Overview
BECU was originally founded by employees of the Boeing Company in 1935. After 75+ years of service the credit union ranks fourth on the list of largest credit unions in the nation and first in in Washington. The credit union holds over 50 branches across the U.S. and over 1 million members. In 2002, BECU opened up its membership to all Washington state residents and their families.
At BECU you can find a full lineup of banking products like checking accounts, savings accounts, certificates, retirement programs and investment services.
Mission: “More Than Just Money”
BECU’s main goal is to serve communities by empowering people through financial education, affordable financial services, and products that prioritize financial health.
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Banking with BECU
BECU has made it easier to become a member of the credit union over the last decade and offer various accounts for all their diverse members.
Membership
The BECU membership requirements are relatively simple:
- Employee, volunteer or retired employee of BECU and Beoing Company
- Family member of someone belonging to criteria 1
- Anyone who lives, works, worships, or goes to school in Washington state
- Residents of select counties in Oregon and Idaho
- Members of partner associations (list available online)
Once one of these are criteria are met, you must open a BECU account to seal the deal. No deposit is required at the time of opening.
Checking Accounts
BECU has two checking options, one basic checking account and another with more bells and whistles. There is also a teen checking account available to help the youth along their financial journey.
Share Checking: the perfect account if you know you won’t make use of it as frequently but still want to bank on the perks that comes with BECU checking accounts
- Earn 0.05% APY
- No monthly fees
- No minimum required opening deposit
- This account requires a Member Share Savings account
- Free FICO Score
Member Advantage Checking: offers additional benefits and a higher APY rate
- Earns 4.07% APY on the first $500
- Earn 0.05% APY on balances afterwards
- No monthly fees
- No minimum required opening deposit
- Up to $6 a month in refunds for out of network ATM transactions
- Higher interest rates on CD, IRA & Money Market accounts
- Free FICO Score
Teen Checking: ideal for teenagers learning money management until child turns 18 years old
- Earns 6.17% APY on first $500
- Earn 0.10% on balances afterwards
- Account is joint with parent or legal guardian
- No monthly fees
- No minimum required opening deposit
- Text and Email account alerts
Savings Accounts
There are several options when it comes to savings accounts at BECU, there’s just about an account for every type of saver, each with their own unique features, but all have no maintenance fees or minimum required balance.
Member Share Savings: basic savings account offered with or without Member Share Checking account and earns 0.10% APY.
Member Advantage Savings: premium savings account with more to offer.
- Premium rate on first $500 of 6.17% APY
- Up to $6 a month in refunds for out of network ATM transactions
- Higher interest rates on CD, IRA & Money Market accounts
- Free FICO Score
- Only available with Member Advantage Checking
Youth Savings: this account is designed for youths and needs to be joint with parent or legal guardian that is a member. This account cannot be open online for security and requires you to visit a local branch. However, for the first $500 this account will earn 6.17% APY.
Certificates
Unfortunately, the certificates of deposit at BECU have relatively low interest rates when compared to other banks or even other credit unions. To get the best CD rates at BECU, you will need to open a Member Advantage account, these accounts offers higher interest rates.
- Terms range from 3 months to 60 months
- Low opening requirement of $500
Bump Option CD: a 12- or 24-month Bump CD have a one-time option to increase the interest rate on your investment to the current BECU published rate for the equivalent term CD
Add-To Option CD: lets you make additional contributions while maintaining your fixed interest rate. This option allows a minimum deposit of as little as $100
Veterans Family Fund CD: this 6 -month CD option donates half the interest you earn will to veteran families in need, and the other half for yourself. The interest paid to the Fund may be tax-deductible
| $500 – $49,999.99 | $50,000 – $99,999.99 | $100,000 + | |
| 12 – 17 Month CD Member Advantage* | 1.92% | 1.97% | 1.97% |
| 12 – 17 Month CD | 1.41% | 1.46% | 1.46% |
| 36 – 47 Month CD Member Advantage* | 1.71% | 1.76% | 1.76% |
| 36 – 47 Month CD | 1.21% | 1.26% | 1.26% |
Money Market Account
If you tend to keep a high balance in your basic savings account, perhaps a Money Market account at BECU would be best suited to watch your money grow.
- No monthly maintenance fees
- Free account alerts plus eStatements
- Member Advantage account holders get a higher rate
| $0.00 – $9,999.99 | $10,000 – $49,999.99 | $50,000.00 – $99,999.99 | $100,000.00+ | |
| Member Advantage* | 0.40% | 1.00% | 1.00% | 1.26% |
| Standard Rate | 0.20% | 0.50% | 0.50% | 0.85% |
Individual Retirement Account
IRAs are available to all members who are seeking to begin saving for their retirement. BECU offers three types of IRAs: Traditional, ROTH and the Coverdell Educational Savings (ESA). The standard IRA requirements apply as well as tax-advantages. It is noted that Member Advantage account holders, here to receive better rates on their IRAs.
| $500 – $49,999.99 | $50,000 – $99,999.99 | $100,000 + | |
| 12 Month IRA CD Member Advantage* | 1.92% | 1.97% | 1.97% |
| 12 Month IRA CD | 1.41% | 1.46% | 1.46% |
| 24 Month IRA CD Member Advantage* | 1.66% | 1.71% | 1.71% |
| 24 Month IRA CD | 1.16% | 1.21% | 1.21% |
Loans
Loans of all types can be found at BECU, and to prepare you prior to committing to a specific loan type are various resources and insights available on the BECU website or through their mobile platform. There is also a Mortgage Center which allows you to get pre-qualified online and customer support is available around the clock.
- Auto Loans which allows you to finance more than just a car but also, RVs, boats and sports vehicles of any kind.
- Home Loans provides assistance for a mortgage, refinancing and home equity loans, as well as a home buyer program with rewards and perks for first time home buyers.
- Personal Loans are also available to you through a loan or line of credit. These funds can be allocated to anything from home improvement, to a family vacation or even education funds.
Credit Cards
BECU offers multiple types of Visa credit cards each with their own set of perks and features including low rate cards, cash back, and partnered cards. Some of BECU credit card affiliations are the University of Washington and the Boeing company. All of its credit cards have no annual fees and offer low APR rates on purchases.
Banking Features
- Mobile App: single tap access to your account details, as well as customize your alerts to better manage your account activity. Track and budget spending based on your income and transaction history. Pay your bills, and even locate the nearest BECU branch.
- Zelle: partnered with Zelle to make moving funds easier and convenient between family and friends, by simply utilizing their email address or U.S. mobile telephone number to complete the transaction.
- Customer Service: Customer support is available at any branch location or 24/7 via their phone service. BECU now has implemented the BECU messenger where you can send customer support a message as well as schedule appointments at your local branch.
About BECU
BECU is headquartered in Tukwila, Washington and is the largest credit union in the state. It is also the 4th largest credit union in the nation that was established in 1935. It has since grown to 2,128 employees and just over a million members, while its footprint spawns over 56 locations. BECU offers the standards banking products from checking accounts to investments, all with no fees.
The Bottom Line
The BECU offer competitive rates and some great features but the one that stands out the most is absolutely no fees. If you want to take advantage of even higher rates, having a Member Advantage account is the way to go. Although you might find higher rates out there, BECU offers decent products and isn’t a bad place to bank overall.