Who Is Consumers Credit Union Best For?
If you’re looking to earn a highly competitive yield on a checking account and are willing to meet specific requirements to do so, Consumers Credit Union could be a good fit for you. If you’re looking for easy-to-earn high APYs, however, or you want to score one of the best savings rates available, you should consider other options.
Consumers Credit Union Checking Accounts
| ACCOUNT | APY |
|---|---|
| Consumers Credit Union Rewards Checking | Up to 5.00% APY on balances up to $10,000 |
| Consumers Credit Union Free Checking | N/A |
| Consumers Credit Union Student Choice ® Checking | N/A |
Consumers Credit Union Rewards Checking
With Consumers Credit Union’s Rewards Checking account, you can earn up to 5.00% APY on balances of up to $10,000 by meeting specific requirements. The account requires a minimum opening deposit of just $5 and offers tiered membership benefits.
Tiers 2 and 3 require account holders to open a CCU Visa Credit Card and reach a minimum spending threshold.
| ACCOUNT DETAILS | TIER 1 | TIER 2 | TIER 3 |
|---|---|---|---|
| APY | 3.00% on balances up to $10,000 | 4.00% on balances up to $10,000 | 5.00% on balances up to $10,000 |
| Requirements To Earn | Receive eDocuments Make at least 12 debit card payments each month Receive direct deposits, mobile check deposits or ACH credits totaling $500 or more monthly | Meet requirements to earn 3.00% APY Spend $500 or more with any CCU Visa Credit Card purchase each month | Meet requirements to earn 3.00% APY Spend $1000 or more with any CCU Visa Credit Card purchase each month |
All balances between $10,000.01 and $25,000 earn 0.20%% APY, and balances of $25,000.01 and greater earn 0.10% APY. Interest is compounded and credited monthly.
By meeting the basic criteria, you’ll receive a refund for fees charged by other bank ATMs. If you don’t meet the basic requirements, you won’t earn the ATM refund, and balances will earn an APY of just 0.01%.
Consumers Credit Union Free Checking
Customers who don’t meet the criteria to qualify for Tier 1 of the Rewards Checking account can open a Free Checking account, which also has no monthly fees. The account also requires a minimum opening deposit of $5.
Consumers Credit Union Student Choice ® Checking
Consumers Credit Union also offers a student checking account for teenagers between the ages of 13 and 17. The account, which has no monthly fee and requires a minimum opening deposit of $5, comes with a debit card with a $310 daily limit.
The account offers ATM refunds up to $25 per month and sends alerts to joint account owners in the event of an attempted overdraft.
Consumers Credit Union Savings Accounts
| ACCOUNT | APY |
|---|---|
| Consumers Credit Union Membership Share Savings | 0.03% APY |
| Consumers Credit Union Special Share Savings | 0.03% APY |
| Connexus Credit Union Holiday Club Savings | 0.02% APY |
| Consumers Credit Union Smart Saver | 0.25% to 3.00% APY |
CCU offers four regular savings accounts, each requiring a minimum opening deposit of $5: Membership Share Savings, Special Share Savings, Holiday Club Savings and Smart Saver. Dividends on all accounts are compounded and credited monthly.
For Membership Share Savings, Special Share Savings, Smart Saver and money market accounts, you may make no more than six transfers and withdrawals from your account in any month.
Membership Share Savings
This standard savings account is required to join the credit union and earns a rate of 0.03% APY.
Special Share Savings
The Special Share Savings account is another savings option, also earning an APY of 0.03%.
Holiday Club Savings
The Holiday Club Savings account, designed to help you save for the holiday season, allows account holders to set up direct deposits or automatic transfers into the account throughout the year. Funds transfer to a separate Share Savings account on November 1.
The account automatically renews each year, but if you withdraw funds by request before November 1, the account will be closed. The account earns a rate of 0.02% APY.
