Consumers Credit Union Certificate

Consumers Credit Union Certificate Review

Consumers Credit Union Certificate are offered by Consumers Credit Union, a credit union founded in 1930 and based in Waukegan, IL. Consumers Credit Union Certificate are available in 1 state across the USA.

Key Takeaways

• Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 0.90%, which is much higher than the national average for a certificate account.
• $250 minimum deposit. This is a typical minimum initial deposit for the certificates we track.
• Wide selection of certificate terms. Consumers Credit Union Certificate allows you to create a certificate ladder by spreading your cash across certificates with different terms. This combines the benefits of frequent access to funds and higher rates of return on your savings.

Pros & Cons of Consumers Credit Union Certificate

Consumers Credit Union Certificate FAQ

Are CDs from Consumers Credit Union federally insured?

Yes, your Consumers Credit Union CD accounts are insured up to $250,000 per share owner for each account ownership category. The National Credit Union Administration (NCUA), a federal agency, administers the insurance fund and regulates federally insured credit unions. The fund is backed by the full faith and credit of the U.S. Government.

What types of CDs does Consumers Credit Union offer?

• Traditional CDs. These CDs pay a fixed interest rate if you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or automatically renewing the CD for another term.
• Jumbo CDs. A jumbo CD requires a higher minimum balance than that required by traditional CDs. In exchange, jumbo CDs pay higher interest rates.
• IRA CDs. An IRA CD is a type of IRA that consists entirely of CDs. In general, you can invest in CDs in any IRA, but Consumers Credit Union Certificate offers a CD that is specifically for retirement.

What CD rates does Consumers Credit Union offer on its CDs?

Consumers Credit Union Certificate offers an APY starting at 0.35% and ranging up to 0.90%. APY stands for annual percentage yield and shows the interest rate paid by the CD after taking into account compounding.

What is the minimum deposit to open a CD account with Consumers Credit Union?

Consumers Credit Union Certificate requires a minimum deposit of $250 to open an account.

What is the grace period for Consumers Credit Union Certificate?

There is a 10-day grace period for Consumers Credit Union Certificate. A grace period is a period of time during which you can withdraw the money in your CD without paying an early withdrawal penalty. A grace period starts the day after a CD’s maturity date, or the final day a CD is opened. Standard CDs renew automatically at the same term if you don't withdraw your money after the 10-day grace period. Note that the new CD rates probably won’t be the same as the original.

What types of fees, such as early withdrawal penalties, does Consumers Credit Union Certificate charge?

Financial institutions don't typically charge many fees on CDs. However, most charge a fee if you choose to withdraw your money before the CD term ends.

Consumers Credit Union does not charge an early withdrawal fee.