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).
|1.85%||$100k||-||Consumers Credit Union (IL)||16 Month Jumbo CD|
|1.60%||$250||-||Consumers Credit Union (IL)||16 Month CD|
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) in effect for more than four years.
Both Certificates are offered as IRAs (Traditional, Roth, CESA, SEP) earning the same APYs, with the same funding requirements.
|1.85%||$100k||-||Consumers Credit Union (IL)||16 Month Jumbo IRA (Traditional, Roth, SEP)|
|1.60%||$250||-||Consumers Credit Union (IL)||16 Month IRA (Traditional, Roth, SEP)|
As stated in the Truth in Savings Disclosure (last page in CCU Membership Booklet), the Early Withdrawal Penalty reads as follows:
Terms of more than 1 year – 120 days’ dividends
Headquartered in Gurnee, Illinois, Consumers Credit Union offers membership to virtually anyone in the U.S., 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 16-month Jumbo Certificate or 16-month Certificate can be done online, or at any of the ten full-service Illinois branches, located in Gurnee (2), Mundelein, Northbrook, Palatine, Round Lake Beach, Schaumberg, Volo, and Waukegan (2)
Credit Union Overview
Consumers Credit Union (IL) (NCUA Charter # 68588) has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.17% (excellent) based on June 30, 2016 data. In the past year, CCU has increased its total deposits by $220.74 million, an excellent annual growth rate of 35.66%. Please refer to our financial overview of Consumers Credit Union for more details.
Consumer Credit Union is the 7th largest credit union in Illinois, with more than 84,900 members and assets in excess of $926 million. 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. CCU’s website has a 68-page “History Report” that answers any question about the Credit Union you could possibly imagine. For example, 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.
How the CD Compares
When compared to the 150 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, Consumers Credit Union’s 16-Month Jumbo Certificate and Regular Certificate APYs currently ranks first and second respectively, regardless of minimum deposit.
The above rates are accurate as of 10/27/2016.