Consumers Credit Union Offers Excellent Rate On Smart Saver Account

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Deal Summary: Smart Saver, 1.50% APY; monthly deposits of $50-$1k required; checking relationship w/month direct or mobile (remote) deposit or ACH credits totaling at least $500.

Availability: Easy membership requirement

Illinois-based Consumers Credit Union debuted its Smart Saver account about two years ago. The initial 2.00% APY lasted about eight months before it was lowered to 1.50% APY in May 2020. As you might expect from such a competitive rate, there's an important limitation, a maximum monthly deposit of $1k. On the plus side, there's no limit on the total balance that can be accumulated. Thus, the Smart Saver account has the potential to become a major interest earner over the long run (assuming the rate remains competitive.)

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.50%$50-Consumers Credit Union (IL)Smart Saver w/ Checking
0.25%--Consumers Credit Union (IL)Smart Saver w/o Checking
Rates as of September 15, 2021.

According to the TIS disclosure, the following monthly qualifications must be met to earn the stated APY.

a) deposits totaling at least $50.00 into the account;
b) maximum aggregate deposit per month is $1,000.00, however there is no restriction on the total balance (can accumulate);
c) ACH direct deposits or remotely deposited checks totaling at least $500.00 into any non-IRA checking account with the same primary owner (membership); and
d) must be enrolled in eStatements.

The minimum opening deposit is only $5 and there is a limit of one Smart Saver account per membership. Any funds in excess of the $1k deposit limit will be transferred to a Membership Savings account (0.03% APY). The Smart Saver is definitely a long-term savings account: the fine print on the Smart Saver landing page reads,

Smart Saver rate will drop to .25%APY if a withdrawal occurs
during the month or minimum qualifications per month are not met.

Free Rewards Checking

Consumers Credit Union’s most popular account is the Free Rewards Checking account, which can be used to meet the Smart Saver’s checking relationship requirement.

APYMINMAXINSTITUTIONPRODUCTDETAILS
4.09*%-$10kConsumers Credit Union (IL)Rewards Checking - Tier A
OTHER TIERS: 0.10% $25k+ | 0.20% $10k - $25k
3.09*%-$10kConsumers Credit Union (IL)Rewards Checking - Tier B
OTHER TIERS: 0.10% $25k+ | 0.20% $10k - $25k
2.09*%-$10kConsumers Credit Union (IL)Rewards Checking - Tier C
OTHER TIERS: 0.10% $25k+ | 0.20% $10k - $25k
Rates as of September 15, 2021.

About 15 months ago, the rates for the tiered APYs dropped by 100 bps, with some minor, but advantageous, changes made to the qualifying requirements. For more details on the Free Rewards Checking account, please refer to my May 7, 2020 blog post.

Competitive CD Rates

For large deposits, Consumers Credit Union often has very competitive rates on its Jumbo and Super Jumbo Certificates. Currently, its 20-month Certificates have the most competitive rates. For CD details, please refer to my March 5, 2021 blog post.

Availability

Headquartered in Gurnee, Illinois, Consumers Credit Union's field of membership (FOM) includes virtually all U.S. citizens and resident aliens who have a valid Social Security number, regardless of residency or employment status.

CCU's FOM is one of the easiest "easy membership requirement" FOMs. According to CCU’s Membership Page, establishing a membership is 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 Smart Saver account can be done online, or at any of the ten full-service Illinois branches, located in Gurnee*, Kildeer, Mundelein, Northbrook, North Waukegan*, Palatine, Round Lake Beach, Schaumberg, Streamwood, Volo, and Waukegan. The Des Plaines branch is temporarily closed until further notice.

*The Gurnee and North Waukegan branch lobbies are open by appointment only.

As stated on CCU’s Locations and Hours page,

Most of our branch lobbies are now open, though some require appointments. Select your location to view branch specific hours and options.

CCU also participates in the CU Service Centers® 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. Financial transactions and other services are available at any of the credit unions and self-service locations that are part of this network.

You may have issues conducting shared branching transactions at other credit unions due to lobby and/or full office closures. Please call ahead prior to visiting other credit union shared branching locations to confirm service availability and hours.

Credit Union Overview

Consumers Credit Union (IL) has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.68% (excellent) based on March 31, 2021 data. In the past year, CCU has increased its total non-brokered deposits by $1.24 billion, an excellent annual growth rate of 108.02%. Please refer to our financial overview of Consumers Credit Union (NCUA Charter # 68588) for more details.