Smart Saver
The Smart Saver account allows customers to earn up to 0.25% to 3.00% APY if they meet specific requirements. If they don’t meet the requirements, savers earn a rate of just 0.25% APY. To earn the higher APY, you must:
- Open a CCU Checking Account
- Deposit between $50 and $1,000 into the Smart Saver account each month
- Receive direct deposits, mobile deposits or ACH credits totaling $500 or more to your CCU Checking account per month
- Enroll in eDocuments
Thanks to the account’s solid rate and lack of monthly fees, it made our list of the best credit union savings accounts.
Consumers Credit Union Money Market Account
Consumers Credit Union also offers both a standard money market account and an IRA money market account. Accounts offer tiered rates, with higher balances earning higher APYs. Overall, however, rates are much lower than what’s offered by the best money market accounts.
- Balances under $25,000: 0.55% APY
- Balances $25,000 to $99,999.99: 0.65% APY
- Balances $100,000 to $249,999.99: 0.75% APY
- Balances $250,000 and greater: 1.16% APY
Dividends are compounded and credited monthly.
Consumers Credit Union CDs
Traditional, IRA, jumbo and super-jumbo CDs are all available at Consumers Credit Union. Terms range from 91 days to five years. Most rates are low, especially when compared to the best credit union CD rates available. Only select terms earn competitive rates.
The minimum deposit required to open a standard CD is $250, while the minimum deposit to open a jumbo CD is $100,000. Super-jumbo CDs require a deposit of $250,000 to open. Dividends on all CDs compound daily and are paid monthly.
| CD TERM | STANDARD CD APY (MIN. $250) | JUMBO CD APY (MIN. $100,000) | SUPER-JUMBO CD APY (MIN. $250,000) |
|---|---|---|---|
| 91 Days
| 0.50%
| N/A
| N/A
|
| 6 Months | 0.65% | N/A | N/A
|
| 10 Months | 4.00%
| 4.05% | 4.30%
|
| 1 Year | 0.90% | 1.00% | 1.00%
|
| 17 Months | 3.75% | 3.80% | 4.05%
|
| 18 Months | 0.99% | 1.09% | 1.09%
|
| 2 Years | 1.00% | 1.10% | 1.10%
|
| 30 Months | 1.19% | 1.29% | 1.29%
|
| 3 Years | 1.30% | 1.40% | 1.40%
|
| 4 Years | 1.35% | 1.45% | 1.45%
|
| 5 Years | 1.50% | 1.60% | 1.60% |
What Other Products Does Consumers Credit Union Offer?
In addition to the accounts mentioned above, Consumers Credit Union offers the following products and services:
- IRA savings
- Home loans
- Auto loans
- Personal loans
- Business accounts
- HSA checking
- Investment services
- Coverdell Education Savings
- Credit cards
How Consumers Credit Union Compares
Consumers Credit Union offers multiple checking and savings accounts, CDs and money market accounts in addition to various loan options, business accounts and credit cards.
Rates on most Consumers Credit Union’s savings accounts, money market accounts and CDs are low when compared to the best rates currently available. While the Smart Saver account allows customers to earn a higher yield of 3.00% APY if they meet specific requirements, this rate is still lower than what is offered by the best high-yield savings accounts.
On the other hand, rates on CCU’s Rewards Checking account are competitive, but there’s one caveat: You must meet specific requirements that include opening a credit card and meeting various spending requirements.
Here’s how CCU’s rates compare to other banks.
| ACCOUNT | APY |
|---|---|
| Consumers Credit Union Rewards Checking | Up to 5.00% APY on balances of $10,000 (must meet requirements) |
| Consumers Credit Union Smart Saver | Up to 3.00% APY (must meet requirements) |
| Capital One 360 Performance Savings Account™ | 3.40% APY |
| Capital One 360 Checking Account | 0.10% APY |
| SoFi Checking and Savings Account | up to 3.80%¹ APY on savings and Vaults balances and 0.50% APY on checking (must set up direct deposit) |
| Bask Bank Interest Checking | 1.00% APY |
| Bask Interest Savings Account | 4.05% APY |
¹SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
Consumers Credit Union vs. Capital One
Capital One offers checking and savings accounts, CDs, credit cards, business and commercial banking services and auto loans. Unlike Consumers Credit Union, Capital One does not offer a money market account or home loans.
