A few months ago, Consolidated Community Credit Union (CCCU) added a new Rewards Checking Account (RCA): Peak Checking, which currently earns 2.02% APY on qualifying balances up to $10k, with qualifying balances over 10k earning 0.05% APY. Unlike the majority of RCAs, the Peak Checking non-qualifying balances earn tiered APYs: 0.10% APY up to $10k and 0.05% APY over $10k.
Peak Checking Qualification Requirements
- Enroll in eStatements.
- Must have monthly Direct Deposit (payroll, Social Security, or pension).
- At least 12 Debit Card transactions per month.
- Log-in at least once a month to CCCU online banking system.
The Peak Checking has no minimum balance requirement or monthly service fee, but does require a $25 minimum opening deposit. Members are allowed six free non-CCCU ATM withdrawals per month, with a $2 charge per withdrawal beyond free withdrawals.
Headquartered in Portland, Consolidated Community Credit Union field of membership (FOM) is residency based, with individuals who live, work, own a business, attend school, or worship in the Oregon counties of Clackamas, Multnomah, or Washington, eligible for membership. Relatives of current members are also eligible to join.
The first page of the online application also lists this option:
“I work for a company which is headquartered in an eligible county.” There is a drop-down menu naming six companies and “Another Company.”
Joining CCCU and/or opening a Peak Checking account can be done online, or at the three Oregon branches, all located in Portland. CCCU’s newest location (in the Slabtown area) is the third new/remodeled branch opened in the last two years.
CCCU is also a member of the CO-OP network, giving member access to more than 5,000 shared branches.
Credit Union Overview
Consolidated Community Credit Union (NCUA Charter # 9292) has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.54% (excellent) based on March 31, 2016 data. In the past year, CCCU has increased its total deposits by $15 million, an excellent annual growth rate of 9.38%. Please refer to our financial overview of Consolidated Community Credit Union for more details.
Chartered in 1954, Consolidated Community Credit Union’s original FOM was the employees of Consolidated Freightways and Daimler Trucks North America. Like many industry-related credit unions, CCCU expanded the FOM to include the local community. CCCU is hosting a free block party tomorrow (August 26, 11 am to 2 pm) at the Sandy Blvd branch, with “Free Food, Fun, Prizes & More!”
How Peak Checking Compares
When compared to the 51 High Yield Reward Checking Accounts (RCA) tracked by DepositAccounts.com, which are available to residents within the field of membership and have maximum qualifying balances of at least $10k, Consolidated Community Credit Union’s Peak Checking APY currently ranks in the top twelve. The following is a sampling of those twelve accounts.
|Interest Rate||Account Name||Credit Union/Bank|
|4.59% APY||Free Rewards Checking (up to $20k)||Consumers Credit Union (IL)|
|3.00% APY||Max Checking (up to $15k)||Lake Michigan Credit Union|
|2.02% APY||Peak Checking (up to $10k)||Consolidated Community Credit Union|
The above rates are accurate as of 8/25/2016.