Consumers Credit Union Review (2025)

Consumers Credit Union (CCU) is a member-owned financial institution founded in 1930 and headquartered in Illinois. As one of the largest credit unions in the state, with over $3.5 billion in assets and 232,000+ members, CCU offers a wide range of banking products and services to meet members financial needs.

How We Rate Consumers Credit Union

At Financer.com, all lenders go through a thorough research and review process. Here's how we rate Consumers Credit Union:

Consumers Credit Union Overview

We already know that CCU is one of the oldests financial institution in the U.S., serving their members with a wide range of products and services. To learn more about Consumers Credit Union, explore the key information below.

Pros and Cons of CCU

Pros

• High-yield checking account: Earn up to 5.00% APY with qualifying activities

• Nationwide membership: Anyone in the U.S. can join

• Large ATM network: Access to 30,000+ surcharge-free ATMs

• Competitive loan rates: Low rates on auto loans, mortgages, personal loans

• No monthly fees: Free checking and savings accounts available

Cons

• Limited physical branches: Only 15 locations, all in Illinois

• High balance requirements: Need $10,000+ balance for best checking APY

• Complex rewards structure: Multiple requirements to earn highest APY

Overall, CCU offers attractive rates and nationwide accessibility, but has a limited branch network and complex account requirements. If you like this scenario, open an account and enjoy the good side of Consumers Credit Union features.

CCU Loans

Consumers Credit Union provides a variety of loan options to meet different borrowing needs. Let's explore CCU loan offerings in more detail.

Auto Loans

Consumers Credit Union auto loans offers competitive rates:

• Rates as low as 4.99% APR for new cars (2023 models and newer)

• Terms up to 84 months available

• 100% financing for qualified buyers

• 0.50% rate discount when using CCU's car buying service

• No prepayment penalties

The low rates and flexible terms make Consumers Credit Union auto loans an attractive option for car buyers. According to recent data, the average auto loan rate nationwide is over 7% APR, so Consumers Credit Union auto loan rates are very competitive.

Personal Loans

Consumers Credit Union's personal loans offer flexible funding for various needs:

• Fixed rates from 11.74% to 24.79% APR

• Loan amounts up to $40,000

• Terms from 6 months to 7 years

• No origination fees or prepayment penalties

• Same-day funding often available

While the rates are higher than secured loans, like auto loans, CCU's personal loan rates are lower than many credit cards, making them a good option for debt consolidation or large purchases.

Home Loans

CCU provides several mortgage options:

• Fixed-rate mortgages: 10, 15, 20, and 30-year terms

• Adjustable-rate mortgages (ARMs): 5/1 and 5/5 options

• Jumbo loans up to $4 million

• Low down payment options starting at 3%

• No PMI options available

• Refinancing available

Current Consumers Credit Union mortgage rates start as low as 6.268% APR for a 5/1 ARM. This is competitive with national average rates reported by Freddie Mac.

Other Loan Types

• Home equity loans and lines of credit

• Commercial real estate loans

• RV and motorcycle loans

• Student loans

• Credit cards

CCU's diverse loan portfolio allows members to finance a wide range of purchases and projects. The credit union's competitive rates and flexible terms make it worth considering for your borrowing needs.

In conclusion, Consumers Credit Union offers attractive rates on deposits and loans, nationwide accessibility, and a full suite of banking products.

CCU Banking Services

Okay, now you know Consumers Credit Union's credit scenario. But CCU isn't just about loans - they offer a full suite of banking products to meet your financial needs. From high-yield checking to retirement accounts, CCU aims to be a one-stop shop for your money. Let's break down their main offerings:

Bank Accounts

At Consumers Credit Union, you've got options. Let's break down the different types of accounts they offer, so you can find the perfect fit for your financial needs.

Free Rewards Checking

This is Consumers Credit Union's star player in the checking account game. With a profitability up to 5.00% APY, which is one of the highest checking account yields nationwide, it glows when we talk about checking accounts.

