Consumers Credit Union Review
Consumers Credit Union (CCU) is a member-owned financial institution founded in 1930 and headquartered in Lake Forest, Illinois. As one of the largest credit unions in the state, with over $4.3 billion in assets and 268,000+ members, CCU offers a wide range of banking products and services to meet members' financial needs.
How We Rate Consumers Credit Union
At Financer, all lenders go through a thorough research and review process. Here's how we rate Consumers Credit Union:
| Category | Rating |
|---|---|
Affordability | ⭐⭐⭐⭐⭐ |
Application Process | ⭐⭐⭐⭐ |
Loan Terms | ⭐⭐⭐⭐ |
CDs & Certificates | ⭐⭐⭐ |
Savings & Checking | ⭐⭐⭐⭐ |
Transparency | ⭐⭐⭐⭐⭐ |
Customer Support | ⭐⭐⭐⭐ |
Overall | ⭐⭐⭐⭐ |
Consumers Credit Union Overview
CCU is one of the oldest financial institutions in the U.S., serving members with a wide range of products and services. To learn more about Consumers Credit Union, explore the key information below.
| Characteristic | Consumers Credit Union |
|---|---|
Year of Foundation | 1930 |
Headquarters | Lake Forest, IL |
Total Assets | $4.3 billion+ |
Members | 268,000+ |
Branches | 15 in Illinois |
Serves | Nationwide |
ATM Access | 30,000+ surcharge-free ATMs nationwide |
Mobile App Rating | 4.8/5 (iOS), 4.1/5 (Android) |
Membership Eligibility | Open to anyone in the U.S. |
Rewards Checking | Up to 5.00% APY |
Auto Loans | Rates as low as 3.99% APR. Terms up to 84 months |
Personal Loans | Rates from 8.99% APR |
Mortgages | Up to $4 million. 30-year fixed from 6.646% APR |
NCUA Insured | Yes, up to $250,000 per depositor |
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 3.99% APR for newer vehicles (2025 models and newer)
- Terms up to 84 months available
- 100% financing for qualified buyers
- 0.50% rate discount when using CCU's Auto Buying Service
- No prepayment penalties
The low rates and flexible terms make Consumers Credit Union auto loans an attractive option for car buyers. The national average auto loan rate hovers around 7% APR for new vehicles, so CCU's starting rate of 3.99% APR is well below the competition.
Personal Loans
Consumers Credit Union's personal loans offer flexible funding for various needs:
- Rates as low as 8.99% 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
CCU's 30-year fixed mortgage rate starts at 6.646% APR, with 15-year fixed rates from 5.733% APR. Their 5/1 ARM starts at 5.763% APR. These rates are competitive with national averages 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. CCU's Money Market offers tiered rates from 0.55% to 1.16% APY based on your balance, with higher balances earning better rates.
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. The Smart Saver offers up to 3.00% APY, with monthly deposits limited to $1,000. You need to meet certain requirements to qualify for the top rate.
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. CCU's current promotional 7-month certificate offers 4.10% APY with a $250 minimum deposit. Standard CD terms range from 91 days to 5 years, though rates on longer terms are lower than the promotional specials.
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 Consumers 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:
| Product | Interest Rate/APY |
|---|---|
Free Rewards Checking | Up to 5.00% APY |
Certificates (7-month special) | 4.10% APY |
Smart Saver Account | 3.00% APY |
Money Market Account | 0.55% - 1.16% APY |
Auto Loans (2025+ models) | As low as 3.99% APR |
Personal Loans | As low as 8.99% APR |
Mortgage (30-year fixed) | 6.646% APR |
Mortgage (15-year fixed) | 5.733% APR |
Home Equity Line of Credit | 4.74% APR (12-month intro) |
Visa Credit Cards | 13.20% - 25.20% APR |
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
Choose your account
Decide which account type fits your needs best. The Free Rewards Checking is a popular choice with its high APY.
Make your application
Have your ID and SSN/ITIN ready. Then, visit CCU’s website to start your application. It’s a simple process that you can make in a few minutes.
Fund your account
Make your initial deposit (remember, at least $5 for the savings account). And don’t forget that $5 fee to join the Cooperative Association.
Start Banking
Once approved, register for digital banking to manage your account easily. Now, enjoy all CCU’s features in your daily business.
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 CCU, 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, 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 15 physical branches in Illinois.
CCU's loan rates, especially for auto loans starting at 3.99% APR, 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.
Consumers Credit Union FAQs
What Is Consumers Credit Union and How Does It Differ From Traditional Banks?
Consumers Credit Union (CCU) is a member-owned financial cooperative founded in 1930 and headquartered in Lake Forest, Illinois. Unlike traditional banks, CCU is not-for-profit and returns earnings to members through better rates and lower fees.
With over $4.3 billion in assets and 268,000+ members, CCU offers a wide range of financial products nationwide. Its Free Rewards Checking account can earn up to 5.00% APY, significantly higher than most traditional banks.
How Do I Become a Member of Consumers Credit Union?
Joining CCU is open to anyone in the U.S. To become a member, you need to pay a one-time $5 fee to join the Consumers Cooperative Association and deposit at least $5 in a Membership Share/Savings Account.
You'll need a government-issued photo ID and your Social Security Number or ITIN. The entire process can be completed online in minutes, making it easy for anyone to join regardless of location.
How Many ATMs Does Consumers Credit Union Have Access To?
CCU members have access to over 30,000 surcharge-free ATMs nationwide through partnerships with the CO-OP Network and other credit union alliances.
This network includes ATMs at popular locations like 7-Eleven, Walgreens, and Costco. CCU also reimburses ATM fees when certain account requirements are met, effectively expanding your access to even more ATMs.
Is Consumers Credit Union FDIC Insured?
Consumers Credit Union is not FDIC insured because it's a credit union, not a bank. However, CCU accounts are federally insured by the National Credit Union Administration (NCUA), a U.S. government agency.
The NCUA provides the same level of protection as FDIC insurance, covering up to $250,000 per depositor. Your funds are just as safe as they would be at an FDIC-insured bank.
How to Contact Consumers Credit Union Customer Service?
CCU offers multiple ways to contact customer service. You can reach them by phone at 877-275-2228, available Monday through Friday 8am to 6pm CT and Saturday 8am to 2pm CT. For 24/7 support, CCU provides live chat through their website and mobile app.
They also offer email support and have 15 branch locations in Illinois for in-person assistance. CCU maintains an A+ rating with the Better Business Bureau.
How Secure Is Consumers Credit Union Online Banking?
CCU uses 128-bit encryption for all online transactions and implements multi-factor authentication to prevent unauthorized access. Their mobile app features biometric login options like fingerprint and facial recognition.
The credit union provides real-time fraud monitoring and instant alerts for suspicious activities. CCU's mobile app is highly rated, with 4.8 stars on the Apple App Store and 4.1 stars on Google Play.
Is Consumers Credit Union Legit?
Yes, Consumers Credit Union is a legitimate, federally chartered credit union. CCU has been operating since 1930, making it one of the oldest credit unions in Illinois. It's regulated by the NCUA and all deposits are federally insured up to $250,000.
CCU holds an A+ rating with the Better Business Bureau and serves over 268,000 members with $4.3 billion in assets. It's a not-for-profit institution owned by its members.
