Consumers Credit Union (MI) Unveils Splish Splash Savings, 2.25% APY

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UPDATE: 9/1/2019 - no longer available.

Availability: Splish Splash Savings, 2.25% APY, $2.5k min/$250k max deposit, new money, one year rate guarantee, limit of one per household.

Availability: Residents of Michigan’s Lower Peninsula.

Consumers Credit Union (Consumers CU) has unveiled the Splish Splash Savings account, which earns a “cool” 2.25% APY on balances between $2.5k and $250k. The 2.25% APY is guaranteed for one year following account opening, contingent on maintaining a minimum balance of $2.5k and a maximum balance of $250k. The minimum opening deposit is $2.5k of new money, which is defined as funds not currently on deposit with Consumers CU. There is a limit of one account per household.

The Splish Splash Savings account features unlimited deposits and withdrawals, and free automatic transfers, which can be set up as either a one-time occurrence or recurring transfers between your accounts. This is a “pure” savings account with no ATM or debit card. There is a monthly $10 inactive account fee after six months of inactivity.

Transferring money to another financial institution can only be initiated through Consumers CU’s Online Banking platform. Each transfer to an external account will incur a $3 charge.

Note: this Consumers CU is located in Michigan and should not be confused with the Consumers Credit Union headquartered in Gurnee, Illinois. The Illinois-based Consumers Credit Union is probably more familiar to DA readers, because of its easy membership requirements and its Free Rewards Checking account.

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 Splish Splash Savings 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.

When you open any account, $25 is reserved in your savings account—we call it a share. Basically, it’s your owner entry to access all the special products, loans and financial services that any bank could provide.

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 Splish Splash Savings Compares

When compared to 408 Savings Accounts tracked by DepositAccounts.com that are available within the FOM, Consumers CU’s Splish Splash Savings APY currently ranks tenth. The appeal of this account is the 12-month rate guarantee, which might be invaluable in the upcoming year.

The above rates are accurate as of 8/8/2019.

To look for the best Savings Accounts rates, both nationwide and state specific, please refer to our Savings Account Rates page.

Related Pages: Grand Rapids savings accounts, savings accounts

Comments
me1004
me1004   |     |   Comment #1
The rules of this account as stated here raise some questions for me. The story says it is a savings account, yet it it promotes as if a special feather that it allows unlimited deposits and withdrawals. How is that, doesn’t Reg. D apply to this savings account and so restrict electronic withdrawals to six per month? If it is saying unlimited IF you go into a branch, well, that is the case at any financial institution I have ever heard of.

I gather the story is saying that you cannot pull or push via the ACH from another financial institution to this account, it must be initiated from this CU, at a cost of $3 for each transaction? I gather the only other way to transact on this account is to go to a branch (or possibly by mail). So, pretty much you either go into the CU to deposit or withdrawal, or you pay to do that. WOW, what a lousy deal!
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deplorable 1
deplorable 1   |     |   Comment #2
I could see this account being useful for paying bills if they allow unlimited 3rd party ACH withdrawals. This is the only reason I currently use Ally demand notes over a FDIC insured bank. I checked their website and it just says unlimited withdrawals it doesn't say what type of withdrawals.
Anonymoose
Anonymoose   |     |   Comment #3
Ally (Bank) allows more than one savings account. So you can get six withdrawals from each account every month for up to as many as you want FDIC insured.
Unusual Activity
Unusual Activity   |     |   Comment #4
Isn't Betterment savings 2.69% APY promo offer for the duration of 2019 a better deal?
Anonymoose
Anonymoose   |     |   Comment #5
Gone already! Betterment just cut the rate to 2.41% after only two weeks!
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