4.09% APY Checking Account from Consumers Credit Union

June 29, 2009 1 Comment »

Here is another sweet deal we got tipped off on over the weekend. This one is available to customers nationwide!

Consumers Credit Union out of Illinois currently has a rewards checking account with an APY of 4.09% on balances up to $25,000 (a still respectable APY of 1.51% on balances exceeding $25k). This is well above the national average for these particular products (national average sits at roughly 2.50% APY on balances up to $25,000). Keep in mind though that these carry variable interest rates that can change at anytime upon the credit union’s discretion. Interest rates in general are scheduled to decline, so locking in a long term deposit with a similar yield may be a better move to hedge against falling rates.

Rewards Checking Account features from Consumers Credit Union

(as seen on their website)

  • No minimum balance required
  • Free online banking and bill pay
  • No monthly service charges or fees
  • Free ATM use nationwide. Any ATM, any where, any time!

The requirements to earn the advertised APY are pretty standard when compared to other interest checking deals. Review the requirements below.

  • Bonus rate requirements per month: 12 POS check (debit) card transactions,
  • receive electronic statement
  • have either one direct deposit or one ACH debit or pay one bill via online banking.

About Consumers Credit Union:

Consumers Credit Union is based out of Illinois and is one of the top ten credit unions in that state by asset size. They have over 55,000 members and a little over 160 employees. As of this year they control $565 million in deposits and service $355 million in loans.

Unlike most credit unions, Consumers Credit Union opens their doors to customers nationwide. To join you’ll need to pay a one-time $5 fee to their sponsor and deposit at least $5 into a health savings account. Visit MyConsumers.org to learn more.

Additional Contact Information:

Phone:  (877) 275 – 2228

Mail:  Consumers Credit Union, P.O. Box 9119, Waukegan, IL  60079-9119

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  • Matt Underwood

    In addition, they’re offering a $50 referral right now. If anybody needs one, please email me your full name to g a t e s i s e v i l @ h o t m a i l . c o m and I’ll fax over the referral form. Also, when you sign up make sure that you switch to paperless statements or you don’t get the 4.09%.