Boeing Employees’ Credit Union Review 2020

Published May 2020 by Amanda Dixon

AT A GLANCE
4.1

Bankrate Score

bank-logo

Highly Rated App

No Minimum Balance

No monthly fees

BECU is worth considering if you want an affordable banking experience with a credit union making strides on the digital front. Savers hoping to earn more interest — and folks who don’t live near the west coast or South Carolina — may be better off looking elsewhere.

  • CDs
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    3.4
  • Savings
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    5.0
  • Checking
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    4.6
  • MMAs
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    3.4
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Axos Bank

    Member FDIC

    Savings account

    0.61 % APY

    $ 250

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.60 % APY

    $ 0

    Min. balance for APY

    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    To open

    $ 0

    To avoid fees

    Overall

    4.1

    Bankrate Score

    Boeing Employees’ Credit Union is one of the largest credit unions in the U.S. that focuses on supporting and improving the financial situation of more than 1.2 million members.

    What we like

    • BECU has a highly rated mobile banking app.

    • Offers a full suite of product offerings available for deposit account holders.

    • The credit union’s Member Advantage accounts make it easy for savings and checking account holders to earn higher yields.

    • Few fees are charged and there are no monthly service fees or balance requirements.

    What we don't

    • For all deposit products, interest is compounded monthly rather than daily, reducing how quickly earnings can grow.

    • Yields aren’t as alluring as they seem due to low balance caps.

    • Branches are located primarily in the state of Washington.

    • Overdrawing accounts can be expensive and recent lawsuits call into question the fairness of charging overdraft and insufficient funds fees.

    CD rates

    3.4

    Bankrate Score

    Members have many different options to choose from when it comes to certificates of deposit (CDs). Terms range from three months to five years. There are standard CDs, bump up CDs and IRA CDs. There’s also a Veterans Family Fund CD.

    Members who have member advantage checking and savings accounts can earn extra interest if they have CDs. To be eligible, you must meet certain requirements, like receiving electronic statements and making a transaction using a free service like bill pay or direct deposit.

    What we like

    • Low minimum opening deposit.

    • Larger deposits earn more interest to an extent.

    • Member advantage checking and savings account holders earn higher yields.

    • Earned interest can be transferred to a checking or savings account.

    What we don't

    • Interest is compounded monthly rather than daily.

    • Yields are lower than what others offer, particularly for members without the member advantage status.

    • Super savers with deposits of $100,000 or more don’t earn more interest than others.

    Savings accounts

    5.0

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Axos Bank

    Member FDIC

    Savings account

    0.61 % APY

    $ 250

    Min. balance for APY

    Anyone hoping to join the Boeing Employees Credit Union must open one of three savings accounts, the Member Advantage Savings account, an Early Saver account or a Member Share Savings account. The Early Saver account is for teens and children under age 18. The Member Share Savings account is a basic option for savers.

    The Member Advantage Savings option is only available for account holders who also open a Member Advantage checking account. In addition to a high yield that applies to a portion of the members' deposits, account holders get access to monthly ATM fee refunds.

    What we like

    • No minimum balance requirements.

    • Member advantage account holders earn higher yields.

    • All savings accounts come with a savings ATM card.

    • No monthly service fees listed.

    What we don't

    • High yield available to Member Advantage account holders only applies to balances up to $500.

    • The yield most savers will receive for their deposits is less than 1 percent.

    • Interest is compounded monthly rather than daily.

    Checking accounts

    4.6

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    To open

    $ 0

    To avoid fees

    BECU offers a couple of main checking account options: a Member Share Checking account and a Member Advantage Checking account. With both, there’s an opportunity to earn a yield. The former account is best for members who don’t use their checking accounts too often.

    To qualify for the Member Advantage Checking account, you’ll have to meet several requirements and open a Member Advantage Savings account. A teen checking account can be opened online, but only if your child already has an Early Saver account and active access to online banking.

    What we like

    • No monthly service fees.

    • No minimum balance requirements.

    • All accounts pay some interest.

    • Free bill pay and free credit scores are available.

    • No out-of-network ATM fees.

    • BECU reimburses up to $6 in ATM fees charged by other banks and ATM providers.

    What we don't

    • Interest is compounded on a monthly basis, rather than daily.

    • High yield available to Member Advantage account holders only applies to balances up to $500.

    • Overdrafts can be costly for members who could pay up to $125 per day.

    Money market accounts

    3.4

    Bankrate Score

    BECU also offers money market accounts for savers looking for a liquid account and higher yields than the ones tied to the credit union’s savings accounts. To earn the highest yield, you’ll need to have Member Advantage checking and savings accounts.

    While members with the Members Advantage savings account have a balance cap that limits the extent to which they can earn a decent amount of interest, there’s no limit to how much money market account holders can set aside if they care about snagging a high yield.

    What we like

    • No monthly service fees.

    • Higher balances generally earn higher yields.

    • Free check writing available for money market account holders.

    What we don't

    • Interest is compounded on a monthly basis, rather than daily.

    • To earn the top yield, you’ll need at least $100,000.

    • The top yield is low relative to what other banks and credit unions offer.

    Bank experience

    BECU provides access nationwide to more than 30,000 surcharge free ATMs. There are also more than 50 locations members can visit in person in the state of Washington and in North Charleston, South Carolina.

    Members with questions and concerns have multiple ways to get in touch with the credit union. Make an appointment online to visit a branch location in-person. Phone lines are available throughout the week and on Saturdays through the early afternoon. Members are encouraged to send tweets via Twitter or post questions on Facebook. It’s also possible to get help through Messenger inside of the credit union’s mobile app.

    BECU stands out for its mobile app, which rates well in Google Play and the Apple Store. Members can take advantage of features like Zelle (a person-to-person payment option), bill pay, account alerts and budgeting tools that make it easier to manage external and BECU accounts. They can also add their BECU debit and credit cards to digital wallets, including Android Pay, Apple Pay and Samsung Pay. Google Pay, Fitbit Pay and Garmin Pay are additional payment options for members.

    About Boeing Employees' Credit Union

    Boeing Employees’ Credit Union (BECU) is the largest credit union  in the state of Washington and the fourth-largest credit union in the United States. The total number of members it serves exceeds 1.2 million.

    Eighty-five years ago during the Great Depression, employees of Boeing Co. got together over coffee  to discuss the idea of starting a credit union. The Fellowship Credit Union was founded shortly after that in 1935. In 1949, the credit union’s name was changed to the Boeing Employees’ Credit Union.

    Membership at the credit union is available to residents, students, employees and church attendees in certain Washington, Idaho and Oregon counties. You can also join if you’re a member of a couple of alumni associations, you’re a business owner in a certain area, you work for the Boeing company or you’re a member of the NW Credit Union Foundation (which anyone can join online with the payment of a $20 membership fee).

    Amanda Dixon Twitter Created with Sketch. @AMANDAADIXON

    Amanda Dixon Twitter Created with Sketch. @AMANDAADIXON

    Amanda Dixon is a senior banking reporter for Bankrate. Prior to joining Bankrate, she served as a writer and editor for SmartAsset, a New York-based fintech startup. Originally from the metro Atlanta area, she's a University of Georgia alum. She enjoys providing an inside look into what banks and credit unions are up to and offering tips and tricks to help consumers save money and build wealth at every stage of their financial lives. Follow her on Twitter: @amandaadixon.