Consumers Credit Union Reviews – Checking, Savings And Credits

Consumers Credit Union Reviews


Headquartered in Lake County, Illinois, Consumers Credit Union was established nearly a century ago and has been providing financial services customers ever since. Unlike other credit unions, what sets Consumers Credit Union apart is the liberty that anyone can become a part of it regardless of where you live, work, or maintain third-party associations.

Even though the branch locations are limited to the Lower Peninsula in Michigan, members can avail banking through over 1,800 Credit Union Service Center affiliate branches, and over 30,000 fee-free ATMs across America.

Consumers Credit Union assure you stress-free access to your bank account, without any hassles. It also makes managing your assets secure, and convenient! Consumers Credit Union is paramount if you are in need of a FREE rewards checking account, which wages high rates when you satisfy certain requirements.

Consumers Credit Union Reviews

Who Is Consumers Credit Unions Ideal For?

Primarily, Consumers Credit Union may be compelling to someone who is relaxed with online banking and doesn’t entail on going to a branch. Other than this, it is also an ideal choice for people who;

  • Want to wage a competitive APY on checking, savings and CD accounts,
  • Are concerned in becoming a member of a Credit Union without complex requirements,
  • Want to avoid high rates for checking and savings accounts,
  • Are in anticipations of procuring a decent bargain on the mortgage and car debt,
  • Are entrepreneurs, and want to manage the professional and personal finance needs from one place.


All Consumers Credit Union members are required to open a share savings account to begin the membership. You only need $5 to open an account, and there is NO monthly fee and NO on-going minimum balance requirements.

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However, the savings account doesn’t wage much – only 0.05%, which is less than the national average, and far below what online banks provide.


Consumers Credit Union provides one of the top-notch interest checking account obtainable. I’ve mentioned the requirements for each tier below;

  • Gross 3.09% APY on up to $10,000 by making at least 12 monthly debit card procurements tallying to $100 or more, and making e-commerce acquisitions, direct deposit or ACH transfer, of at least $500 a month and receiving e-statements.
  • Gross 4.09% APY on up to $10,000 by making $500 in Consumers Credit Union credit card procurements monthly in addition to all the prior requirements.
  • Gross 5.09% APY on up to $10,000 by making an extra $500 in credit card procurements monthly in addition to all the prior requirements.

For accounts with more than $10,000, you can avail 0.10% or 0.20% APY, as per the amount. However, if you are unable to satisfy the primary requirements in any month, you only avail a 0.01% APY across all balances.

There are over 30,000 fee-free ATMs accessible nationwide, and the Credit Union refunds ANY fee charged for non-network ATM usage if you are able to satisfy the monthly requirements. In addition to receiving interest, it is a FREE checking account.

1-YEAR APY0.85%
5-YEAR APY1.15%

You require only $250 to open a share certificate, the Credit Union variant of a CD. Term duration can go up to FIVE years. The rates of the Credit Union are firm, however, not the accessible peak!

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Overdraft Fees

An overdraft costs $30 per transaction, which is somewhat less compared to the $35 fee loftier banks often charge. Albeit, Consumers Credit Union does NOT put a limit to how many overdraft fees can be charged, which means that if you have FOUR negative transactions in a single day, you are burdened with a $120 penalty. You are permitted to merge a Consumers savings account to your checking account to evade an overdraft fee, however, it costs $10 per transfer.


Consumers Credit Union’s prominence is its checking account, as per a rate that can upsurge to 5.09% APY. However, the catch is that you have to satisfy the requirements.

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