BCU Named One of Best Credit Unions of 2022 by CNET
CHICAGO - BCU is proud to have made CNET’s list of Best Credit Unions of 2022.
The list was determined by CNET’s evaluation of credit unions with the highest APYs for one-year terms. “We’re thrilled to have made the list by our own merits,” said Maggie Garcia, BCU Vice President of Deposits and Payments. Recognized for their competitive, high-yield PowerPlus™ Checking and Rainy Day Savings™ rates, the Credit Union is raising the bar even higher beginning December 1, 2022; increasing the PowerPlus Checking rate to up to 4% APY1 and the Rainy Day Savings rate to up to 2.5% APY2. “We’re always looking to elevate our products to work harder for members,” said Garcia, “but with prices of everything rising, we know they’re feeling financial stress and we want to make sure we’re doing everything in our control to help them out.” BCU earned one of nine spots out of 50 banks, credit unions, and financial companies considered.
View CNET’s complete list of Best Credit Unions of 2022.
1. To earn monthly dividends, your account must meet all three of these requirements monthly to qualify for Level 1 or Level 2. To achieve Level 1, you must have monthly direct deposits totaling at least $1000 into your PowerPlus Checking account on an ongoing monthly basis, enrollment in eStatements and completion of at least fifteen (15) qualified transactions.
To achieve Level 2, you must have direct deposits totaling at least $3000 into your PowerPlus Checking account on an ongoing monthly basis, enrollment in eStatements and completion of at least thirty (30) qualified transactions. Qualified transactions include any combination of the following: BCU Debit Card PIN, Debit Card signature, credit card purchases, Online Bill Pay or ACH payments, which will apply toward the monthly requirements in the month they post to your account. Credit card transactions that post on the last day of the month will be applied toward the following month’s transaction total. Accounts not meeting all monthly requirements will not earn dividends. Rates accurate as of 12/1/2022. The dividend rate and annual percentage yield (APY) may change at any time. Balances up to $15,000 will earn the stated higher rate and the portion of the balance over $15,000 will earn the stated lower rate. See rate sheet or website for current rates. There is no minimum balance required to earn dividends. Dividends are paid monthly and calculated based on the average daily balance method. Fees may reduce earnings. PowerPlus Checking is available as a personal account only and is limited to one account per member. When Opted In, if you do not have sufficient available funds in your checking account to clear a presented item, funds may automatically transfer from your savings or money market share and may count towards withdrawal limitations for that savings or money market share (Electronic funds transfers from savings and money market shares, which include overdraft transfers are limited to six per month). Each electronic funds transfer in excess of six per month is subject to a $3 excessive withdrawal fee. See Service Charges and Fees Schedule in Consumer Member Service Agreement for further details. PowerPlus™ Checking is a trademark of BCU.
2. Rainy Day Savings is a tiered, dividend-bearing account based on qualifying activity and balance. To qualify for the stated APY, a deposit must be made monthly of at least $25.00. The specified Dividend Rate for each tier will apply only to the portion of the account balance that is within that tier. The annual percentage yields, which vary depending on the balance in the account, are shown for each tier. During the first calendar month the account is opened only, a member may deposit up to $50,000.00. Deposits exceeding the first month maximum deposit will be transferred to the member’s Regular Savings account. Balances above $25,000.00 and up to $50,000 will earn a different rate as posted. Balances above $50,000 will earn a different rate as posted. For months in which the minimum deposit requirement is not fulfilled, the Regular savings rate will be paid. Rates are subject to change without notice. An allowance of four withdrawals are permitted each calendar year, any additional withdrawals will result in a $25 excessive withdrawal fee which may reduce earnings. Rainy Day Savings is available as a personal account only and limited to one account per member. Rainy Day Savings™ is a trademark of BCU.
About BCU: BCU is a purpose-driven organization that empowers people to discover financial freedom. With $5B in assets, while being both not-for-profit and member-owned, the Credit Union is driven by the commitment to provide extraordinary service. BCU members enjoy access to financial services and well-being programming that inspire confidence through the brand promise “Here Today For Your Tomorrow.” BCU is the financial well-being benefit partner for some of America's best companies, currently serving Fortune 100 workplaces throughout the United States and Puerto Rico. Lifetime membership is offered to employees and families of their company partners, and those living or working in Chicago-area communities. To learn more about BCU, visit BCU.org.