Boeing Employees’ Credit Union Review 2021

Published December 2020 by Brian Beers

AT A GLANCE
3.7

Bankrate Score

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No Minimum Balance

No monthly fees

BECU offers members a comprehensive banking experience without many of the monthly fees you might see elsewhere. Savers hoping to earn more interest — and those who don’t live in the Northwest or South Carolina — may be better off looking at other options.

  • CDs
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    3.0
  • Savings
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    2.8
  • Checking
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    4.6
  • MMAs
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    3.0
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Quontic Bank

    Member FDIC

    Checking account

    1.01 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    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 highly desired online banking features.

    What we like

    • There are no monthly service fees or balance requirements.

    • Account holders get access to a full suite of product offerings.

    • With Member Advantage accounts, BECU gives members an opportunity to earn higher yields.

    • You’ll enjoy nationwide access to more than 30,000 surcharge-free ATMs.

    What we don't

    • While fees are low, so are yields compared to other top credit unions.

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

    CD rates

    3.0

    Bankrate Score

    When it comes to certificates of deposit (CDs), members can choose from terms ranging from three months to five years. There are standard CDs, bump up CDs and IRA CDs. There’s also a Veterans Family Fund CD. You can start with as little as $500, although rates are tiered and get higher when more money is deposited into the account.

    Those 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

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

    • You’ll only need $500 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 gives the chance for 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.

    • Super savers with deposits of $100,000 or more barely earn more interest than others.

    Savings accounts

    2.8

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    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

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

    • You won’t have to worry about any monthly service fees.

    • There’s 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 well behind many top credit unions.

    Checking accounts

    4.6

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Quontic Bank

    Member FDIC

    Checking account

    1.01 % APY

    $ 100

    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.

    What we like

    • All accounts are interest bearing.

    • There are no minimum balance requirements.

    • You won’t find any monthly maintenance fees on these accounts, and you’ll also get free online banking and bill pay.

    • You might enjoy some of the custom debit card designs they offer, especially if you went to college in Washington or you’re a big fan of the NFL’s Seattle Seahawks.

    • In-network ATM access is abundant.

    What we don't

    • While it’s great that these accounts offer interest, the APYs are as low as it gets.

    • Overdraft charges could add up fast since BECU may ding you for up to five non-sufficient funds fees per day.

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

    Money market accounts

    3.0

    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

    • There are no monthly fees.

    • You can write a limited number of checks 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.

    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. Member Advantage members are refunded for out-of-network ATM surcharges up to $6 a month.

    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 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, LG 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.

    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 Boeing or you’re a member of the NW Credit Union Foundation (which can be joined online).

    Brian Beers Twitter Created with Sketch. @BRIAN_BEERS

    Brian Beers Twitter Created with Sketch. @BRIAN_BEERS

    About the author Brian Beers is the senior wealth editor at Bankrate. He oversees editorial coverage of banking, investing, the economy and all things money. Previously, he was the director of editorial production for CNBC Digital where he received an Emmy-nomination for the long-form digital feature "Boom, Bust and Blame: The Inside Story of America's Economic Crisis." Brian is driven to help people learn more about their money and investments knowing that it could end up positively impacting them in a real-life financial decision someday. His work has been published on CNBC, Investopedia, MagnifyMoney, NBC Sports, The Drive and Yahoo. He also spent a number of years as the lead digital producer of SportsBiz with Darren Rovell. Brian holds a B.S. in finance from Syracuse University and lives in New York with his family.