Boeing Employees Credit Union Review: A Variety of Low-Cost Products

GOBankingRates Score

BECU
4.8
SCORE
GOBankingRates Best Banks 2023 scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks.
Quick Take: BECU offers an impressive range of products and services, with no maintenance fees or minimums on its basic deposit accounts. 
  • Fees
    5.0
  • APYs
    4.0
  • Account Minimums
    5.0
  • Breadth of Products
    5.0
How did we calculate this?

Pros

  • Broad range of consumer accounts
  • No maintenance fees or minimums on deposit accounts
  • Large ATM network and shared branching gives customers access to their accounts around the country

Cons

  • APY is lower than similar financial institutions
  • Limited membership eligibility

Boeing Employees Credit Union Overview

Boeing Employees Credit Union opened in 1935 as a way to help Boeing employees raise money to buy work tools. Since then, the credit union has extended its membership to select populations in Washington, Oregon and Idaho and currently is the fourth largest credit union in the country, with more than 1 million members.

Key Features

Here is a look at some of the stand-out features BECU has to offer its account holders.

Fees

You don’t have to pay monthly maintenance fees on any of BECU’s deposit accounts, which is a huge advantage if you want to get the most out of your money. The credit union eliminated NSF fees and reduced overdraft fees as of Oct. 17, 2022, making their fees lower than what you might have to pay at many traditional banks. For example, BECU charges $25 for a stop payment fee, as well as for domestic outbound wire transfers. The fee for a cashier’s check is $5 per check.

APYs

Annual percentage yields at BECU are far from the best in the industry, but they’re not the worst either. The highlights are a APY on the first $500 deposited into the Member Advantage Savings and Member Advantage Checking accounts and an APY of on the first $500 deposited into a Youth Savings account. APYs on Money Market and CD accounts are fairly in line with what most financial institutions offer. The APY for a 6-month CD at BECU is , considerably higher than the national average of 0.89%.

Account Minimums

Deposit accounts at BECU are completely free, and there is no minimum balance requirement. The credit union’s CDs have low minimums compared with many other financial institutions. You can open a CD with as little as $500.

Breadth of Products

One of BECU’s main strengths is the range of products it offers, including savings, checking and money market accounts and certificates of deposit. Other products include individual retirement accounts, investments, loans, insurance and business accounts.

How Boeing Employees Credit Union Stands Out

Boeing Employees Credit Union has an A+ rating from the Better Business Bureau. It has been in operation for nearly 100 years and has a reputation for adapting to the needs of its members. In 2004, the credit union began shifting away from the Boeing name and expanded membership to include all Washington state residents in an effort to boost membership.

Comparable Credit Union Options

See how Boeing Employees Credit Union compares to similar credit unions.

Alliant Credit Union

Like BECU, Alliant Credit Union has a basic checking and savings account with features like no monthly service fees or minimum balance requirements. Alliant pays an APY of for the High-Rate Savings account and for the High-Rate Checking account. However, if you prefer having the option to visit a physical branch, BECU wins. It has more than 50 branches located in Washington and South Carolina. Alliant Credit Union is a completely digital credit union with no brick and mortar locations.

Randolph Brooks Credit Union

Randolph Brooks Credit Union offers a product lineup similar to BECU. Accounts have no monthly service fees. The savings account pays an APY of , which is slightly higher than what you get at BECU, and a one-year certificate pays an APY of . RBFCU offers more pathways to membership, but its service area is limited to Texas. BECU’s mobile experience has a higher rating, with an average scores of 4.5 on Google Play and 4.8 on the App Store.

How To Apply

Before you apply for membership at Boeing Employees Credit Union, check the eligibility requirements. If you live in the state of Washington or select counties in Oregon and Idaho, you can join the credit union. Individuals who work for BECU, Boeing or a credit union as well as those associated with select organizations also qualify for membership.

You can apply online or in person. You’ll need your Social Security number or Individual Taxpayer Identification Number, a valid ID and contact information. The credit union may also ask you to provide proof of residency. To apply in a branch, schedule an appointment or you can complete the online form to apply online.

Who the Boeing Employees Credit Union Is Best For

BECU is best for individuals who live in the state of Washington and do not keep large balances in their accounts. The highest APY applies only to the first $500 in the account. It’s also a solid choice for someone who wants access to a physical branch and lives near one.

Final Take

At BECU, you won’t earn some of the high APYs available at online banks and credit unions, but you also can avoid many of the fees that other financial institutions charge. A decent number of physical branches and shared branching services mean you can access your money fairly easily no matter where you are in the country.

FAQ

Now that you know more about BECU's products and services, here are the answers to some other questions you may have.
  • Is Boeing Employees Credit Union part of Boeing?
    • Boeing Employees Credit Union is owned by its members and is not part of Boeing. The Board of Directors oversees the credit union's operations.
  • Do you have to be a Boeing employee to join BECU?
    • Membership is available to anyone who lives, works, worships or goes to school in Washington state and residents of select counties in Oregon and Idaho. You can also qualify if you are a member of partner associations such as the University of Washington or an employee of BECU, Boeing or other credit unions.
  • Is BECU a real bank?
    • BECU is not a bank. It is a credit union, a not-for-profit cooperative owned by the members, and it offers many of the same products and services you find at for-profit banks. This includes deposit accounts, certificates of deposit, mortgages, auto loans and credit cards.
  • Is BECU a bank or credit union?
    • BECU is a credit union that has been around for more than 80 years. It is a member of the National Credit Union Administration.

John Csiszar and Vance Cariaga contributed to the reporting for this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of March 13, 2023.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.

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