Consumers Credit Union offer best cd rates of 2.25% APY for Jumbo CD with 7-month term
The Consumers Credit Union still pushes for their regular and jumbo certificate of deposit that has the best cd rates. Members can open an account with an initial deposit of $250. You can also opt for the top cd rates that are higher by 25 basis points being offered with their Jumbo CDs having the same terms.
The rates that we have here are up to date as of 10 August. You can find the current cd rates on the bank’s website. Here’s how your certificate of deposit can earn:
APY - $250 Min APY - $100K Min
7 months 2.00% 2.25%
10 months 1.75% 2.00%
16 months 2.15% 2.40%
22 months 2.40% 2.65%
59 months 3.00% 3.25%
These interest rates may change any time so it will be best to get an update before signing up for anything. Their customer service representative confirmed that they can lock in the rates once they receive the application.
Like other CD offerings in the market, this one has lower than usual penalty for early withdrawals. If you have a certificate of deposit which has a term of a year or shorter, the bank will charge a penalty of 2 months of interest. CDs with terms of more than 12 months will cost account holders a penalty of 4 months of interest.
The penalty for early withdrawal is lower than the market average which can go for 6 months of interest if you have CDs that has a maturity of over 12 months.
Interested individuals can join for Consumers Credit Union by signing up for the Consumers Cooperative Association. There is only a one time fee of $5. The group will also ask for a $5 minimum balance in a share savings account.
You can check out an online application through Andera which is good for the association and credit union membership. Through this one you can choose the accounts that you want to initiate and transfer funds via ACH. The system will prompt the applicant that the maximum funding via ACH is limited to $205,000.
The union has offices in several cities of Illinois like Volo, Gurnee, Round Lake Beach, Mundelein, and Waukegan.
The Consumers Credit Union is covered by the NCUA under the charter number 68588. The union switched from ASI coverage to federal coverage last year.
BauerFinancial gives the credit union 3 stars for soundness and safety. Bankrate.com has not yet rated the union for some reason.
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