Consumers Credit Union Review

Consumers offers a variety of competitive services and rates.

Consumers Credit Union is a full-service financial institution headquartered in Waukegan, Ill. The credit union provides banking services at locations in the Chicagoland area, as well as shared branches around the U.S.

Like any modern bank or credit union, the company offers mobile and online services to help customers manage their checking and savings accounts, loans and other financial products. Consumers Credit Union is open to the public.

See what banking products and services Consumers Credit Union offers and learn about the best credit unions anyone can join.

ProductFeesRatesMinimum Opening Balance
Savings accountsNone0.05%$5.00
1. Qualifying Free Rewards Checking accounts w/ balances up to $10,000None3.09% APYNone
2. Qualifying Free Rewards Checking accounts w/ balances of $10,000.01 to $15,000None3.59% APYNone
3. Qualifying Free Rewards Checking accounts w/ balances of $15,000.01 to $20,000None4.59% APYNone
Christmas Club savings accountsNone0.25%None

Review of Consumers Credit Union Services

The credit union offers a variety of personal banking options, as well as loans and services for small business owners.

Mortgages

Besides offering first and second home mortgages at fixed and adjustable rates, Consumers Credit Union provides financing for investment and rental properties. Mortgage loans are available with as little as a 3 percent down payment. The credit union offers both conventional and government loans, as well as refinancing and home equity loans. With CCU’s HomeAdvantage Home Search Tool, borrowers can also search for homes, find agents, research neighborhoods, get questions answered, sign up for listing alerts, and even earn cash rewards for buying or selling. Applicants can start the process online.

Learn More: The 14 Documents You Must Have to Get a Mortgage

Personal and Auto Loans

Those looking to purchase a new or used vehicle can apply online in minutes. In fact, CCU offers an incentive of 0.25 percent off the qualified rate just for applying online. Currently, loans are available with rates as low as 1.74 percent and include access to optional Mechanical Repair Coverage plans. Unsecured loans of up to $40,000 are available for debt consolidation or any other purpose. There’s no pre-payment penalty, and consumers can apply or check their application statuses online.

Free Rewards Checking

CCU eliminates the need to choose from an array of checking account options. Instead, members simply open an account and enjoy perks at varying levels depending on account balance and spending habits. All Free Rewards Checking members receive reimbursement for other banks’ ATM fees and a 3.09% APY, regardless of balance, provided they meet these requirements:

  • Make at least 12 debit/check card point-of-sale purchases per month
  • Sign up for eDocuments to receive paperless statements and documents
  • Access the Consumers Credit Union Online Banking feature at least one time in a calendar month
  • Make one Direct Deposit or ACH debit, or use CCU’s free online bill payment system. Transactions must post to and clear the account by the last calendar day of the month to qualify.

Members who don’t meet these guidelines will not be reimbursed for other banks’ ATM fees or receive these interest rates. Those with higher balances who meet additional guidelines receive even higher APYs.

Related: See the Best Checking Account Interest Rates in Every State

Business Accounts and Loans

Debit and credit cards, merchant card services and online transfers are all available to businesses through Consumers Credit Union. In addition to providing essential business services, CCU offers checking, savings and money market accounts at a variety of levels — all of which are available online. Business loans provide funding for startups and established companies alike for everything from equipment financing and commercial mortgages to lines of credit. Online applications are not available, but applicants can find mortgage info and learn about the required paperwork at the MyConsumers site.

Consumers Credit Union: Advantages and Disadvantages

Pros: Consumers Credit Union incentivizes members to maintain higher deposit account balances while still offering plenty of benefits to those with more modest balances. CCU also offers additional benefits for using certain Consumers Credit Union online banking services.

Cons: Many members of this regional banking institution lack a nearby CCU ATM or credit union service center. However, CCU offers local services at shared branches in a wide range of locations. It also offers mobile deposits, text banking and other location-independent features and reimburses members for other banks’ ATM fees.

Is Consumers Credit Union a Good Choice?

Unlike traditional for-profit banking institutions, this credit union offers members an excellent return in the form of higher deposit rates and fewer fees. This digital credit union with brick-and-mortar locations also offers convenient online services via its mobile app and the MyConsumers website. And while CCU offers impressive benefits and straightforward guidelines for its no-fee checking account products, its portability might be one of its strongest assets. Gaining access to a wide variety of products and services is as simple as entering a Consumers Credit Union login.

Up Next: How a Credit Union Membership Could Save You More Money