WASHINGTON (11/5/15)--Personal finance website Kiplinger.com recently reminded readers that at a time when ATM fees have hit record highs and interest rates have barely budged from record lows, credit unions continue to provide a money-smart option to consumers.
In the article “Best Deals in Banking of 2015,” Lisa Gerstner, Kiplinger personal finance director, wrote that credit unions “still offer standout deals, including checking accounts that reimburse fees that other institutions charge when you use their ATMS, and savings accounts with relatively high yields.”
At Consumers CU, Gurnee, Ill., for example, members can earn up to 5.1% interest on up to $20,000 with the credit union’s free rewards checking account. To access the account, members only have to use their debit cards more than 12 times monthly, sign up for direct deposit and use a Consumers CU-issued Visa credit card.
Consumers also reimburses members for out-of-network ATM fees imposed by other institutions.
Similarly advantageous deals can be found at Alliant CU, Chicago, Gerstner said, such as free, no-minimum checking accounts that also reimburse monthly out-of-network ATM fees up to a certain dollar amount.
“With electronic statements and one monthly direct deposit, you’ll earn 0.65% interest,” Gerstner said. “The savings account pays 0.95% on balances of $100 or more.”