minimum opening deposits, early withdrawal penalties, CD variety, customer support availability, mobile app ratings, miscellaneous features, and the security and ethics of the company.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Consumers Credit Union FAQs
Who can become a member of Consumers Credit Union?
Anyone in the US can become a member. To become a member, you'll have to pay a one-time $5 membership to the Consumers Cooperative Association and open the Consumers Credit Union Membership Share Savings Account with a $5 minimum opening deposit.
Where is Consumers Credit Union located?
Consumers Credit Union has 14 open branches in the following cities in Illinois: Carol Stream, Gurnee, Kildeer, Mundelein, North Waukegan, Northbrook, Palatine, Round Lake Beach, Schaumburg, Streamwood, Volo and Waukegan. If you don't live near a branch, members also have access to the CO-OP Shared Branch network, which has over 5,600 shared branches.
Is Consumers Credit Union NCUA insured?
Yes, Consumers Credit Union is federally insured. Up to $250,000 is secure in individual bank accounts, and $500,000 is secure in joint bank accounts.
