Consumers Credit Union of Illinois is a credit union anyone across the U.S. can join. The 5% APY Rewards Checking Rewards and low-rate auto loan make Consumers Credit Union of Illinois an attractive banking option.
About Consumers Credit Union
Consumers Credit Union (CCU) is based in Illinois with over 100,000 members and $1.2 billion in assets. Established in 1930, Consumers Credit Union is a comprehensive financial institution that provides a wide range of services, including checking and savings accounts, credit cards, loans, mortgages, online banking, and business services.
Who Can Join Consumers Credit Union
Membership is open to everyone and costs a one-time fee of $5, which goes to the Consumers Cooperative Association. Once your account is open, Consumers Credit Union will fund that amount as well as place $5 in your Share (savings) account.
Consumers Credit Union Main Products
Consumers Credit Union is primarily known for its checking account, which offers a high yield of up to 5.00% APY. However, to obtain the best rates, customers must meet certain transaction requirements, and the rates for savings accounts are comparatively lower. You’ll find much higher savings rates with online banks.
Members seeking a new or used car will be very pleased with CCU’s competitive auto loan rates starting at 5.54% APR.
Free Rewards Checking
Customers can earn up to 5.00% APY with Consumers Credit Union’s Free Rewards Checking Account if specific requirements are met:
- Earn 3.00% APY on up to $10,000 by making at least 12 monthly debit card purchases, having electronic transactions (direct deposit, ACH transfer or mobile check deposit) of at least $500 per month and receiving e-statements.
- Earn 4.00% APY on up to $10,000 by making $500 in Consumers Credit Union credit card purchases monthly plus all the previous requirements.
- Earn 5.00% APY on up to $10,000 by making an additional $500 in credit card purchases monthly (for a total of $1,000), plus all the previous requirements.
It’s important to note the above savings rates are restricted to account balances of $10,000 or less. Here are the savings rates for $10,000.01 or more:
- Balances from $10,000.01 – $25,000.00 earn 0.20% APY
- Balances $25,000.01 and greater earn 0.10% APY
Savings Accounts
CCU offers three savings accounts that require at least $5 to open:
Membership Share. Members earn 0.05% APY.
Special Share Members earn 0.05% APY.
Holiday Savings Club. Members earn 0.25% APY.
Smart Saver. If you’re looking for a higher APY, the Smart Saver offers an APY of 2.00% if you meet certain criteria.
- Have a CCU Checking account
- Deposit a minimum of $50, up to a maximum of $1,000 to Smart Saver each month
- Direct or mobile (remote) deposit or ACH credits totaling $500 or more to your CCU Checking monthly
- eDocuments enrollment
Consumers Credit Union Auto Loan
The Consumer Credit Union provides car loans for purchasing new and used cars, as well as refinancing. Compared to other auto lenders, CCU is highly flexible and imposes no restrictions on vehicle age or mileage. Plus, CCU provides a 0.25 percentage point discount on rates if automatic loan payments are set up.
CCU’s website allows member to obtain an interest estimate without affecting your credit score. However, if the member decides to proceed with an auto loan, CCU will initiate a hard credit pull, which may slightly reduce the member’ss credit score.
It’s important to note that CCU’s auto loans are best for borrowers with fair to excellent credit who want flexible qualifying criteria and a rate reduction with automatic payment.
APPLY NOWAre Credit Unions FDIC-insured?
No.Credit Unions are federally insurance by the National Credit Union Association. Deposits are insured to at least $250,000 by the National Credit Union Association (NCUA), a US government agency. This is the same level of federal insurance offered by banks and is backed by the full faith of the US government.
Consumers Credit Union of Illinois provides a range of financial products and services to meet the needs of its members, with a focus on competitive rates, low fees, and exceptional customer service.