Consumer Credit Union is currently the fifth largest credit union headquartered in Illinois, with nearly 180,000 members and assets in excess of $2.7 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 features a “Consumers Credit Union” category, having read this document would be invaluable.

How the Smart Saver Compares

Given the Smart Saver’s deposit limitations and required checking relationship, it’s just about impossible to find a pool of “similar” savings accounts on which to base a comparison. The following table is strictly based on APYs, with no special conditions taken into account.

When compared to the nationally available Savings Accounts tracked by DepositAccounts.com, Consumers Credit Union’s Smart Saver APY currently ranks first.

Interest RateAccount NameCredit Union/Bank
1.50% APYSmart SaverConsumers Credit Union
0.65% APYOneConnection SavingsConnectOne Bank
0.61% APYHigh-Yield SavingsIvy Bank

The above information and rates are accurate as of 8/20/2021.

To search for the best Savings Account, both nationwide and state specific, please refer to DepositAccounts.com’s Savings Account Rates page.

Related Pages: Chicago savings accounts, savings accounts, reward checking accounts, nationwide deals

Comments
outtempster
  |     |   Comment #1
"Smart Saver rate will drop to .25%APY if a withdrawal occurs during the month or minimum qualifications per month are not met." Does this mean you can never withdraw from the saving? once you withdraw any amount, the smart saver account rate will drop to 0.25%?
RichReg
  |     |   Comment #2
Gee I guess the term "Super" Saver was taken...but yeah, you guessed right.
But who would want to withdraw if you can only deposit $1K per month?

I'd rather have $30K or sh*t, even $20K sitting around at 0.80% at my own discretion before I wait a full year to accumulate $12K plus interest at 1.25%. What's the point?
pinkterror
  |     |   Comment #4
I think this is more like one of those add on cds that discourage you from withdrawing (or make you time your withdrawal very carefully because if you withdrawal, then the interest is drops for that month. (So maybe withdraw what you need or max balance at the beginning of the month so that the hit is not too painful?)
Kaight
  |     |   Comment #3
I am a CCU member. There is something ever so slightly strange, but NOT bad, about this credit union. It is located in that sort of "no man's land", a bit north of Chicago, but not quite into Wisconsin, and not far from the lake.

After my older CD there matured I, of course, maintained my membership. Using Ken's website I discovered CCU's very attractive three month CD which has a higher APY than my many other three month CDs (not that it matters, but still nice). Icing on the cake, or so I thought at first, was ability to open one of those sweet CCU three month CDs with a credit card. So I dove in.

Quickly discovered CCU limits the size of such CDs to $250! Huh? Is that a typo?! It might be. I didn't call. But like I said, this is a quirky (but, again, not bad) credit union, so anything is possible. If you do business with them remain on your toes and you will be fine.
Consumers Credit Union (IL) Ups 20-Month CD Rates
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Availability: Easy membership requirement

In the past six months, the 20-month CDs (Regular, Jumbo, and Super Jumbo) offered by Illinois-based Consumers Credit Union (CCU) have experience three rate changes. In early September, CCU raised the rates on all three 20-month CDs by a uniform 25 bps. Those APYs (the highest since late 2010) lasted until the beginning of December, when they dropped by...

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Availability: Easy membership requirement

It’s been almost two years since I had occasion to write about CDs offered by Illinois-based Consumers Credit Union (CCU). Last week, CCU raised the rates on all three 20-month CDs by a uniform 25 bps. The new rates may seem low, but in today’s environment, they’re very competitive. Any rate hike these days is a ray of hope for...

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Availability: Easy Membership Requirements

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Consumers Credit Union Ups 45-Month CD Special
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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...

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Consumers Credit Union 16-Month Jumbo CD Rate Increases

UPDATE 12/8/2016: This promotion will end on Saturday, December 10, 2016.

Availability: Easy Membership Requirement

Most DA readers associate Consumers Credit Union (IL) (CCU) with its very competitive and popular Free Rewards Checking account. CCU now has two additional competitive products to talk about: 16-month Jumbo Certificate (1.85% APY, $100k minimum deposit) and 16-month Certificate (1.60% APY, $250 minimum deposit).

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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