Cornerstone Credit Union

Overview / Commentary
550 W Meadows Dr
Freeport, IL 61032-5072

Cornerstone Credit Union is headquartered in Freeport and is the 45th largest credit union in the state of Illinois. It is also the 1,516th largest credit union in the nation. It was established in 1939 and as of June of 2022, it had grown to 32 employees and 10,224 members at 4 locations. Cornerstone Credit Union's money market rates are 3X the national average, and it has a B+ health rating.

Field of Membership Restrictions

Cornerstone CU of Illinois is open to any of the residents or people maintaining employment in these Counties of Northwest Illinois; Boone, Bureau, Carroll, JoDaviess, Ogle, Lee, Stevenson, Whiteside, and Winnebago, as well as the same people in Greene and Rock Counties of Wisconsin. Membership eligibility also extends to include the family members of current CU members.
See current membership details

Reviews (1)

Small Town Charm And Small Town Incompetence

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The Cornerstone Credit Union is the credit union that most of the employers in Freeport, IL use.  It has some good points, but in large, my experiences were not great.  What I did like about this credit union was that it was located at the incoming edge of town.  That is, whether you're coming in from most areas via Business 20, such as Rockford or Chicago or coming in from the "back roads" of Wisconsin, such as from Monroe, the location is easily accessible and does not require a trip through the depressing town of Freeport.  You can get in and get out easily without having to drive past the shuttered up businesses, etc.  The building is quite clean and modern. I was impressed by this.  I was amused by the two-way closed circuit "tellervisons".  It seemed ironic to me that a small town like this, wouldn't keep the small town "feel".  I had done most by banking here for a number of years and was puzzled by the fact that they didn't know my name or who I was. I ended up showing identification nearly every time I was there.  At other banks and credit unions where I do business, someone would know who I was and greeted me by my first name every time.  I always that this was a great personal touch.  This in a town of nearly 200,000 vs. a town of about one-tenth that size.  This small town credit union just didn't have that friendly small town vibe.   It did have semi-competitive interest rates.  I did procure a loan from them once, but later learned I could have gotten over 0.50% better at another credit union in a nearby town.  They do have Saturday morning hours, which is good if you live in Freeport.  There were two experiences that I had which would make me rate this place as "less than mediocre".  In once case, I had made an appointment, and advised that I would be travelling from out of town nearly an hour away.  They cancelled on me for some BS reason after I had arrived.  They had the audacity to ask if I wanted to reschedule. I closed my accounts on this day.  Prior to this, they had made a significant error with one of my accounts.  To make a long story short, I ended up paying penalties I should not have had to pay, and at one point I was reported to a collection agency on THEIR error.  Credit unions are generally, in my opinion, better at taking care of their customers than standard banks.   It literally took me hours to get this issue fixed. I know someone that worked there and she had told me that I was labelled a "trouble maker" and she had details of my business there including details of one of my transactions.  I was irritated that personal business waspublic domain. Of course, my protests went no where.  Dealing with these people was a headache.  I have no idea what it was, because I am pretty laid back and easy going, and have never had experiences like this.  I'd advise to use another credit union (or bank) if you have options.  Cornerstone is a nuisance, in a  pretty building, in a dying town.


Health Grade Components

NCUA #60189
Year Chartered1939
Primary Regulator
Profit Margin
Return on Assets - YTD0.45%
Return on Equity - YTD5.05%
Annual Interest Income$2.0MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$145.3MM$146.9MM
LoansQ2 2022vs Q2 2021$82.1MM$68.9MM
DepositsQ2 2022vs Q2 2021$130.9MM$132.6MM
Equity CapitalQ2 2022vs Q2 2021$13.2MM$12.7MM
Loan Loss AllowanceQ2 2022vs Q2 2021$670.00K$654.00K
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$150.00K$129.00K
Real Estate OwnedQ2 2022vs Q2 2021$0$0
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Cornerstone Credit Union Savings Account Rates

0.10%$250-Holiday Club
0.10%$250-Business Savings
0.05%$250-Primary Savings
0.04%$100-Youth Savings

Cornerstone Credit Union Money Market Rates

1.40%*$5k*-Insured High Yield Money Market
OTHER TIERS: 0.85% $2.5k - $5k
1.00%*$75k*-IRA Money Market
OTHER TIERS: 0.10% Up to $2.5k | 0.25% $2.5k - $20k | 0.40% $20k - $75k
1.00%*$75k*-Insured Money Market
OTHER TIERS: 0.25% $2.5k - $20k | 0.40% $20k - $75k
1.00%*$75k*-Business Money Market
OTHER TIERS: 0.25% $2.5k - $20k | 0.40% $20k - $75k

Cornerstone Credit Union Checking Account Rates

0.35%$20k-Premium Business Checking
0.20%*$5k*-Premier Business Checking
OTHER TIERS: 0.15% $2.5k - $5k
0.15%*$20k*-Checking Plus
OTHER TIERS: 0.05% $1k - $20k

Cornerstone Credit Union CD Rates

1.95%*$20k*-60 Month CD
OTHER TIERS: 1.85% $1k - $20k
1.95%*$20k*-Business 60 Month CD
OTHER TIERS: 1.85% $1k - $20k
1.90%*$100k*-18 Month CD
OTHER TIERS: 1.35% $1k - $20k | 1.45% $20k - $100k
1.90%*$100k*-Business 18 Month CD
OTHER TIERS: 1.35% $1k - $20k | 1.45% $20k - $100k
1.85%*$20k*-48 Month CD
OTHER TIERS: 1.75% $1k - $20k
1.80%*$100k*-12 Month CD
OTHER TIERS: 1.25% $1k - $20k | 1.35% $20k - $100k
1.80%*$20k*-36 Month CD
OTHER TIERS: 1.70% $1k - $20k
1.80%*$100k*-Business 12 Month CD
OTHER TIERS: 1.25% $1k - $20k | 1.35% $20k - $100k
1.80%*$20k*-Business 36 Month CD
OTHER TIERS: 1.70% $1k - $20k
1.80%*$20k*-Business 48 Month CD
OTHER TIERS: 1.70% $1k - $20k
1.50%*$20k*-24 Month CD
OTHER TIERS: 1.40% $1k - $20k
1.50%*$20k*-Business 24 Month CD
OTHER TIERS: 1.40% $1k - $20k
0.40%$1k-180 Day CD
0.40%$1k-Business 180 Day CD
0.25%$1k-90 Day CD
0.25%$1k-Business 90 Day CD

Cornerstone Credit Union IRA Rates

1.95%*$20k*-60 Month IRA
OTHER TIERS: 1.85% $1k - $20k
1.90%*$100k*-18 Month IRA
OTHER TIERS: 1.35% $1k - $20k | 1.45% $20k - $100k
1.85%*$20k*-48 Month IRA
OTHER TIERS: 1.75% $1k - $20k
1.80%*$100k*-12 Month IRA
OTHER TIERS: 1.25% $1k - $20k | 1.35% $20k - $100k
1.80%*$20k*-36 Month IRA
OTHER TIERS: 1.70% $1k - $20k
1.50%*$20k*-24 Month IRA
OTHER TIERS: 1.40% $1k - $20k
0.40%$1k-180 Day IRA
0.25%$1k-90 Day IRA

Cornerstone Credit Union Locations
Branch Office550 W Meadows DrFreeport, IL 61032-7610
Branch Office615 W 3rd StSterling, IL 61081
Branch Office640 Blackhawk BlvdSouth Beloit, IL 61080
Branch Office334 N Main AveMilledgeville, IL 61051

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