NEW YORK–BuySide, a publication of the Wall Street Journal, has identified what it says is the best overall credit union in the U.S., as well as the best CU for rates, high-yield checking, and high-yield savings—but it should be noted it only considered CUs that were among the “largest ones.”
“Credit unions may not have the name recognition of brand name Wall Street banks. That’s because these member-owned, nonprofits don’t typically buy pricey, prime-time commercials or shell out to slap their names on sports arenas,” reads the introduction to the rankings.
The publication said it evaluated more than a dozen of the “largest ones looking for attractive interest rates, low or no fees and user-friendly customer features and tools.”
According to the BuySide ranking, the “best overall” CU is Alliant CU in Chicago.
Among ACU’s “key stats,” according the publication:
- APY for High-Rate Checking: 0.25%
- APY for High-Rate Savings: 2.2%
- $5 minimum to open a checking or savings account ($100 minimum balance to earn interest on savings)
- No minimum balance requirement for checking, $5 minimum balance for savings
- No monthly maintenance fee for checking or savings
- Certificate terms from 1 to 5 years available, $1,000 minimum deposit
- Anyone can join by becoming a member of Foster Care to Success—Alliant pays the $5 fee
Reason for Selection
“Alliant built its reputation on simple, transparent account terms with no monthly charges and no “gotcha” fees. About the only fee you’ll encounter is a $1 monthly fee if you want paper statements for your savings account,” the publication stated. “It also offers very competitive interest rates, which is why Buy Side named Alliant as the top credit union in our Best Checking and Best Savings accounts rankings. And while credit cards didn’t factor heavily in our Best Credit Union selection criteria, it’s worth noting the Alliant Visa Signature Card is also, in our view, one of the best cash back cards on the market.
“While many credit unions limit their customers by workplace, geographical locations or other criteria, Alliant lets anyone join by becoming a member of nonprofit Foster Care to Success,” continued the publication. “While many of our profiled credit unions have similar membership requirements, Alliant takes it a step further—they’ll even pay the $5 membership fee for you.”
Other Options
Other credit unions BuySide said it considered for best CU included The Golden 1 and First Technology.
Best for Rates
The best credit union for rates is Michigan-based Consumers CU, according to BuySide.
The publication said its key stats include:
- APY for Rewards Checking: up to 5% on up to $10,000
- APY for Smart Saver: up to 2% on savings up to $1,000
- Top CD APY of 3.4% for non-jumbo ($250 min.)
- $5 minimum to open a checking or savings account
- No monthly maintenance fee or minimum balance requirement for checking or savings
- Anyone can join by paying $5 to become a member of the Consumers Cooperative Association
Reason for Selection
“Most banking institutions that advertise interest rates much higher than the competition put some conditions around how you can earn them: There might be account minimums, maximums or tiers—or all three. You may also be required to show a certain level of account activity every monthly statement period,” the publication said. “Consumers is no exception to this rule, but for yield-seekers willing to jump through some hoops, the rewards can be significant.”
The publication noted that once a deposit hits the $10,000 threshold in the Consumers checking account, the interest rate earned on anything over that “drops considerably. If you deposit more than $1,000 in the Smart Saver account in any given month, additional sums get transferred automatically into a low-earning basic savings account. “
The publication said it also considered Pentagon FCU for recognition in this category.
Other CUs Recognized
Other credit unions recognized included:
- Best for high-yield checking: Lake Michigan CU
- Best for high-yield savings: Affinity FCU
The full report can be found here.
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