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[Please note: This page is part of the Chicago CD Rates archive. Most of these deals on this page are not current and no longer available. Please check the date of the post before getting too excited and driving to a bank an hour away. If you have any doubts whether the deal is available, contact the bank or credit union. For a list of more current rates, visit our homepage.]
6.01% Checking at Consumers CU — But With a Catch
Consumers Credit Union is offering a “Rewards Checking Account” that has an amazing rate for anything (CD, savings account, money market) in today’s financial market: 6.01% APY. And it goes even further — the Consumer CU’s Rewards Checking Account also refunds all ATM fees, even fees from other banks. “There’s gotta be a catch,” you’re no doubt thinking. And yes, there is, kind of. To get this 6.01% APY and ATM refunds, you have to do all of the following:
- Make at least 12 free VISA debit card transactions per month (excluding ATMs)
- Make one direct deposit, one ACH debit, pay one bill using Consumer CU’s Online Bill Payment each month
- Enroll in online banking
- Receive monthly electronic statements instead of paper statements
There’s also a maximum of $25,000 on the account before you start earning 3.01% rather than 6.01%. Still, if you’re someone who already uses their debit card regularly and carries a pretty large balance in your checking account, this might be a great deal for you.
Consumers Credit Union has five locations in the northern Chicago suburbs: Two in Waukegan, and one each in Mundelein, Round Lake Beach, and Gurnee. Consumers CU is privately insured by American Share Insurance rather than publically insured. Unlike most credit unions, Consumers Credit Union has no barrier to membership — anyone can join.
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