Consumers Credit Union Online Banking Review: 5% Interest Rate

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It’s tough to find passive ways to make your savings work for you. With the current financial atmosphere, individuals need to actively pursue methods that will allow them to earn a comfortable return on their money

With an interest rate of over 5%, opening a checking account at Consumers Credit Union may very well be one of those methods.


Phenomenal Interest Rates

Consumers Credit Union actually offers three tiers of interest rates for their Free Rewards Checking Account. The top-tier offers an astounding 5.09% interest rate on balances up to $10,000. The middle-tier offers a generous 4.09% APY for balance up to $10,000 and their lowest tier offers a very comfortable 3.09% interest rate for checking account balances up to $10,000. These interest rates are so outstanding, they offer a real incentive for individuals to set and meet regular monthly savings goals.


The Details

Of course one has to meet all the requirements in order to take advantage of these incredible interest rates, but for most consumers, the requirements are quite reasonable. All three tiers require individuals to complete at least twelve PIN or non-PIN based transactions per month with their debit card. Many people have far more debit-based transactions every month on coffee purchases alone. Checking account holders must pay one bill using their online bill payment system OR post one direct deposit OR complete one debit ACH transaction per month. Account holders must access their online banking system at least once a month and they must agree to accept eDocuments.

For those wishing to gain access to the middle-tier 4.09% interest rate, account holders must also spend at least $500 per month using their CCU Visa Credit Card.

For those who would like the best interest rate available, the 5.09%, they must apply at least $1,000 in purchases to their CCU Visa Credit Card on a monthly basis. Although $1,000 in expenditures might seem a bit steep, combining monthly charges such as utilities, cable fees, phone bills, etc., along with a few hundred in charges for groceries and gasoline will allow most people to easily meet the $1,000 monthly purchase requirement.


Other Benefits

Another surprising benefit associated with this checking account is free ATM usage for those who meet their monthly requirements. Consumers Credit Union will reimburse all ATM and surcharge fees. This allows account holders incredible flexibility when depositing or withdrawing their money.

Account holders will also have unlimited check-writing privileges and access to almost 30,000 surcharge free ATMs and over 1,800 Shared Branch Networks.

CCU offers a free mobile app and their online banking and payment system and eDocuments are free as well.

They do offer overdraft protection for qualified members, although fees will apply.


Who is CCU?

Consumers Credit Union has a website at and lists their headquarters as Gurnee, IL. They also have branches in the surrounding area. They are federally insured by the National Credit Union Administration (NCUA).

They also offer a host of other products including various types of loans, business accounts, credit cards, savings accounts and certificates. Interested members also have options to enroll in their life insurance, auto or home insurance plans.


Who Can Join? 

Anyone can join the credit union and apply online for their Free Rewards Checking Account. There are no restrictions on where members live or work.


In reviewing this online banking opportunity, there seems to be very little reason not to take advantage of these truly astounding interest rates. As long as account holders are diligent and avoid incurring overdraft charges and they make sure they spend at least $1,000 with the CCU credit card, individuals have a solid path to earn remarkable returns on the first $10,000 of their savings. Astute savers will definitely want to consider whether Consumers Credit Union can help them achieve their financial goals.