Dedicated to Deposits: Deals, Data, and Discussion
Consumers Credit Union (IL)3.09%-$10kFree Rewards Checking (Low)
Accounts mentioned in this post. Rates as of August 28, 2014

High-Yield Reward Checking Account at an Illinois CU - Easy Membership (Consumers)


Consumers Credit Union (IL)

Update 9/20/10: The balance cap is scheduled to fall from $25K to $10K effective November 1, 2010. Please refer to the bottom of the post for the rate history.

Consumers Credit Union has started a reward checking account that pays 4.09% APY for balances up to $10K, 1.59% APY for $10K to $25K and 0.76% for over $25K and refunds ATM fees when the following monthly requirements are met: 1) 12 debit card transactions, 2) one direct deposit or ACH debit or one online bill payment, 3) enroll in Home banking, and 4) receive electronic statements. If these requirements are not met, the interest rate falls to 0.05%. There are no monthly fees regardless of meeting the above requirements.

It appears both membership and the reward checking application can be done online here. According to their membership page:

Membership follows a simple, two-step process: Pay a one-time, non-refundable $5 fee to our sponsor, the Consumers Cooperative Association, and then deposit and maintain a minimum $5 in your Membership Share/Savings Account.

Branches are located north of Chicago in the cities of Waukegan, Mundelein, Round Lake Beach and Gurnee.

Update 10/01/08: The credit union has recently switched from ASI-only insurance to federal insurance with NCUA. It's now federally insured by the NCUA (Charter # 68588).

Other Reward Checking Accounts

For other reward checking accounts available nationally and in other parts of the country, please see my reward checking account page and my best checking account post.

Rate History:

  • 11/01/10: 4.09% APY for up to $10K; 1.59% $10K-$25K; 0.76% over $25K
  • 07/01/10: 3.09% APY for up to $25K; 0.76% for above
  • 04/01/10: 3.59% APY for up to $25K; 0.76% for above
  • 11/01/09: 4.09% APY for up to $25K; 1.26% for above
  • 07/08/09: 4.09% APY for up to $25K; 1.51% for above; 0.05% base
  • 05/07/09: 4.09% APY for up to $25K; 1.51% for above
  • 01/01/09: 4.09% APY for up to $25K; 2.01% for above; 0.15% if requirements are not met
  • 02/02/08: 5.09% APY for up to $25K; 2.51% for above; 0.15% if requirements are not met
  • 08/14/07: 6.01% APY for up to $25K; 3.01% for above; 0.25% if requirements are not met

Edit 1/05/09: Updated format of rate history and corrected base rate.

  Tags: Illinois, checking account, Consumers Credit Union (IL), reward checking account

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Comment #1 by Anonymous posted on
Banking Guy,
Do you know if they allow ach transfers? I've looked at their site and only see references to wiring funds and transferring funds "between accounts". No specific language for eft/ach.

Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Don't know. Often if a bank or CU does allow ACH for the initial funding, they'll mention that you'll need your bank's routing and account number. So perhaps they don't have it.

Comment #3 by Anonymous posted on
FYI: I called to check in with the Credit Union, since I'd applied last week and had not heard anything. The very nice CSR told me they have 2 people processing 400+ applications received over the last week, so things are moving slowly but surely.

Comment #4 by Anonymous posted on
The base rate (if requirements not met) is 0.15%.

Comment #5 by Anonymous posted on
Rate table dated 1/1/09 has 4.09% APY up to $25K, and 2.01% APY over $25K; base rate same.

Comment #6 by Anonymous posted on
A nice thing about this account (as is true with many credit unions - although not all) is that they belong to the national network of credit unions, so you may have a local "branch" or several ATMs that accept deposits even if you live thousands of miles away from the credit union.

In this way, it can be more of a "local" account than a reward checking account from a bank that isn't in your area.

The link to the shared branches is here:

The link to the ATMs is here: