Premier Members Credit Union review: Strong checking and money market accounts

Premier Members Credit Union has branches in Colorado, or you can bank online. Premier Members Credit Union; Rachel Mendelson/Insider

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The bottom line: Premier Members Credit Union is a good choice if you're looking for a high-yield checking or money market account. You'll need to look elsewhere to earn the best rates on a savings account or certificate, though.

Overall bank rating

Pros and cons

Premier Members Credit Union Membership Share Savings Account

Premier Members Credit Union Membership Share Savings is good if you want a savings account with no monthly fee. It pays a low interest rate, though, and you can earn a much higher rate at other online banks.

Premier Members Credit Union Earn Big Free Checking Account

The Premier Members Credit Union Earn Big Free Checking Account is a good free option, especially if you want to earn interest on the money in your checking account. You'll earn the highest rate on balances under $2,000, and rates are still competitive on balances of $50,000 or less.

To earn the competitive rates each month, you must enroll in e-statements, receive $500 in direct deposits, and make at least 25 debit card transactions.

Premier Members Credit Union Share Certificate

Many institutions require at least $1,000 to open a certificate, but you only need $500 with Premier Members Credit Union. You'll earn above-average interest rates, but you could still get better with other online banks.

Premier Members Credit Union Money Market Account

The Premier Members Credit Union Money Market Account pays high interest rates, especially on balances of $10,000 or less.

How Premier Members Credit Union works

Premier Members Credit Union has 13 branches in Colorado. It's part of the CO-OP Shared Branch Network, so you have access to over 5,000 shared branches and 30,000 ATMs around the US. You can also open accounts online even if you don't live in Colorado.

To contact customer service, call Monday through Friday from 8 a.m. to 6 p.m. MT, or Saturday from 9 a.m. to 1 p.m. MT.

The Premier Members Credit Union mobile app has 4.8 out of 5 stars in the Apple store and 4.7 out of 5 stars in the Google Play store.

Your deposits are federally insured by the NCUA for up to $250,000, or up to $500,000 for a joint account. With NCUA insurance, your money is safe even if the credit union shuts down.

How to join Premier Members Credit Union

Premier Members Credit Union is a credit union, not a bank, so only certain people can become members. The easiest way to become a member is probably by joining Impact on Education, a charity of the Boulder Valley School District. You can join Impact on Education even if you don't live in Colorado.

For Colorado residents, there are other ways to be eligible for membership:

• Live or work in one of the following counties: Adams, Arapahoe, Broomfield, Boulder, Delta, Denver, Douglas, Elbert, El Paso, Garfield, Jefferson, Larimer, Mesa, Montrose, Pueblo, or Weld
• Be  a student, faculty member, or staff member in either the Boulder Valley School District or Westminster Public Schools
• Be an employee or family member of an employee of Ball Corporation, Boulder Community Health, IBM, Lexmark, or Medtronic
• Be an employee or member of one of 750 organizations the credit union serves (call customer service to ask whether your company qualifies)
• Have a family member who already has accounts with Premier Members Credit Union

When you join, you'll also need to open a Premier Members Credit Union Membership Share Savings Account.

Premier Members Credit Union trustworthiness and BBB rating

Premier Members Credit Union does not have any public controversies.

It is a Better Business Bureau-accredited company. The BBB focuses on consumer trust, and it gives Premier Members Credit Union an A+ rating. A strong BBB score indicates that a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices.

A good BBB grade doesn't guarantee that you'll have a smooth relationship with a business, though. You still may want to ask friends and family about their experiences with the credit union, or read online customer reviews.

How Premier Members Credit Union compares

We've compared Premier Members Credit Union to two other institutions that made our best money market accounts guide: Ally and Affinity Plus Federal Credit Union.

All three institutions pay high interest rates on money market accounts. Ally pays the same rate on your entire balance, while Premier Members CU and Affinity Plus FCU both have tiered systems that pay you higher rates on lower balances.

If you're strictly looking to earn the highest interest rate, Ally will likely be your best option. You'll earn 2.35% APY regardless of your account balance.

Your choice could also come down to what other accounts you want to open. Ally pays a much higher savings interest rate than the other two, and Ally and Affinity FCU have stronger CDs than Premier Members CU.