59-month, 5.00% CD at Consumers Credit Union
Consumers Credit Union has a pretty competitive long-term CD offering: Their 59-month (one month shy of 5 years) CD is yielding 5.00% APY. Consumers CU also has a 22-month CD yielding 4.25% APY and a 16-month CD yielding 4.00% APY. All three CDs have a minimum deposit of $100,000, although the CDs are also available with a $250 minimum deposit for 0.25% APY less.
Some other good news: Previously, Consumers Credit Union was privately insured by American Share Insurance rather than publicly insured, but they are now publicly insured by the NCUA (the credit union equivalent to the FDIC).
Consumers Credit Union has five locations in the northern Chicago suburbs: Two in Waukegan, and one each in Mundelein, Round Lake Beach, and Gurnee. They also have a new branch in Volo opening in 2009. Unlike most credit unions, Consumers Credit Union has no barrier to membership — anyone can join by paying a one-time, non-refundable $5.00 fee to the Consumers Cooperative Association.
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.
Up to 5.80% 20-Month CD at Consumers Credit Union
Consumers Credit Union is currently offering a 20-month CD at the very high rate of 5.55% APY with a $250 minimum. But even better for people looking to invest large amounts of money, they’re also offering a 20-month CD with a $100,000 minimum at 5.80% APY. Consumers CU is also offering a 11-month CD at 5.35% APY, which is raised to a 5.60% APY with a $100,000 minimum. All those rates, including the $250 minimum ones, are equal to or better than the highest rates offered by banks in the Chicago area.
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.