Pros

• Earn up to 5.00% APY (that’s Annual Percentage Yield, folks)

• No monthly fees

• Get paid up to two days early with direct deposit

• Unlimited ATM fee reimbursements

Cons

• Need to meet specific requirements to earn the highest APY

• $5,000+ balance needed for best rates

Student Choice Checking

Pros

• No monthly fees

• ATM fee reimbursements up to $25 per month

• Debit card with $310 daily limit

Cons

• Must convert to a standard account at age 19

• Parent/guardian must be joint account holder

Money Market Account

For those who want a bit more earning power than a regular savings account, the Money Market offers profitability up to 4.13% APY on balances over $100,000.

Pros

• Higher interest rates than standard savings

• Easy access to funds

• Tiered rates for higher balances

Cons

• Typically requires a higher minimum balance

• May have transaction limits

Smart Saver Account

A nifty tool to boost your savings game. Here, profitability goes up to 3.00% APY, limited to $1,000 each month. But you need to met some requirements to achieve this level.

Pros

• Earn 3.00% APY with qualifying activities

• Automated transfers make saving easy

• No minimum balance required

Cons

• Monthly deposit limit of $1,000

• Need a CCU checking account for best rate

Health Savings Account (HSA)

A tax-advantaged account for medical expenses. Profitability offers competitive monthly dividends, plus tax advantages. The best option to create a saving for your health.

Pros

• Tax-deductible contributions

• Tax-free withdrawals for qualified medical expenses

• No account fees

Cons

• Must have a high-deductible health plan to qualify

• Penalties for non-medical withdrawals before age 65

Certificates (CDs)

For when you want to lock in a rate for a set period. The profitability for 9-month Consumers Credit Union CD rates is 4.50% APY. Obivously, you'll have penalties for early withdrawal, though.

Pros

• Higher rates than standard savings accounts

• Guaranteed returns

• Various term options available

Cons

• Funds are locked for the term length

• Early withdrawal penalties

CCU's diverse account offerings cater to different financial needs and goals. Whether you're a student learning to manage money, a saver looking for high yields, or someone planning for future medical expenses, there's likely an account that fits your situation.

Credit Cards

CCU offers Visa credit cards with some attractive perks:

• Visa Signature Cash Back: Earn 3-2-1 cash back on purchases

• Visa Signature Rewards: Earn 3-2-1 points on purchases

• Visa Platinum Rewards: Earn points on all purchases

• Visa Platinum: A basic, low-rate option

Investment Services

Through a partnership with LPL Financial, CCU offers:

• Retirement planning (IRAs, 401(k) rollovers)

• Mutual funds

• Stocks and bonds

• Annuities

• Life insurance

Other Services

• Mobile banking: Highly-rated app for account management on-the-go

• Online bill pay: Free service for checking account holders

• Zelle: Fast, free money transfers to friends and family

• Shared branching: Access your accounts at over 5,600 credit union locations nationwide

• ATM access: Use over 30,000 surcharge-free ATMs across the country

CCU's diverse product lineup allows members to handle most financial needs in one place. Their high-yield checking account and nationwide accessibility through shared branching are particularly noteworthy features that set them apart from many local credit unions.

Interest Rates for CCU Products

Now that we've covered Concumer Credit Union's overview, let's put all their key rates in one place so you can easily compare. Here's a handy table showing current interest rates for CCU's main products:

As you can see, CCU offers some competitive rates across their product line. Their checking account yield is particularly impressive, though it does require meeting certain criteria. Auto loan rates are also quite low compared to national averages.

CCU Membership Requirements

Ready to join the Consumers Credit Union family? Great choice! CCU offers a ton of perks, from high-yield checking accounts to competitive loan rates. But first, let's break down what you need to become a member.

Here are the main requirements:

• Open to anyone: Unlike some credit unions, CCU doesn't limit membership based on where you live or work.

• One-time fee: Pay a $5 membership fee to join the Consumers Cooperative Association.

