BECU Review: Checking, Savings and CDs

Similar to BECU's checking accounts, Member Advantage Savings has no monthly fees or minimum balance requirements. But the account's 6.17% APY is only for the first $500. That’s many times higher than the national average savings rate of 0.43%. But the rate drops after $500 to 0.40% APY.

BECU’s Member Advantage Checking account has no monthly fee or minimum balance requirement, which is common among credit unions. The real incentive is that this account also earns interest: 4.07% annual percentage yield on the first $500 and 0.10% APY on the rest. Many free checking accounts don't earn any interest, so the second rate is still better than nothing.

Other account perks include up to $3 a month in refunds for out-of-network ATM fees, a free nationwide ATM network and a money manager tool for tracking expenses and setting goals.

The rates above are for regular CDs that don't require linking to checking or savings. If you already have Member Advantage Checking and Savings, you can qualify for Member Advantage CDs, which earn slightly more. But rates across the board tend to be much lower than at other big credit unions. BECU CDs have a low opening minimum of $500 and a wide range of terms, from three months to five years.

There are several ways to become a BECU member, including being a Boeing employee or living, working, attending school or belonging to a religious organization in Washington. Folks who reside in select counties in Oregon and Idaho are also eligible, as are family members of someone who’s eligible. If none of those are an option, you can donate as little as $1 to one of several associations, like the BECU Foundation, to become eligible for membership to the credit union.