BECU, the Boeing Employees’ Credit Union, is the fourth largest credit union in the United States by asset size and has over one million members nationwide.

BECU’s origins date back to the great depression when a handful of Boeing employees were forced to purchase their own tools in order to do their jobs in 1935. Because many of them found it difficult to purchase the required tools, they founded a credit union to help each other obtain credit and manage their individual financial burdens.

While eligibility for BECU used to be restricted to Boeing employees, today, any Washington state resident can join along with those who live, work, or own a business in qualifying Oregon and Idaho counties.

BECU’s standard CD rates, while still above the national average, are nothing to write home about. However, the Member Advantage rates are a little better. You can learn more about BECU and its Member Advantage program here.

BECU CD Rates + Account Details

BECU CD accounts are federally insured by the NCUA (FDIC equivalent for credit unions) up to $250,000.

This credit union’s savings products are unique in that they offer dozens of different rates and terms. Joining the Member Advantage program will entitle you to better rates on deposits and savings.

The BECU ​Member Advantage​ program, an exclusive eligibility tier, rewards premium rates and other perks to qualifying members of the credit union for checking and savings accounts, and this includes certificates of deposit. If you are eligible for a Member Advantage checking or savings account, you will receive higher rates of return on CDs. If you are not, here are the rates you will earn. (For more information about how to qualify for Member Advantage, see “​About BECU Credit Union + Eligibility.”)

CD Rates (Without Member Advantage)

To put these CD rates in perspective, the current national average for a 12 month CD and a 60 month CD sit at just 025% APY and 0.48% APY, respectively, according to FDIC data.

Promotional CD Rates (without Member Advantage):

All BECU CDs require a minimum deposit of $500 except for the Add-to option. This type of CD can be opened with as little as $100 under any term but requires you to set up an automatic deposit schedule. The rate for whichever term you choose is fixed even as you continue to contribute funds to your certificate.

The 12 and 24 month bump CDs allow a one-time rate increase before maturity. That means that if you purchase a 12 month bump with a 0.45% APY and then APYs goes up to 0.55% within a year, you can have your account take on this higher APY for the rest of its life. People that purchase bump or bump-up CDs expect market rates to rise between the time of CD issuance and time of maturity and want to be able to take advantage of upward trends.

With Member Advantage, CD rates are higher across the board:

CD Rates (With Member Advantage)

Promotional CD Rates (With Member Advantage)

Earl Withdrawal Penalties and Grace Period

Early withdrawals from terms up to and including 12 months are charged 30 days’ interest and terms greater than 12 months are charged 90 days’ interest. There is a renewal grace period of 7 days. If you act within this time period after your certificate matures, you can change the terms of your CD or withdraw funds without incurring fees.

BECU Money Market Rates + Account Details

Like certificates, BECU money market accounts accrue different interest rates for non-Member Advantage and Member Advantage accounts. If you have a Member Advantage checking or savings account, you will earn higher rates on your money market accounts.

Money Market Rates

There is no monthly fee for money market accounts. You may make up to six transactions per month, but every withdrawal outside of this limit is charged a $20 excessive transaction fee.

Other Savings Accounts Offered by BECU

BECU has several other savings options, including a member share savings account, a regular savings account, a Member Advantage savings account, a health savings account, and an Early Saver account. Take a look at the rates for each of these account types.

• Member Share Savings: 0.05% APY
• Savings: 0.05% APY
• Member Advantage Savings: 2.02% APY (up to $500)
• Health Savings: 0.05% APY
• Early Saver: 4.07% APY (up to $500)

A member share savings account establishes your membership with BECU, but it won’t come close to maximizing your returns. At 0.05% when the average is 0.07%, you’d be right to be unimpressed. However, the Member Advantage Savings gets you 4.07% on the first $500 you put into it before jumping down to 0.05%, so it’s clearly the better of the two options.

The Early Saver or youth savings account also pays a premium rate on the first $500. For this one, you’ll have to be between 13 and 18 years old and go into a branch with a parent or guardian (that is, of course, a BECU member) to open it.

There are no monthly minimum balance requirements and no maintenance fees for BECU savings accounts. In addition, ​online​ and mobile​ banking are completely free and there are over 30,000 surcharge-free ATMs you can use. The only fees you really have to watch out for are the excessive transaction fee and the non-sufficient funds fee of $25 per transaction.

About BECU + Eligibility

BECU membership is mostly based on geography or employment. To qualify, you must:

1. Live in Washington state or a qualifying Oregon or Idaho county
2. Work for BECU, Boeing, or a credit union (or be a family member of someone that does)
3. Be associated with the University of Washington or Washington State University Alumni Association, the ​NW Credit Union Foundation​, or KEXP

For all qualifying counties, go ​here​.

There is one loophole you can try if you don’t qualify for membership, but it’s not going to appeal to everyone. To become a ​KEXP donor​, you must make a monthly donation of $10 or more or a one-time donation of $100 or more. KEXP is a Seattle-based public radio station. This will qualify you for membership with BECU, but you’ll have to decide what that’s worth to you.

To qualify for Member Advantage checking and savings accounts, all you have to do is sign up to receive monthly eStatements (as opposed to paper statements), make at least one free electronic transaction per month, and have a BECU checking and savings account.

BECU holds over $21.8 billion in assets and has over 1.2 million members. This financial cooperative has more than ​50 branch locations​ around Puget Sound, Seattle, Spokane, and South Carolina. It also participates in shared branching with over 3,500 other credit unions. There are more than 30,000 in-network ATMs across the country.

Final Thoughts

BECU is largely inaccessible for most US citizens, however, if you find you are eligible this is a highly rated credit union with a number of free accounts and an overall positive member experience and rating. That said, the savings rates offered – either through a money market, general savings, certificate of deposit, or otherwise – are quite low. Much better savings products can be found through online banks and other credit unions with a wider scope of eligibility.