Consumers Credit Union Adds Three Competitive 16-Month CDs

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Deal Summary: 16-month CDs – Super-Jumbo CD, 1.30% APY, $250k minimum; Jumbo CD, 1.20% APY, $100k minimum; CD, 1.10% APY, $250 minimum.

Availability: Easy membership requirement

The long-running, competitive 20-month Super-Jumbo CD, Jumbo CD, and CD offered by Illinois-based Consumers Credit Union (CCU) are no longer available. CCU began the month by adding 16-month Super-Jumbo CD, Jumbo CD, and CD, which have rates 30 bps higher than the now defunct 20-month CDs.

All three 16-month CDs are offered as IRA CDs (Traditional, Roth, CESA, SEP) earning the same APYs with the same deposit requirements.

As stated in the Truth in Savings Disclosure (TIS) the Early Withdrawal Penalty reads as follows:

Terms of more than 1 year – 120 days’ dividends

The TIS further states,

However, any certificate funded using ACH origination, will be restricted
from any withdrawal for 90 days from the date of the ACH settlement deposit.

Funding and Maturing Funds

Funding a CD can be done by ACH, wire transfer ($10 fee), or an internal transfer from an existing CCU savings/checking account. CCU participates in the CO-OP Shared Branch network facilitating the transfer of funds into a CCU liquid account.

There is a 10-day grace period before a CD automatically renews. Special term lengths (like 16-month) will renew as the “next closest regularly available term at maturity.” Maturing funds can be distributed by check to the address on file, by wire transfer ($25 fee), or transferred to a CCU savings or checking account.

Unlimited beneficiaries can be named, with assigned percentages available. Social Security numbers are required for all beneficiaries.

Free Rewards Checking

Consumers Credit Union is well-known for its popular Free Rewards Checking account.

In May 2020, 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.

Smart Saver

If you already have a Free Rewards Checking account or are thinking of opening one, don’t overlook CCU’s Smart Saver, which currently earns 1.50% APY. There is a limit of one Smart Saver account per membership and a CCU checking account is required.

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.

Availability

Headquartered in Gurnee, Illinois, Consumers Credit Union's field of membership (FOM) includes virtually all U.S. citizens and resident aliens who possess 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 CD can be done online, or at any of the 14 full-service Illinois branches, located in Carol Stream, Gurnee, Kildeer, Mundelein, Northbrook, Palatine, Round Lake Beach, Schaumberg (3), Streamwood, Volo, and Waukegan (2). The Chicago, Deer Park, and Des Plaines branches are temporarily closed until further notice. 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.

The Gurnee and Waukegan branch lobbies are open by appointment only and appointments are “strongly encouraged” for all other branch locations. Appointments can be scheduled online by clicking on individual branch locations.

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. Financial transactions and other services are available at any of the credit unions and self-service locations that are part of this network.

Credit Union Overview

Consumers Credit Union (IL) has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.07% (excellent) based on June 30, 2021 data. In the past year, CCU has increased its total non-brokered deposits by $405.92 million, an excellent annual growth rate of 19.86%. 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 more than 184,000 members and assets in excess of $2.8 billion. Chartered in May 1930 as Consumers Cooperative Credit Union, the fledging credit union had 32 shareholders, $367 in assets, and three outstanding loans (totaling $225) 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.

The 2020 merger between CCU and Andigo Credit Union has been finalized, with integration completed a few months ago. According to the Credit Union Merger Update page,

It is important to note, for members who maintain deposit accounts with both Andigo Credit Union and Consumers Credit Union, the federal deposit insurance coverage is consolidated under Consumers Credit Union for all combined deposit accounts. In the instance you have or decide to open new accounts at either location, the maximum level of federal insurance applies to the combined totals of your deposit accounts regardless if they are held at Andigo Credit Union or Consumers Credit Union.

At Andigo Credit Union, Excess Share Insurance Corporation (ESI) provides an additional $250,000 of deposit insurance coverage, for a total of $500,000. Please note that although ESI will not be offered for new accounts opened after May 31, 2020, coverage will continue to be provided to Andigo members with qualifying deposit accounts that are on record as of May 31, 2020. This includes any certificates of deposit that renew to corresponding terms after May 31, 2020.

How the Super-Jumbo CD Compares

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, Consumers Credit Union’s 16-month Super Jumbo, Jumbo, and Regular CD APYs currently rank first, second, and third, respectively and regardless of minimum deposit.

The above information and rates are accurate as of 12/6/2021.

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

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

Comments
Consumers Credit Union Offers Excellent Rate On Smart Saver Account
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...

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Consumers Credit Union (IL) Ups 20-Month CD Rates
Deal Summary: 20-month CDs – Super-Jumbo CD, 1.00% APY, $250k minimum; Jumbo CD, 0.90% APY, $100k minimum; CD, 0.80% APY, $250 minimum.

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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Consumers Credit Union (IL) Ups 20-Month CD Rates
Deal Summary: 20-month CDs – Super-Jumbo CD, 1.20% APY, $250k minimum; Jumbo CD, 1.10% APY, $100k minimum; CD, 1.00% APY, $250 minimum.

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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Consumers Credit Union Rewards Checking Rate Cuts and Minor Changes
Deal Summary: Rewards Checking, Up to 4.09% APY on qualifying balances up to $10k.

Availability: Easy Membership Requirements

This new zero rate environment is starting to impact reward checking accounts. The latest one impacted is the Rewards Checking Account from Consumers Credit Union (CCU). Each of the account’s three tiers had rate cuts of 100 bps. The new APYs for the three tiers are as follows: 4.09% for Tier A, 3.09% for Tier B, and 2.09% for Tier C. These rate cuts were large, but the new rates are...

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

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