In June 2015, Michigan’s Consumers Credit Union (Consumers CU) added a promotional "Save with Consumers Money Market" (1.25% APY). While that promotion is no longer available, Consumers CU is now featuring a new Money Market Special: "Watch Your Deposits Grow" (1.25% APY).
The minimum deposit is $2.5k, with a balance cap of $500k. While there is no mention on the Credit Union’s website about new money, a phone call confirmed that, like the previous Money Market Special, the "Watch Your Deposits Grow" promotion does require new money.
Consumers CU has a history of very low rates on Money Market accounts, with its standard Money Market account currently earning only 0.35% APY on balances of $250K+. There is no guarantee as to how long the promotional "Watch Your Deposits Grow" 1.25% APY will last; if, and when, the rate drops, it may be a dramatic decrease. The "Save with Consumers Money Market" is now earning 0.55% APY on balances of $2.5k-$250k.
One cautionary note: this Consumers CU is located in Michigan and should not be confused with the Consumers Credit Union located in Illinois. The Illinois-based Consumers Credit Union may be more familiar to DA readers because of its easy membership requirements and its Free Rewards Checking account, which currently earns 4.59% APY.
Since I last wrote about Consumers Credit Union, the field of membership (FOM) has been expanded to include anyone who lives, works, worships, or is enrolled in post-high school educational institutions in Michigan’s Lower Peninsula eligible for membership.
Individuals who are a relative of a current member, or live in the same household as a current member, are eligible to join.
Joining Consumers CU can be done in person at any of 15 branches located in Coldwater, Grand Rapids, Holland (2), Kalamazoo (6), Lawton, Mattawan, Portage (2), and South Haven. A pre-membership contact form is available online to facilitate the process, and potential members who do not live near a branch are able to join and open accounts through U.S. mail.
Consumers CU’s online banking platform is currently limited to bill payments and account management, including TextBanking that allows you to receive your account information via texts.
As part of the expansion of the FOM, Consumers CU has joined the CO-OP Network that gives Credit Union members access to more than 30,000 free ATMs nationwide.
Credit Union Overview
Consumers Credit Union (NCUA Charter # 62172) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 3.54% (excellent) based on December 31, 2015 data. In the past year, Consumers CU increased its total deposits by $78.36 Million, an excellent growth rate of 16.4%. Please refer to our financial overview of Consumers Credit Union for more details.
Consumers Credit Union is headquartered in Kalamazoo, with more than $674 Million in assets and has averaged 18% annual growth for 27 consecutive years. Locally owned since 1964, it has grown to over 68,800 members, and in a recent survey, 98.1% of the credit union’s members stated they were satisfied or very satisfied with their Consumers Credit Union membership.
How the Money Market Account Compares
When compared to the other 168 Money Markets accounts tracked by DepositAccounts.com that are available to Michigan residents, Consumers Credit Union’s "Watch Your Deposits Grow" Money Market APY currently shares the top spot with All America Bank’s Mega Money Market, which has a balance cap of only $35k.
The above rates are accurate as of 4/16/2016.