Dedicated to Deposits: Deals, Data, and Discussion

5.55% 20-Month CD at an Illinois CU - Open To All (Consumers)


Consumers Credit Union (IL)

Consumers Credit Union is offering a 5.55% APY 20-month certificate. There's also a 5.35% APY 11-month certificate. See rate table. The minimum deposit is $250, and these are also available in an IRA. Jumbo certificates with a minimum of $100K are available with a yield 0.25% higher than the regular CDs. The highest rate is the 20-month Jumbo CD with a yield of 5.80% APY. These rates are slightly better than the rates I reported for this credit union last December.

You can become eligible for membership by joining the Consumers Cooperative Association which requires a one-time, non-refundable $5.00 fee. Membership also requires a minimum deposit of $5 into the share savings account. The membership application and the CD applications can be done online. However, according to the FAQ new IRA accounts require a branch visit.

The credit union has 5 branches located in the North Chicago area.

One important note about this credit union is that it's not federally insured by the NCUA. Like Patelco it is insured privately by American Share Insurance. You can verify their ASI insurance and their financials at this link. One good thing about ASI is that it insures deposits up to $250K per account.

  Tags: Illinois, CD rates, Consumers Credit Union (IL)

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