CU Rewards Checking
Credit Unions Offering Rewards Checking
The table below lists credit unions that offer at least 5% interest on their rewards checking accounts. This is one of my favorite savings vehicles and gives me NCUA insured accounts with high liquidity. The drawback is that the high yields do not last for long and then another credit union has to be found. I keep this table up-to-date to help me and others find the best credit unions for our deposits. Bauer Financial ratings are included (see note 5).
Table of 5%+ Credit Union Rewards Checking Account Details
Click on the column headers to sort.
| Credit Union1 | Main Branch | APY 1st Tier | Up To2 | APY 2nd Tier | Transactions per Month3 | Login4 | Rating5 |
|---|---|---|---|---|---|---|---|
| Aloha Pacific Federal CU6 | Hawaii | 5.00% | $50,000 | 0.50% | 10 DC + 1 DD or 1 OLP | No | ***** |
| Carter Federal CU | Arkansas | 5.01% | $30,000 | 1.01% | 11 DC + 1 ACH or 1 DD | No | **** |
| Erie General Electric Federal CU | Pennsyvania | 5.12% | $25,000 | 1.00% | 12 DC + 1 ACH or 1 DD + 1 OLP | No | ***** |
| First Missouri CU | Missouri | 5.25% | $20,000 | 1.15% | 12 DC + 1 ACH or 1 DD | Yes | **** |
| Golden Plains CU | Kansas | 6.01% | $25,000 | 0.51% | 10 DC | Yes | **** |
| Linn Area CU | Iowa | 5.00% | $25,000 | Unknown | 12 DC + 1 DD | No | ***** |
| Marine Federal CU | North Carolina | 5.00% | $25,000 | 1.01% | 10 DC + 1 DD | No | *** |
| Mountain CU | North Carolina | 5.15% | $25,000 | 1.01% | 12 DC + 1 DD | No | ***** |
| Ocean Communities Federal CU | Maine | 5.01% | $25,000 | 1.01% | 12 DC + 1 ACH or 1 DD | No | **** |
| R.I.A. Federal CU | Illinois | 5.01% | $25,000 | 1.01% | 12 DC + 1 ACH or 1 DD | No | ***** |
| Saginaw Medical Federal CU | Michigan | 5.00% | $25,000 | 0.50% | 12 DC + 1 DD | No | ***** |
| St. Paul Federal CU |
Minnesota | 5.01% | $10,000 | Default | 15 DC + 1 DD | Yes | *** |
| United Financial CU | Michigan | 5.00% | $25,000 | Unknown | 12 DC + 1 DD + 1 OLP | No | **** |
| UniWyo Federal CU6 | Wyoming | 5.25% | $25,000 | 0.15% | 10 DC + 1 DD | No | **** |
| Waterbury Connecticut Teachers Federal CU | Connecticut | 5.01% | $30,000 | 1.01% | 10 DC + 1 ACH or 1 DD | No | ***** |
Last updated: 29 December 2009. Be sure to let me know of any updates or corrections and your experiences with rewards checking.
Notes
1. Eligibility.
Some credit unions, in order to qualify you for membership, will allow you to make a small donation to join a specified association. Membership in the association then qualifies you for credit union membership. These credit unions are effectively nationwide. Normally credit unions restrict their membership to a geographic area; employees of specific companies or trades; members of specific non-profit groups; or a particular occupational group. Typically, members’ families can also join a credit union. Mergers of smaller credit unions often result in a credit union with a wide variety of ways to qualify to join.
2. The 1st tier rate is paid on amounts up to the sum listed in the Up To column. The 2nd tier rate is paid on amounts over the sum in the Up To column. If the rates are not posted on a credit union’s website, I generally will not list the credit union.
Smart Checking at RIA
3. Required transactions per month key to abbreviations:
- ACH = Automated Clearing House Automatic Debit.
- DC = Debit Card (excluding ATM).
- DD = Direct Deposit.
- OLP = On-Line Payment.
4. Stay alert for those credit unions that require you to access your account at least once a month. It can easily be forgotten and I would sooner there not be one extra thing for you to remember that really serves no purpose except for you to lose all your interest for the month.
5. Bauer Financial carefully analyzes the stability of banks and credit unions. They give ratings on a scale of zero to five stars. I advise going with a credit union rated 3 stars or higher, although with NCUA insurance it shouldn’t really matter.
- 5 Stars = Superior
- 4 Stars = Excellent
- 3½ Stars = Good
- 3 Stars = Adequate
- 2 Stars = Problematic
- 1 Star = Troubled
- 0 Stars = Lowest Rating
6. Gotchas
These credit unions have additional requirements to the norm by requiring an average checking balance or a loan balance. Proceed with caution.
Updates
September 2009 — Added UniWyo Federal CU, Carter Federal CU, and Waterbury Connecticut Teachers Federal CU. Removed because their rates fell below 5%: Florida Central CU and Pelican State CU.
October 2009 — Added First Missouri CU and Saginaw Medical Federal CU. Removed because their rates fell below 5%: First Financial Federal CU, New Horizons CU, and Warren Federal CU.
December 2009 — Added St. Paul Federal CU. Removed because their rates fell below 5%: Allegiance CU, Fairmont Federal CU, Neighbors CU, Raritan Bay Federal CU, and United Federal CU.
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