Banking » Reviews » Consumers Credit Union Certificate Rates, May 2023
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Consumers Credit Union Certificate Rates, June 2023

The Consumers Credit Union Certificates offer competitive rates on specific terms, and terms between 3 to 60 months. Here's our comparison.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

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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

0.50% – 4.55%

Minimum Deposit

$250

Terms

3 months – 5 years

Fees

$0

Consumers Credit Union Certificates

APY Range

0.50% – 4.55%

Minimum Deposit

$250

Terms

3 months – 5 years

Fees

$0

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

Compare CD Rates

Lorraine Smithills

Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
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