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 10 bps lower.

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

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.

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 January 23, 2020.

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.


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, 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 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 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

Anon123   |     |   Comment #1
CSR says requires a hard pull
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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Consumers Credit Union (IL) Free Rewards Checking Changes
Availability: Easy Membership Requirement

At the end of January, Illinois-based Consumers Credit Union (CCU) lowered the rate on its Free Rewards Checking (Medium) to 3.59% APY. (For those of you not familiar with CCU’s Free Rewards Checking account, ir is considered to be one of the top RCAs, and comes in three “varieties,” each earning a different APY with different requirements.)

While this rate change was noted and discussed, there have been changes made to the qualifying balance cap and qualification requirements that occurred somewhere around the time...

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Reminder of the Great Reward Checking Deal at Consumers Credit Union

Update 3/25/15: The guarantee period has been extended to the start of 2016.

Last November Consumers Credit Union (CCU) made a very nice change to its Free Reward Checking Account. It increased the balance that qualifies for the top rates from $10K to $20K. Also, the credit union is guaranteeing the top rates until August 2015. Thanks to DA members for highlighting these changes in the DA forum. I just wanted to remind everyone of this great deal.

CCU’s Free Reward Checking Account is a great deal, but it has become a...

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Unique Changes Made to Consumers Credit Union’s Free Rewards Checking

Consumers Credit Union made several changes to its Free Rewards Checking Account that many savers should appreciate. First, you can now earn 5.09% APY for balances up to $10,000. Before this change you could only earn 3.09% APY for balances up to $5,000. However, qualifying for the 5.09% APY is not easy. If you don’t qualify for 5.09%, you can still qualify for 4.09% or 3.09%. If existing members have been earning 3.09% before, they can continue to earn 3.09% with no additional work. In that case the only change...

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Consumers Credit Union's Reward Checking Guarantees 4.09% Through June 30, 2012

Consumers Credit Union has added a rate guarantee to its free reward checking account. It's guaranteeing 4.09% APY until June 30, 2012. This is listed on the credit union's rates page:

It's important to note that this 4.09% APY is only for balances up to $10,000. The portion of the balance between $10,000 and $25,000 only earns 0.56% APY, and the portion above $25,000 earns only 0.35% APY. If you don't meet the monthly requirements, the rate falls to 0.01%. The monthly requirements include:

  • 12 signature-based debit card purchases
  • one direct deposit OR...
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