Table Of Content
As the name suggests, Consumers Credit Union was set up to appeal to consumers and as such this financial institution offers a comprehensive line up of personal banking products including checking, savings, loans, home loans, investing and certificates.
But how do the Consumer Credit Union certificates stack up against the competition? Here we’ll delve into these products to help you decide if they are the right option for you.
Consumers Credit Union Certificates
APY Range
Minimum Deposit
Terms
Fees
Consumers Credit Union Certificates
APY Range
Minimum Deposit
Terms
Fees
Consumers Credit Union Certificate Rates
Consumers Credit Union certificates have a tiered APY with the higher rates reserved for those with at least $100,000 in their certificates (the difference is insignificant – 0.10%). This creates a rate range of 0.50% – 4.55% APY.
Consumers also periodically has certificate specials. The current special is an 11 and 17 month certificate offering 4.55% and 4.30% APY.
Term | APY |
|---|---|
3 Months | 0.50%
|
6 Months | 0.65%
|
11 Months (Special) | 4.55%
|
12 Months | 1.00%
|
17 Months (Special) | 4.30%
|
24 Months | 1.20%
|
36 Months | 1.30%
|
48 Months | 1.35%
|
60 Months | 1.50%
|
How Consumers Credit Union Certificates Work
Consumers Credit Union offers a variety of certificates with terms from 3 months – 5 years, allowing you to lock in the rate for the full term. Regardless of the term, you will need a minimum of $250 to deposit in your CD, but your funds are protected by NCUA coverage.
Regardless of the type of certificate, your balance or the term, if you need to access your funds before maturity, you will incur an early withdrawal penalty. This is calculated according to the original term. certificates with a term of 12 months or less incur a penalty of 60 days of interest on the sum withdrawn. This increases to 120 days for certificates with a longer term.
30 days before the certificate maturity date, Consumers will send out a notice to provide you with time to plan your next investment. There is a 10 day grace period upon maturity, during which you may make withdrawals, add further funds or close out the account with no penalties. After the 10 days, unless otherwise instructed, the certificate will auto renew for another certificate of the same term.
Term | Early Withdrawal Penalty |
|---|---|
3 Months | 60 days of interest |
6 Months | 60 days of interest |
11 Months (Special) | 60 days of interest |
12 Months | 60 days of interest |
17 Months (Special) | 120 days of interest |
24 Months | 120 days of interest |
36 Months | 120 days of interest |
48 Months | 120 days of interest |
60 Months | 120 days of interest |
Are Consumer's Certificate Rates Competitive Compared to Other Banks?
Unfortunately, unlike many credit unions, most Consumers Credit Union certificate rates are not highly competitive. With the average certificate rate as of June 2023 set at 1.68%, Consumers struggles to hit this average, even if you invest over $100,000. In fact, the only certificate product which is above this national average is the limited time special certificate.
When comparing Consumers Credit Union certificate rates with conventional banks, the rates are quite competitive. Many traditional banks are also struggle to offer the national average. This means that if you’re looking at a comparison between your traditional bank and Consumers, Consumers may have the edge, depending on your bank.
However, there is another story completely when you compare Consumers Credit Union certificate rates with online banks and many other credit unions. When you make this comparison, you are likely to find that Consumers does not compare favorably. The only real exception is the special certificate, which can be relevant if you're looking for a 1-year CD or 2-year CD. In fact, the special certificate rate is typically what you can expect to see when you’re shopping for certificates with online banks and credit unions.
Credit Union | CD Range | Minimum Deposit |
|---|---|---|
2.00% – 4.35% | $1,000 | |
4.30% – 5.15% | $1,000 | |
3.51% – 4.85% | $5,000 | |
0.50% – 4.55% | $250 | |
4.00% – 5.00% | $1,000 | |
2.25% – 4.75% | $50 | |
4.10% – 5.00% | $10,000 | |
0.30% – 4.00% | $500 | |
3.59% – 4.70% | $1,000 | |
0.40% – 4.55% | $1,000 |
Are Consumer's Certificate vs. Savings Rates
The Smart Saver account offers a 2% APY dividend rate to customers who have a CCU Checking account, deposit at least $50 (up to a maximum of $1,000) to the Smart Saver account each month, have direct or mobile deposit or ACH credits of $500 or more to their CCU Checking account monthly, and enroll in eDocuments.
While the requirements are a but tough, the rate is higher compared to the most CCU certificates terms, but still less than the special certificates offered.
Certificates | Savings | |
|---|---|---|
APY | 0.50% – 4.55% |
2% |
Minimum Deposit |
$250 | $50 |
Fees | $0 | $0 |
