Credit Unions Offering Rewards Checking
The table below lists credit unions that offer at least 4% 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 sometimes 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).
Nationally Available
All active and retired federal employees are eligible to join NARFE Premier Federal Credit Union and take advantage of 4.01% Rewards Checking. See member eligibility. Also see note 1 below.
Table of 4% and higher Credit Union Rewards Checking Accounts
Click on the column headers to sort.
| Credit Union1 | Main Branch | APY 1st Tier | Up To2 | APY 2nd Tier | Transactions per Month3 | Login4 | Rating5 |
|---|---|---|---|---|---|---|---|
| 1st Community Federal CU | Texas | 4.01% | $25,000 | 0.10% | 15 DC + 1 OLP | No | **** |
| Aloha Pacific Federal CU6 | Hawaii | 4.00% | $50,000 | 0.50% | 10 DC + 1 ACH or 1 DD | No | **** |
| Allegiance CU | Oklahoma | 4.01% | $35,000 | 0.60% | 12 DC + 1 ACH or 1 DD | No | *** |
| Carolinas Telco Federal CU | North Carolina | 4.01% | $25,000 | 0.50% | 12 DC + 1 ACH or 1 DD | No | ***** |
| Central Sunbelt Federal CU | Mississippi | 4.00% | $25,000 | 0.50% | 10 DC + 1 ACH or 1 DD | No | ***** |
| Chemcel Federal CU | Texas | 4.01% | $25,000 | 1.01% | 12 DC + 1 ACH or 1 DD | Yes | **** |
| Class Act Federal CU | Kentucky | 4.00% | $25,000 | 1.01% | 10 DC total $200 + 1 DD | Yes | ***** |
| Communications Federal CU | Oklahoma | 4.00% | $50,000 | 1.25% | 12 DC + 1 DD $500 + 1 ACH or 1 OLP | No | ***** |
| Endura Financial Federal CU | Minnesota | 4.50% | $25,000 | 0.25% | 12 DC + 1 DD | No | **** |
| Erie Federal CU | Pennsyvania | 4.07% | $25,000 | 0.10% | 15 DC + 1 DD + 1 OLP | No | ***** |
| Erie General Electric Federal CU | Pennsyvania | 5.12% | $25,000 | 1.00% | 12 DC + 1 ACH or 1 DD + 1 OLP | No | ***** |
| FAA CU | Oklahoma | 4.20% | $30,000 | ? | 12 DC + 1 DD | Yes | **** |
| FAST Federal CU | California | 4.08% | $25,000 | 1.01% | 10 DC + 1 ACH or 1 DD | No | ? |
| Firefighters Community CU | Ohio | 4.00% | $25,000 | 0.50% | 12 DC + 1 DD $500 | No | Not Rated |
| First Missouri CU | Missouri | 4.01% | $20,000 | 0.75% | 12 DC + 1 ACH or 1 DD | Yes | **** |
| First Northern CU | Illinois | 4.00% | $7,500 | 0.20% | 10 DC + ? | No | **** |
| Florida Central CU | Florida | 4.50% | $15,000 | 1.50% | 12 DC + 1 ACH or 1 DD | No | **** |
| Fort Sill Federal CU | Oklahoma | 4.38% | $25,000 | 0.50% | 12 DC + 1 ACH or 1 DD | Yes | ***** |
| Golden Plains CU | Kansas | 6.01% | $25,000 | 0.51% | 10 DC | Yes | **** |
| IH Mississippi Valley CU | Illinois | 4.01% | $25,000 | 0.25% | 12 DC + 1 ACH or 1 DD | No | ? |
| Interra CU | Indiana | 4.00% | $10,000 | 1.00% | 10 DC + 1 ACH or 1 DD | No | Not Rated |
| Lake Michigan CU | Michigan | 4.00% | $15,000 | ? | 10 DC + 1 DD | Yes 4 | **** |
| La Capitol Federal CU | Louisiana | 5.25% | $5,000 | 0.15% | 25 DC | Yes | ***** |
| Linn Area CU | Iowa | 4.00% | $25,000 | 0.30% | 12 DC + 1 DD | No | **** |
| Maine State CU | Maine | 4.07% | $25,000 | 0.25% | 12 DC + 1 ACH or 1 DD | No | ***** |
| Market USA Federal CU | Maryland | 4.00% | $50,000 | 0.10% | 12 DC + 1 DD $100 | No | ***** |
| MCT CU | Texas | 4.01% | $25,000 | 0.50% | 10 DC + 1 ACH or 1 DD 0r 1 OLP | No | Not Rated |
| Mountain CU | North Carolina | 4.15% | $25,000 | 1.01% | 12 DC + 1 DD | Yes | ***** |
| Mutual First Federal CU | Nebraska | 4.01% | $25,000 | 1.01% | 12 DC + 1 ACH or 1 DD | No | *** |