Capital One’s checking and savings accounts have no minimum deposit requirements or monthly fees.
The Capital One 360 Checking Account earns a much lower rate than CCU’s Rewards Checking account: just 0.10% APY. However, its Performance Savings account earns a competitive rate of 3.40% APY, with no additional requirements. CD terms range from six months to five years, and rates are higher than those from CCU. They range from 3.50% to 4.00% APY.
Capital One also offers in-person locations and access to a vast network of ATMs.
Consumers Credit Union vs. SoFi
SoFi provides a combined checking and savings account, investment options, credit cards, various loans, business banking and insurance options. You won’t find a money market account or CDs at SoFi, however.
The SoFi Checking and Savings Account has no monthly fees or minimum deposit requirements. Customers who set up direct deposit can earn up to 3.80%¹ APY on savings and Vaults balances and 0.50% APY on checking.
SoFi does not have any physical branch locations, but customers can access 55,000+ ATMs through the Allpoint Network.
Consumers Credit Union vs. Bask Bank
If you’re willing to sacrifice in-person banking for competitive yields with no requirements to earn, Bask Bank is worth considering. It only offers checking, savings and CD accounts, but rates are highly competitive.
The Bask Bank Interest Checking account earns 1.00% APY, and the Bask Interest Savings Account earns an impressive 4.05% APY. CD terms only range from three months to two years, but rates range from 4.00% to 4.35% APY—some of the highest rates available.
There are no in-person locations, but customers have access to 55,000+ Allpoint ATMs.
Consumers Credit Union Fees
Most accounts from Consumers Credit Union have no monthly fees. However, other fees may apply.
- Incoming domestic wire transfer: $10
- Outgoing domestic wire transfer: $30
- Overdraft transfer services: $30 per Courtesy Pay transfer (charged up to four times per day)
- Stop payment request: $30
- Money order: $5
- Inactivity fee: $5 per month (charged when there are no transactions for two years)
- Excessive withdrawal fee: $5 for each transaction/withdrawal exceeding six per month
Access on the Go
Consumers Credit Union offers both online and mobile banking services. The app is rated 4.2 stars on the App Store and 4.1 stars on Google Play. With CCU’s digital banking platform, you’ll have access to a range of features:
- Review account activity
- Set up early direct deposit
- Deposit checks
- Customize your digital banking dashboard
- Track your spending by category and create savings goals
- Schedule recurring payments and pay bills
- Check account balances
- Transfer funds
- Send and receive money with Zelle
- Set alerts
- Add cards to your mobile wallet
For customer service, you can call the Consumers Credit Union phone number: 877-275-2228.
Methodology
Forbes Advisor rates banks based on various factors, including their fees, interest rates and ATM networks, among other characteristics. We assign separate ratings to financial institutions and their individual products, such as checking accounts, savings accounts and certificates of deposit (CDs). We rate banks on a scale of one to five stars, with one star as the poorest rating and five as the best.
Check out our guide on how Forbes Advisor reviews banks to learn more about our rating and review methodology and editorial process.
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Frequently Asked Questions (FAQs)
Is Consumers Credit Union a trustworthy and reliable financial institution?
Yes, Consumers Credit Union is a reliable financial institution. Deposits are NCUA-insured up to $250,000 per individual depositor for each account ownership category.
What are the requirements to qualify for the highest APY tier?
To qualify for the highest APY tier available for CCU’s Rewards Checking account, customers must meet the following requirements.
- Receive eDocuments
- Make at least 12 debit card payments each month
- Receive direct deposits, mobile check deposits or ACH credits totaling $500 or more per month
- Spend $1,000 or more with any CCU Visa Credit Card purchase each month