• Minimum deposit: Keep at least $5 in a Membership Share/Savings Account.

• Valid ID: You'll need a government-issued photo ID (like a driver's license or passport).

• Social Security Number: Provide your SSN or Individual Taxpayer Identification Number (ITIN).

That's it! Pretty simple, right? Now, let's walk through the steps to open your account.

How to Open Your CCU Account

Features of the CCU Mobile App

In today's fast-paced world, having a solid mobile banking app is crucial. CCU's mobile app doesn't disappoint, offering a range of features to make managing your money a breeze.

Here are the standout features:

• Account management: View balances, transfer funds, and pay bills all from your phone.

• Mobile check deposit: Snap a photo of your check to deposit it instantly.

• Zelle integration: Send and receive money quickly with this popular payment service.

• Card controls: Easily manage your debit and credit cards, including the ability to freeze/unfreeze them.

• Fingerprint and facial recognition: Log in securely without typing your password.

• ATM locator: Find nearby ATMs and shared branches.

• Account alerts: Set up custom notifications for transactions and balance thresholds.

• Budgeting tools: Track your spending and set financial goals.

The Consumers Credit Union Mobile App has received solid ratings from users. On the Apple App Store, it boasts a 4.8 out of 5-star rating, while on Google Play, it maintains a respectable 4.1 out of 5 stars.

Remember, a great mobile app is just one part of the Consumers Credit Union package. Combined with their competitive rates and member-focused approach, it's clear why so many people are choosing Consumers Credit Union for their banking needs.

CCU Customer Service

When it comes to banking, good customer service can make or break your experience. Let's take a look at what Consumers Credit Union members are saying about Consumers Credit Union customer service.

Many members praise CCU for their attentive and helpful staff. Besides, they maintain an A+ rating with the Better Business Bureau, suggesting a strong commitment to addressing customer concerns.

However, like any financial institution, CCU isn't without its critics. Some members have reported issues with account management and loan processes.

It's worth noting that Consumers Credit Union offers 24/7 customer support through live chat, which is a big plus for those who need assistance outside of regular business hours. They also provide phone support on weekdays from 8 a.m. to 6 p.m. CT and Saturdays from 8 a.m. to 2 p.m. CT.

Overall, while CCU seems to deliver good customer service for many members, experiences can vary. It's always a good idea to reach out to Consumers Credit Union customer service team directly if you have specific questions or concerns before becoming a member.

Is CCU Right for You?

In this Consumers Credit Union review, we've covered a lot of ground about Consumers Credit Union, from their competitive rates to their diverse product offerings. Let's recap the key points:

CCU offers a range of financial products, including high-yield checking accounts, certificates, CCU loans, such as personal loans, auto loans, and mortgages. Their Free Rewards Checking account, with potential APY up to 5.00%, is particularly noteworthy.

They provide nationwide accessibility through online and mobile banking, shared branching, and a large ATM network. This makes CCU a viable option even if you don't live near one of their physical branches in Illinois.

CCU's loan rates, especially for auto loans, are competitive compared to national averages. They also offer flexible terms and quick approval processes for many of their loan products.

So, who might find CCU to be a good fit?

• High-yield seekers: If you're looking to maximize your checking account earnings and don't mind meeting certain requirements, Consumers Credit Union's Free Rewards Checking could be perfect for you.

• Tech-savvy bankers: With a highly-rated mobile app and comprehensive online banking services, CCU caters well to those who prefer digital banking.

• Auto loan shoppers: Consumers Credit Union's competitive auto loan rates and flexible terms make them a strong contender for car buyers or those looking to refinance.

• Those who value personalized service: As a credit union, CCU often provides more personalized service than large banks. This can be particularly beneficial for those seeking mortgages or personal loans.

However, CCU might not be the best fit if you prefer in-person banking and don't live near their branches in Illinois. Also, if you're not comfortable with technology or don't want to meet certain requirements for the best rates, you might want to explore other options.