Consumers CU (MI) Debuts Serious Interest Checking, 4.00% APY

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Availability: Serious Interest Checking, 4.00% APY on qualified balances up to $15k.

Availability: Residents of Michigan’s Lower Peninsula.

Consumers Credit Union (Consumers CU) recently introduced a new rewards checking (RCA) account, the Serious Interest Checking, which earns 4.00% APY on qualifying balances up to $15k. Qualifying balances over $15k and non-qualifying balances both earn 0.01% APY. The Serious Interest Checking has no minimum opening deposit requirement.

Note: Don’t confuse this RCA with the Free Rewards Checking account offered on a nationwide basis by the Illinois-based Consumers Credit Union.

Qualifying Requirements

  • 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.

There is a $10 monthly service fee, which will be waived if a minimum $1k average daily balance is maintained. There is a limit of one Serious Interest Checking account per Social Security number.

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 in 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, or at any of 19 full-service branches located in Battle Creek, Coldwater, Grand Rapids (3), Grandville, Lawton, Holland (2), Kalamazoo (6), Mattawan, Portage (2), and South Haven.

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.

Credit Union Overview

Consumers Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.51% (excellent) based on March 31, 2019 data. In the past year, Consumers CU has increased its total non-brokered deposits by $102.33 million, an excellent growth rate of 13.04%. 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 12th largest credit union, with nearly 94,000 members and $1.2 billion in assets. 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 20 college-bound members with $500 and an iPad.

How the Serious Interest Checking Compares

When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available within the FOM and have maximum qualifying balances of at least $15k, Consumers Credit Union’s Serious Interest Checking APY currently ranks fourth.

Interest RateAccount NameCredit Union/Bank
5.00% APYMomentum Checking (up to $15k)Arbor Financial Credit Union
4.25% APYKasasa Cash+ (up to $25k)Kalsee Credit Union
4.08% APYStraight4ward Rewards Checking (up to $15k)4Front Credit Union
4.00% APYSerious Interest Checking (up to $15k)Consumers Credit Union

The above rates are accurate as of 6/22/2019.

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.

Related Pages: Grand Rapids checking accounts, reward checking accounts

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