Consumers Credit Union Review: Rewards Checking Account

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Overall credit union rating

Consumers CU has one of the best high-yield checking accounts right now, with a low minimum opening deposit and zero monthly fees.  

Pros and cons

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. 

The Consumers Credit Union Free Rewards Checking Account has a tiered interest rate that rewards you 0.01% 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 offers regular CDs and jumbo CDs. It has several terms lengths, and the most competitive rates are on 11-month and 22-month CDs.

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 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 5% APY 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 Account 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