| NARFE Premier Federal CU | Virginia | 4.01% | $25,000 | 0.75% | 12 DC + 1 ACH or 1 DD | No | **** |
| Nassau Educators CU | New York | 4.00% | $25,000 | 0.65% | 12 DC + 1 DD $100 or 1 OLP | No | ***** |
| NavyArmy Federal CU | Texas | 4.51% | $25,000 | 1.01% | 10 DC + 1 ACH or 1 DD | No | ? |
| Northern Federal CU6 | New York | 4.51% | $25,000 | 1.50% | 15 DC + 1 DD | No | *** |
| Oklahoma Educators CU | Oklahoma | 4.00% | $25,000 | 1.00% | 15 DC + 1 ACH or 1 DD | Yes | **** |
| Old Hickory CU | Tennessee | 4.00% | $10,000 | 0.15% | 10 DC + 1 ACH or 1 DD | No | **** |
| Pelican State CU | Louisiana | 5.01% | $30,000 | 0.50% | 15 DC + 1 ACH or 1 DD | Yes | *** |
| Premier CU | Iowa | 4.00% | $25,000 | 0.25% | 15 DC + 1 ACH or 1 DD + 1 OLP | Yes | **** |
| Red River Federal CU | Oklahoma | 4.25% | $10,000 | 1.25% | 10 DC + 1 ACH or 1 DD | Yes | ***** |
| R.I.A. Federal CU | Illinois | 4.01% | $25,000 | 1.01% | 12 DC + 1 ACH or 1 DD or 1 OLP | No | **** |
| River Region CU | Missouri | 4.00% | $20,000 | 0.10% | ? | ? | **** |
| SAC Federal CU | Nebraska | 4.01% | $25,000 | 0.25% | 12 DC | 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 | *** |
| South Division CU | Illinois | 4.01% | $25,000 | 0.00% | 12 DC + 1 ACH or 1 DD $250 + 1 OLP | No | **** |
| Southwest Airlines Federal CU | Texas | 4.00% | $25,000 | 1.00% | 15 DC + 1 ACH or 1 DD | No | ***** |
| Standard Register Federal CU | Ohio | 4.25% | $25,000 | 0.75% | 10 DC + 1 ACH or 1 DD | No | ***** |
| University CU | Maine | 4.01% | $25,000 | 1.01% | 12 DC + 1 ACH or 1 DD | Yes | **** |
| University of Iowa Community CU | Iowa | 4.00% | $25,000 | 0.70% | 12 DC $5 + 1 DD $100 | No | *** |
Last updated: 5 August 2010.
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.
Credit Unions available nationally
- NARFE Premier Federal CU is open nationally to Federal employees.
- South Division Credit Union.
- Lake Michigan Credit Union if you donate to The ALS Association, West Michigan Chapter.
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.
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:
Aloha Pacific Federal CU: Highest rate only with home equity line.
Northern Federal CU: Each transaction must be at least $5.00.
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.
March 2010 — Removed because their rates fell below 5%: Aloha Pacific Federal CU, Carter Federal CU, First Missouri CU, Linn Area CU, Mountain CU, R.I.A. Federal CU, Waterbury Connecticut Teachers Federal CU, and UniWyo Federal CU.
April 2010 — Added Pelican State CU and La Capitol Federal CU. Removed because their rates fell below 5%: Marine Federal CU and United Financial CU.
June 2010 — Removed because their rates fell below 5%: Ocean Communities Federal CU.
July 2010 — Added many credit unions with rates 4% or higher but under 5%.
August 2010 — Added SAC Federal CU and Northern Federal CU.
Related Posts
Bank Rewards Checking
Rewards Checking: First Arkansas Bank & Trust
Rewards Checking: First State Bank
Rewards Checking: Coulee Bank
Rewards Checking: Lee County Bank and Trust
Rewards Checking at Deseret First Credit Union
First time using site…this site seems to good to be true…keep up the great work!…thank you
I’m new to this and just finding out about the high rates, feel as if I’ve been living under a rock for the past decade, thank you for this info
My bank and credit union pages are due for an update where I will be adding institutions that are at 4% or greater.