Consumers Credit Union Ups 45-Month CD Special (3.35% APY)

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Deal Summary: Jumbo CD Specials – 45-month (3.35% APY), 15-month (2.85% APY), $100k minimum. CD Specials – 45-month (3.25% APY), 15-month (2.75% APY), $250 minimum.

Availability: Easy Membership Requirement

It’s been almost two years since Illinois-based Consumers Credit Union (CCU) had a competitive CD. That changed this week with new rates on CCU’s Jumbo CD Specials ($100k minimum): 45-month (3.35% APY) and 15-month (2.85% APY). The non-Jumbo version of these CD Specials can be opened with a $250 minimum deposit and earn APYs 10 bps lower.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.35%$100k-Consumers Credit Union (IL)45 Month Jumbo CD Special
3.25%$250-Consumers Credit Union (IL)45 Month CD Special
2.85%$100k-Consumers Credit Union (IL)15 Month Jumbo CD Special
2.75%$250-Consumers Credit Union (IL)15 Month CD Special
Rates as of November 13, 2018.

Both CD Specials are offered as IRAs (Traditional, Roth, CESA, SEP) earning the same APYs, with the same funding requirements.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.35%$100k-Consumers Credit Union (IL)45 Month Jumbo IRA Special (Traditional, Roth, CESA, SEP)
3.25%$250-Consumers Credit Union (IL)45 Month IRA Special (Traditional, Roth, CESA, SEP)
2.85%$100k-Consumers Credit Union (IL)15 Month Jumbo IRA Special (Traditional, Roth, CESA, SEP)
2.75%$250-Consumers Credit Union (IL)15 Month IRA Special (Traditional, Roth, CESA, SEP)
Rates as of November 13, 2018.

As stated in the Truth in Savings Disclosure, the Early Withdrawal Penalty reads as follows:

Terms of more than 1 year – 120 days’ dividends

Free Rewards Checking

Consumers Credit Union’s claim to fame in the past was its competitive and popular Free Rewards Checking account. In late August, CCU announced changes that took effect on October 1 – higher APYs, lower balance caps, and different qualifying requirements.

APYMINMAXINSTITUTIONPRODUCTDETAILS
5.09*%-$10kConsumers Credit Union (IL)Free Rewards Checking (High)
OTHER TIERS: 0.10% $25k+ | 0.20% $10k - $25k
4.09*%-$10kConsumers Credit Union (IL)Free Rewards Checking (Medium)
OTHER TIERS: 0.10% $25k+ | 0.20% $10k - $25k
3.09*%-$10kConsumers Credit Union (IL)Free Rewards Checking (Low)
OTHER TIERS: 0.10% $25k+ | 0.20% $10k - $25k
Rates as of November 13, 2018.

While 50 bps were added to both the Tier A (High) and B (Medium) rates, the balance caps dropped from $20k to $10k, resulting in substantially lower maximum earnings.

  • Tier A annual earnings – old $918, new $509
  • Tier B annual earnings – old $718, new $409

As DA reader, tightwad, stated in a Forum post,

Good while it lasted but this is a deal breaker for me.

Availability

Headquartered in Gurnee, Illinois, Consumers Credit Union offers membership to virtually any U.S. citizen or resident alien, regardless of residency or employment status.

CCU’s Membership Page states, “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.”

Joining CCU and/or opening a CD Special can be done online, or at any of the eleven full-service Illinois branches, located in Des Plaines, Gurnee, Mundelein, Northbrook, Palatine (2), Round Lake Beach, Schaumberg, Volo, and Waukegan (2).

CCU also participates in the CU Service Centers® Network network.

We are part of an international group of credit unions called the CU Service Centers® Network, which provides you with additional service centers where you can take care of your banking needs.

Credit Union Overview

Consumers Credit Union (IL) has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 4.88% (excellent) based on June 30, 2018 data. In the past year, CCU has increased its total non-brokered deposits by $107.61 million, an excellent annual growth rate of 11.01%. Please refer to our financial overview of Consumers Credit Union (NCUA Charter # 68588) for more details.

Consumer Credit Union is currently the sixth largest credit union in Illinois, with more than 114,800 members and assets in excess of $1.2 billion. Chartered in May 1930 as Consumers Cooperative Credit Union, the Credit Union had 32 shareholders, $367 in assets, and three outstanding loans ($225 total) at the end of 1930. The “Cooperative” in the original name was a nod to the Cooperative Trading Company of Waukegan, a local dairy cooperative.

Did you know Consumers Cooperative Credit Union was one of the first credit unions to apply for federal share insurance in February 1971?

On October 19, 1970, President Nixon signed Senate Bill S.3822 into law, thus creating a National Credit Union Share Insurance Fund which would cover members savings up to $20k per account.

The 68-page “History Report” on the Credit Union’s website contains more information about CCU than you can imagine. If Jeopardy ever has a “Consumers Credit Union” category, you'll want to have read this document.

How the CD Specials Compare

When compared to 167 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, Consumers Credit Union’s 45-month Jumbo CD Special and Regular CD APYs currently rank first and third, regardless of minimum deposit.

When compared to 161 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, Consumers Credit Union’s 15-month Jumbo CD Special APY currently ranks third, regardless of minimum deposit.

The above rates are accurate as of 10/11/2018.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Chicago checking accounts, reward checking accounts, 1-year CD rates, 5-year CD rates, nationwide deals

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The APY on both Certificates was increased by 145 basis points this week, with the previous rates (Jumbo 0.40% APY and Certificate 0.15% APY)...

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