Consumers Credit Union's Serious Interest Checking Offers Top APY
In May 2019, Consumers Credit Union (Consumers CU) introduced its new reward checking account (RCA), the Serious Interest Checking. The initial 4.00% APY on qualifying balances up to $15k is still in effect. Qualifying balances over $15k and non-qualifying balances both earn 0.01% APY. The Serious Interest Checking account has become more competitive as many other RCAs have experienced rate drops and/or balance cap reductions.
Note: Don’t confuse this RCA with the Free Rewards Checking account offered on a nationwide basis by the Illinois-based Consumers Credit Union.
The monthly qualifying requirements include,
- At least 12 debit card purchases each statement cycle.
- At least $1k in direct deposit(s) each statement cycle.
- Maintain a minimum $1k average daily balance each statement cycle.
- Be enrolled in and received monthly eStatements.
The Serious Interest Checking has no minimum opening deposit requirement. There is a $10 monthly service fee, which will be waived if a minimum $1k average daily balance is maintained. A free debit card will be issued following account opening and unlimited check writing is available. There is a limit of one Serious Interest Checking account per Social Security number. ATM fees are not reimbursed, but Consumers CU is a member of the CO-OP Shared Branch network, giving its members access to more than 5,000 shared branches and thousands of ATMs.
With 30,000+ CO-OP ATMs throughout the U.S. and more than 200
here in West Michigan alone, it’s easy to avoid unnecessary ATM fees.
Availability
Headquartered in Kalamazoo, Michigan, Consumers Credit Union’s field of membership (FOM) includes all U.S. Citizens, 18 years or older with a valid Social Security number, who live, work, worship, or “enrolled at a post-secondary educational institution” anywhere in Michigan’s Lower Peninsula.
Immediate family members of current Consumers CU members, or individuals who live in the same household as current members, also qualify.
Joining Consumers CU and/or opening a Serious Interest Checking account can be done online. While all the full-service branches have re-opened to walk-in traffic, seven of the branches are temporarily closed or have limited access due to new construction. Consumers CU’s Locations page details those closures.
Opening a Share Savings account with a minimum $25 deposit establishes a new Consumers CU membership.
Credit Union Overview
Consumers Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.67% (excellent) based on June 30, 2020 data. In the past year, Consumers CU has increased its total non-brokered deposits by $244.21 million, an excellent growth rate of 26.85%. Please refer to our financial overview of Consumers Credit Union (NCUA Charter # 62172) for more details.
Founded in 1964, Consumers Credit Union is currently Michigan’s 11th largest credit union, with more than 104,000 members and assets in excess of $1.4 billion. Every year Consumers CU partners with a core group of charities “to make a positive impact in West Michigan,” including Consumers Scholars, the employee-funded scholarship program that annually awards ten $1,000 prizes and one grand prize scholarship worth $20,000.
How the Serious Interest Checking Compares
When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available to all residents of Michigan’s Lower Peninsula and have maximum qualifying balances of at least $15k, Consumers Credit Union’s Serious Interest Checking APY currently ranks first.
The above rates are accurate as of 10/14/2020.
To look for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.
