Consumers Credit Union (IL) Ups 20-Month CD Rates

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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 savers.

APYMINMAXINSTITUTIONPRODUCTDETAILS
0.90%$250k-Consumers Credit Union (IL)20 Month Super-Jumbo CD
0.80%$100k-Consumers Credit Union (IL)20 Month Jumbo CD
0.70%$250-Consumers Credit Union (IL)20 Month CD
Rates as of December 3, 2020.

All three 20-month CDs are offered as IRA CDs (Traditional, Roth, CESA, SEP) earning the same APYs with the same deposit requirements.

APYMINMAXINSTITUTIONPRODUCTDETAILS
0.90%$250k-Consumers Credit Union (IL)20 Month Super-Jumbo IRA (Traditional, Roth, CESA, SEP)
0.80%$100k-Consumers Credit Union (IL)20 Month Jumbo IRA (Traditional, Roth, CESA, SEP)
0.70%$250-Consumers Credit Union (IL)20 Month IRA (Traditional, Roth, CESA, SEP)
Rates as of December 3, 2020.

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 20-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 probably best known for its popular Free Rewards Checking account.

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 December 3, 2020.

Four 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.

Smart Saver

If you have 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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.50%$50$1kConsumers Credit Union (IL)Smart Saver w/checking
0.25%--Consumers Credit Union (IL)Smart Saver w/o checking
Rates as of December 3, 2020.

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 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, Kildeer, Mundelein, Northbrook, Palatine, Round Lake Beach, Schaumberg, Streamwood, Volo, and Waukegan (2). As stated on CCU’s Locations and Hours page,

All service center lobbies are now open by appointment only. Select your location from the list to schedule your appointment. You will be asked to select between a Teller Counter Transaction or an Account Services Transaction.

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 "A" at DepositAccounts.com, with a Texas Ratio of 4.16% (excellent) based on June 30, 2020 data. In the past year, CCU has increased its total non-brokered deposits by $947.12 million, an excellent annual growth rate of 91.08%. 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 169,000 members and assets in excess of $2.4 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.

Effective June 1, 2020, the merger between CCU and Andigo Credit Union was finalized, although the integration won’t be complete until 2021. According to the Credit Union Merger Update page,

The combined credit union will eventually operate under the Consumers Credit Union name. In the interim, Andigo Credit Union will be operating as Andigo Credit Union, a Division of Consumers Credit Union.

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.

How the CD Specials Compare

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, Consumers Credit Union’s 20-month Super Jumbo and Jumbo CD APYs currently rank second and third, regardless of minimum deposit.

The above rates are accurate as of 9/10/2020.

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, nationwide deals

Comments
pua
  |     |   Comment #1
On Monday 11/09/20 I successfully opened a Super Jumbo CD for 250K, at APY 1.20%. It was a steep learning curve to figure out how to get the job done, so here's how I did it. It's easy once you know the best way to proceed. Sorry for the length of this explanation, but it took a lot of thought and planning to make it all work.

(1) Phone them (toll free) and ask for help from a new accounts customer service rep, who will guide you step by step through their website application process. Write down all the info you set up, such as member number, user ID, website password, phone password, etc. Open only a basic share savings account. Next day you'll see it on their website after you login, which means you will have an account number, to go along with the routing number on their website. While talking with CSR you'll need to pay $5 non-refundable membership fee, plus $5 basic deposit which will always remain in your savings acct; and I recommend also sending them at least $10 to cover their $10 fee for incoming wire transfer plus maybe a bit extra. You can pay that total of $20 or more with a credit card like any normal purchase in a grocery store; give the info to CSR. After that you'll need to upload a photo (or pdf) of your driver license, and sign an application by typing your name into an online form which will convert it into a beautiful script which your 2nd grade teacher would be proud of. When you're done, that signed form will automatically be sent to the credit union.

(2) After you have the basic share savings acct open, then go to the outside bank where you have the principal for your CD (in my case 250K), and send a wire transfer to your credit union savings acct. Otherwise it might take a week for an ACH transfer to be processed, while you're getting no interest. In my case I ordered the wire transfer at 4 AM Eastern time on Monday, and when I phoned the credit union 2 hours later the money had not yet shown up in the savings acct; but I phoned them and spoke with a (different) new accounts CSR; asked her to check with their accounting people to see if the wire had arrived; and indeed it had arrived. CSR then created the Super Jumbo CD for me as we spoke on the phone, no need for me to use any website application to get it done. Be sure to ask CSR to set up the CD to pay monthly interest into your savings account if that's what you want; otherwise it will accumulate inside the CD and you can't get it out. Perhaps 15 minutes later the CD appeared in my account on their website! The whole process from ordering wire transfer to CD being created and then visible on credit union website took about 3 hours. Amazing! CSR will then immediately send you an email with another form to be signed online like before; it includes a copy of your CD with all the info. Maturity date might be a couple days longer than 20 months in case of weekend or holiday.

3. 24-48 hours after your share savings acct appears on their website, you will then be able to "manage transfers" to create a link to outside bank by using trial deposits. Once you have verified the amounts of those deposits, the link is ready for action, and you'll be able to transfer money in either direction between the credit union and your outside bank -- in my case, after I see the first month's interest then I'll set up a recurring transfer for all future months of the interest. Remember that interest will vary depending how many days are in the month, so figure out 28 days for February to avoid overdrawing it. Interest will be paid into your savings acct on the same date of the month when your CD was opened, but allow a couple days and also weekends and holidays.
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Availability: Easy Membership Requirements

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Availability: Easy Membership Requirement

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