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Boeing Employees’ Credit Union Review 2022

Published February 2022 by Karen Bennett

AT A GLANCE
3.7

Bankrate Score

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Highly Rated App

No Minimum Balance

No monthly fees

BECU offers members full-service banking without many of the monthly fees found elsewhere. Savers hoping to earn a higher rate of interest — and those who don’t live in the Northwest or South Carolina — may be better off looking at other options.

  • Checking
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    4.8
  • CDs
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    3.0
  • MMAs
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    2.8
  • Savings
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    2.8
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    LendingClub

    Member FDIC

    Savings account

    2.65 % APY

    $ 0

    Min. balance for APY

    SoFi

    Member FDIC

    Savings account

    2.50 % APY

    $ 0

    Min. balance for APY

    Citizens Access

    Member FDIC

    Savings account

    2.35 % APY

    $ 5,000

    Min. balance for APY

    Overall

    3.7

    Bankrate Score

    Boeing Employees’ Credit Union is one of the largest credit unions in the U.S. It offers members a variety of checking and savings products along with many online banking features.

    What we like

    • There are no monthly service fees or balance requirements.

    • Member Advantage accounts pay higher rates on CDs, money markets and IRAs.

    • BECU offers nationwide access to more than 30,000 surcharge-free ATMs.

    What we don't

    • Fees are low, but so are yields compared to other top credit unions.

    • Nearly all of the credit union’s branches are located within Washington state.

    Checking accounts

    4.8

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    SoFi

    Member FDIC

    Checking account

    2.50 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    BECU’s checking account options include a basic checking account, the one scored for this review, and a Member Advantage Checking account. Both earn a yield, and neither account requires a minimum balance or charges fee.

    To qualify for the Member Advantage Checking account, you’ll have to meet several requirements and open a Member Advantage Savings account. This account can earn a higher rate than the standard checking for those in set balance ranges, and it also provides refunds for out-of-network ATM fees.

    What we like

    • All accounts are interest bearing.

    • There are no minimum balance requirements or monthly maintenance fees.

    • Custom debit card designs are available for fans of the NFL’s Seattle Seahawks, and alumni of Washington State University and the University of Washington.

    • In-network ATM access is abundant.

    What we don't

    • The accounts pay interest, but the APYs are as low as they come.

    • Overdraft charges could add up quickly since BECU may ding you for up to five nonsufficient funds fees a day.

    • If you want paper statements sent each month, you won’t qualify for the Member Advantage account.

    CD rates

    3.0

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Capital One

    Member FDIC

    CD

    3.25 % APY

    1yr

    Term

    $ 0

    Min. deposit

    When it comes to certificates of deposit, members can choose from terms ranging from three months to five years. BECU offers standard, bump-up and and IRA CDs that can be opened with as little as $500. Rates are tiered and rise when more money is deposited into the account.

    Those who have Member Advantage checking and savings accounts can earn additional interest on CDs. To be eligible, certain requirements must be met, such as receiving electronic statements and making a transaction using a free service like bill pay or direct deposit.

    What we like

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

    • Only $500 is needed to open a CD.

    • There’s an “add-to” option that lets you make additional contributions while maintaining your existing fixed interest rate.

    • You can opt for a Bump CD that provides a one-time increase to your rate during the term.

    What we don't

    • Yields are lower than other credit unions, particularly for members without the Member Advantage status.

    Money market accounts

    2.8

    Bankrate Score

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

    While the balance cap of the Members Advantage savings account limits the extent to which it can earn a higher rate of interest, the money market account carries no such limit.

    What we like

    • There are no monthly fees.

    • A limited number of checks can be written each month for free.

    • Standard Money Market APYs are higher than the standard Member Share Savings account.

    What we don't

    • It takes at least $10,000 to get a higher-tiered rate.

    Savings accounts

    2.8

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    LendingClub

    Member FDIC

    Savings account

    2.65 % APY

    $ 0

    Min. balance for APY

    To join the Boeing Employees Credit Union, one of three savings accounts must be opened: the Member Advantage Savings account, Member Share Savings account or Early Saver account. The Early Saver account is for those under age 18, while the Member Share Savings account is a basic option for savers.

    The Member Advantage Savings option is only available for those who also have 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

    • Member Advantage Savings provides a premium rate for the first $500.

    • There are no monthly service fees and no minimum balance requirement.

    • You can get free access to your FICO score.

    What we don't

    • Standard APYs are lower than the national average and much less than many top credit unions.

    Bank experience

    BECU provides access to more than 30,000 surcharge free ATMs nationwide. Member Advantage members are refunded for out-of-network ATM surcharges up to $36 a month. There are also more than 50 branches in Washington state and North Charleston, South Carolina, for in-person banking.

    To get in touch with the credit union for customer service, you can 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. It’s also possible to get help by sending a message  through the credit union’s mobile app.

    The BECU mobile app scores well on Google Play and the Apple App Store. Members can take advantage of features like Zelle (a person-to-person payment option), bill pay, account alerts and budgeting tools that allow you to manage external and BECU accounts. You can also add your BECU debit and credit cards to Android Pay, Apple Pay, Samsung Pay, Google Pay, Fitbit Pay, LG Pay and Garmin Pay digital wallets.

    About Boeing Employees' Credit Union

    Boeing Employees’ Credit Union is the largest credit union in Washington state and the fourth-largest credit union in the United States. It serves nearly 1.1 million members.

    Membership at BECU is available to residents, students, employees, business owners and churchgoers in Washington state, and designated counties in Idaho and Oregon. You can also join if you work for Boeing, or are a member of one of two alumni associations or of the NW Credit Union Foundation, which can be joined online.

    Karen Bennett Twitter Created with Sketch. @

    Karen Bennett Twitter Created with Sketch. @

    Karen Bennett is a consumer banking reporter at Bankrate. She uses her finance writing background to help readers learn more about savings and checking accounts, CDs, and other financial matters. Karen brings decades of writing and reporting experience to the table, including the roles of credit cards writer for travel website Million Mile Secrets and money and career writer for The Cheat Sheet. Her work has also appeared in USA Today, Illinois Legal Times, and several Chicago, Milwaukee, and Washington, D.C. newspapers. In addition, she’s worked in the areas of marketing and business development, and she was product manager for a consumer money-saving website. When she’s not writing Bankrate articles, she can often be found cheering her kids on at soccer games, cooking and reading up on saving for retirement and other personal finance topics.