Consumers Credit Union 4.09% APY On Up To $10,000 Rewards Checking

Update 5/6/20: This page has been fully refreshed and should now provide accurate information.

Offer at a glance

  • Interest Rate: up to 4.09%
  • Minimum Balance: None
  • Maximum Balance: up to $10,000
  • Availability: Anybody can join, even if they don’t live in Illinois but you’ll need to pay $5 to join Consumers Cooperative Association. More information here.
  • Direct deposit required: Optional
  • Additional requirements: Yes, see below 
  • Hard/soft pull: Hard pull (Equifax)
  • Credit card funding: Yes, up to $200
  • Monthly fees:  None 
  • Early Account Termination Fee: None
  • Insured: NCUA (68588)

The Offer

Direct link to offer

  • Receive an APY of up to 4.09% on balances up to $10,000 with consumers credit union. This is a rewards checking account, as such you need to complete certain requirements to get the increased interest rate. Below are the requirements you need to meet and what APY you’ll receive if you meet them. All of these requirements are based on a calendar month.
    • 2.09% APY on balances up to $10,000 and ATM refunds.
      • Complete 12 debit/check card point-of-sale purchases without a PIN
      • Receive $500 or more in direct deposits, mobile check deposits or ACH credits
      • Receive eDocuments (enroll and accept the disclosure)
    • 3.09% APY on balances up to $10,000 and ATM refunds
      • Complete all of the 2.09% requirements and
      • Spend a minimum of $500 on CCU Visa credit card purchases
    • 4.09% APY on balances up to $10,000 and ATM refunds
      • Complete all of the 3.09% requirements and
      • Spend a minimum of $1,000 on CCU Visa credit card purchases

If you don’t meet these requirements then you will only receive an APY of 0.01%. None of these rates have a guaranteed rate, so they can change at any time. Check out the rate history to get an idea of what they’ve been in the past.


The Fine Print

  • Credit card transactions that post by the 2nd day prior to end of calendar month will count towards the total.
  • All transactions received after end of month cut-off will be counted towards the following months qualifications.

Sign Up Bonus/Referral

Update: The referral bonus expired on September 30th, 2015 if you’re able to get it again please let me know and I’ll update the post.

Unlike other rewards checking accounts, consumers credit union also offers a referral program. For every person you refer you’ll receive a $50 bonus and so will they when they meet the rewards checking requirements at any level for the first two full months.

You need to fill out a paper form and then send it/fax it in, so this might be too much of a hassle for some folks, 847-566-7005 should be the correct fax number. You should also be able to e-mail it in, which is probably preferable as they will acknowledge when they have received it. This form is filled out after you sign up.

Referring friends & family members at the same address is not an issue. If you have any experience with this referral program then please let us know in the comments section below. You can find more information about this referral/sign up bonus here. The reports from this FatWallet thread are mostly positive for the referral program.

Avoiding Fees

There is no monthly fee, even if you do not complete the requirements to earn the higher interest rates (although if this is the case you’d only earn 0.01% interest). I couldn’t find any mention of early account termination fee in their fee schedule either.

Consumers Credit Union Credit Cards

Because there is a requirement to spend $1,000 per month to get the top rate of 4.59%, I thought I’d be a good idea to have a quick look at the credit cards CCU offers.

  • Platinum card. No annual fee or rewards program, card doubles the manufacturers warranty on all purchases.
  • Platinum rewards card. No annual fee and earn 1 point per dollar spent
  • Student Visa. No annual fee or rewards program. Available for applicants aged 13 to 21.

Visa Signature Rewards Card, 3% Cash Back On Grocery Store Purchases

  • Card earns at the following rate:
    • 3% cash rebate for “Grocery/Convenience Store” purchases
    • 2% cash rebate for “gas” purchases
    • 1% cash rebate on all other purchases
  • Cash rebate is automatically credit to account each month
  • Maximum of $6,000 spend ($180 cash back annually, previously this was $6,000)
  • No annual fee
  • No fee on balance transfers
  • 0% introductory APR for six months on all purchases and balance transfers

Our Verdict

I personally think this account only makes sense if you plan to go after the 4.09% rate and even then it only really makes sense if you’re making a lot of grocery store purchases every month and even then only if you put $6,000 on this card and then move the other $6,000 into non bonused spend and even then you’d need to be maxing out the other cards that earn at a higher rate on grocery store purchases.. For people that don’t fall into those categories, I think you’d most likely be better off with one of the other banks that offers a high interest account, although those are getting rarer. It’s also worth remember that CCU often changes what the requirements are to get the highest rate, so there is nothing stopping them making it much more difficult in the future.

As always, you can view more rewards checking accounts here or read our introduction to them here.

Post history/rate history:

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Am I crazy or not? Many banks offer tiered bonuses, like Citibank’s $300 for a balance of $15,000 or $700 for a balance of $50,000. This means the bonus actually goes DOWN the more you deposit. Deposit $15,000 and your bonus is 2% of what you deposit or deposit $50,000 and your bonus is 1.4%!! It seems they prefer the small accounts rather than the large ones.


How does everyone fulfill their $500 DD requirements? Does ACH count? If so then it is an easy account I think.


@William Charles @Chuck Credit card funding is now $200. Please update.


Swagbucks showing 5000 SB when opening a checking account, doing 12 debit card transactions totaling $100 per month for 2 months, and having a $500 DD. William Charles Chuck


I can’t seem to find it. Do you have a link?


It’s in the Explore Web Content section, @chuck


Reply got ate by automod, here you go. It’s in Explore Web Content section. edit: a word


Still can’t find it 🙁


Emailed you a screenshot of terms as well as link. Maybe you did it in the past and that’s why it’s not showing?


Anyone else only earn 1% on CCU VISA grocery purchases this month?


Nope. Regular 3% for me. There is a $6,000 limit per year or something, so maybe you hit that?


There is also a Consumers Credit Union in Michigan that offers 4.00% APY. I can’t find any write ups about this bank. Has anyone have info about this?


I am interested in that one too, particularly on how picky they are on the debit and DD requirements.


I used to go for the lowest tier a long time ago but stopped when they added the minimum spend requirement for debit transactions. If it’s true they removed it then I might jump back in the saddle. My old account is still active and only has a 75 cent balance. Does anyone know if 0.50 Amazon Gift Cards still work for the debit requirement?


They do. Was in the same boat as you


Got denied for the account. Not sure if it’s related to too many Chex or if my TransUnion/Experian credit monitoring was doing anything.


Stats since I’m updating them all:

Past 36 months: 20
Past 30 months: 19
Past 24 months: 19
Past 18 months: 19
Past 12 months: 17
Past 06 months: 14
Past 03 months: 13
Past 01 months: 06


Called them 2 weeks ago and they told me it’s a soft pull (the person I talked to even went to ask a manager to be sure, so seems pretty safe to say it is so)


if you do not want to tie up 10k plus ach 500.00 each period and do not want to bother with 12 debits..the signature rewards card does pay 3% in grocery stores capped at 6k per year. Just keep checking a acct open. . This has worked for me tor 2 years.