To join Consumers Credit Union, pay a one-time $5 membership fee and open a savings account.
Consumers Credit Union; Insider
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The bottom line: You’ll find Consumers Credit Union appealing if you enjoy online banking or live near Chicago, Illinois. The credit union has a unique Consumers Credit Union Free Rewards Checking Account with a low minimum opening deposit and zero monthly fees.
Overall credit union rating
FeatureInsider rating (out of 5)Savings3.5Checking3.75CD4Money market account3.75Trustworthiness5Total4
Pros and cons
ProsConsMembership is open to anyone in the US (pay a $5 membership fee)Free rewards checking accountCompetitive interest rates on CDsLow minimum opening deposits on all accountsNo monthly service feesBranches only available in specific cities in IllinoisLow interest rates on savings accountInterest compounded monthly, not daily, on some accounts
Consumers Credit Union Membership Share Savings Account
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 go through our best savings accounts guide to look at our top picks for high-yield savings accounts.
Consumers Credit Union Free Rewards Checking Account
The Consumers Credit Union Free Rewards Checking Account has a tiered interest rate that rewards you Consumers Credit Union Free Rewards Checking Account 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% 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 banksEarn 4% APY if you meet the requirements to earn 3% and spend $500 per month with your Consumers Credit Union Credit CardEarn 5% APY if you meet the requirements to earn 3% and spend $1,000 per month with your Consumers Credit CardEarn 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 banksEarn 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 Certificate of Deposit
Consumers Credit Union offers Consumers Credit Union Share Certificate of Deposit 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
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.
How Consumers Credit Union works
Consumers Credit Union has more than 14 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.
To get a better sense of whether Consumers Credit Union is an ideal match for you, speak with current members about their experiences or read online customer reviews.
Consumers Credit Union vs. Discover
If you’re looking for a cash-back checking account, Discover is the most suitable choice. The Discover Cashback Debit Account lets you earn 1% cash back on up to $3,000 in purchases monthly.
Consumers will be a better choice if you’d like to earn a competitive interest rate on a checking account. You may earn Consumers Credit Union Free Rewards Checking Account 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 Consumers Credit Union Free Rewards Checking Account 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.
Frequently asked questions
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 StreamGurneeKildeerMundeleinNorth WaukeganNorthbrookPalatineRound Lake Beach SchaumburgStreamwoodVoloWaukegan
If you don’t live nearby 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.