Alaska Deposit Account Rates and Deals

MAC Federal Credit Union is offering a high-yield reward checking account called e-checking. The account offers the following rates and features if certain monthly requirements are met:

• 3.50% APY on balances up to $10,000
• 0.50% on portion of balance above $10,000
• 0.15% base rate if requirements are not met

The monthly requirements include:

• 12 debit card purchases
• One direct deposit or automatic withdrawal or one bill-pay transaction
• Regularly use the online banking service
• Receive e-statments and maintain a valid email address

Additional features of the account regardless of the monthly requirements include:

• No minimum balance requirement
• No monthly service charge
• Free bill pay
• Only one account per member
• No more than 3 checks per month can be written

The promo page also states "Free ATM withdrawals," but there are no details. It may be only free at CO-Op Network ATMs.

Membership is open to those who live, work, worship, or attend school in the Fairbanks-North Star Borough. Please refer to the membership page for the full details. Membership requires a $5 fee and a minimum balance of $10 in the share savings account.

Branches are located in Ft. Wainwright, Alaska.

The credit union's ratings for safety and soundness are strong: 5 stars (superior) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 6/30/09 financial data. The credit union is federally insured by the NCUA (Charter # 8080).

Thanks to the reader who emailed me info on this reward checking account.

Other Reward Checking Accounts

The $10K cap is low for reward checking, but it's the only the second reward checking that I've seen in Alaska.

To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.

KeyBank has a new checking account promotion in which you can receive up to $225 when you:

• Open a qualifying checking account and enroll in KeyBank Rewards by November 20, 2009
• Make one debit card transaction and a combination of two direct deposits and/or automated payments each of $100 or more by January 22, 2010

The $225 bonus requires that you open either the Key Privilege Checking or Key Privilege Select Checking. Both of these have high minimum balance requirements to avoid a monthly service charge. A smaller bonus of $125 is available for opening the free checking account which has no minimum balance requirement or monthly service charge.

Here's an important detail listed in the promotion's FAQs:

• This offer is not available in all states. Individuals and businesses will only be eligible in areas where KeyBank has branches. Key has branches in the following states: Alaska, Colorado, Connecticut, Florida, Idaho, Indiana, Kentucky, Maine, Michigan, New York, Ohio, Oregon, Utah, Vermont, and Washington.

And here's some of the important small print:

• Direct deposit transactions are limited to: payroll, social security, pension and government benefits.
• Automated payments exclude Key Bill Pay, debit card automated payments, PayPal transactions and account to account balance transfers.
• Offer not available to individuals who have opened a KeyBank checking account in the last 12 months.
• The value of the gift card will be reported on Form 1099-INT.
• If you close your account within 180 days of account opening, you will be charged a $25 account early closure fee.

It appears you can apply online, by phone (1-877-539-6659) or at a branch. Note, if you want the 60,000 KeyBank Rewards instead of the $125 cash bonus, you'll need to call or visit a branch.

According to the customer service rep, they don't do a hard credit inquiry. They only use ChexSystem in the application approval process. This is based on my conversation with the CSR last year.

KeyBank has been a FDIC member since 1956.

Credit to iBankDesign for this find.

Other Bank Bonuses

To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts.

KeyBank has a new checking account promotion that's similar to what they were offering in March except with new versions of the Garmin GPS. In this new promo you can receive a free Garmin nuvi 1200 GPS or a Garmin nuvi 1350 GPS.

The 1200 GPS requires that you open a qualifying checking account by 9/11/09 and make one debit card transaction and make two direct deposits or automated payments each of $100 or more by 11/13/09. The Express Free Checking qualifies. One thing new in this promo is that you must have or request a KeyBank Rewards debit card and enroll in the KeyBank Rewards points program. There is a $20 annual fee for the KeyBank Rewards Program that will be waived for the first year. The current price of this 1200 GPS is $179.99 at newegg.com.

The more expensive 1350 GPS requires opening either the Key Privilege or Key Privilege Select checking account. The other requirements seem to be the same. These two personal accounts require large minimum balances to avoid monthly fees. The current price of this 1350 GPS is $279.99 at newegg.com.

You will receive your Garmin GPS within 90 days of meeting requirements. Here's some of the important small print. Please refer to the promotion page and the FAQ page for the official details.

• Direct deposit transactions are limited to: payroll, social security, pension and government benefits.
• Automated payments exclude Key Bill Pay, debit card automated payments, PayPal transactions and account to account balance transfers.
• Offer not available to individuals who have opened a KeyBank checking account in the last 12 months.
• The value of the Garmin GPS will be reported on Form 1099-INT ($145 for the 1200 and $212 for the 1350)
• If you close your account within 180 days of account opening, you will be charged a $25 account early closure fee.
• You can apply at a KeyBank branch, Key.com or through 1-877-539-4477
• Only available in areas where KeyBank has branches. Key has branches in the following states: Alaska, Colorado, Connecticut, Florida, Idaho, Indiana, Kentucky, Maine, Michigan, New York, Ohio, Oregon, Utah, Vermont, and Washington.

Some features of the Key Express Free Checking include:

• $50 Minimum opening deposit
• No monthly fees
• No minimum balance requirements
• ACH transfer capability
• free pill pay

According to the customer service rep, they don't do a hard credit inquiry. They only use ChexSystem in the application approval process. This is based on my conversation with the CSR in 2007.

KeyBank has been FDIC member since 1956.

Other Bank Bonus Deals:

• my last 40 posts on checking and savings account bonuses

Update 8/18/09: Crossed out Florida from list of eligible states per info from reader. FDIC database does show KeyBank branches in Florida, but these zip codes are not accepted in the online application.

Update 7/08/09: There's still an active checking account promotion for a Key Student Checking Account. In addition to a free 1GB flash drive, you can also get an iPod nano whey you apply and get approved for the student credit card. See Key Bank's promo page for details.

KeyBank has a new checking account promotion in which you can receive a free Garmin nuvi 205W GPS or a Garmin nuvi 265WT GPS. The 205W GPS requires that you open a qualifying checking account by 4/24/09 and make one debit card transaction and make two direct deposits or automated payments each of $100 or more by 6/26/09. The Express Free Checking qualifies.

The more expensive 265WT GPS requires opening either the Key Privilege, Key Privilege Select, or other business checking accounts. The other requirements seem to be the same. These two personal accounts require large minimum balances to avoid monthly fees.

You will receive your Garmin GPS within 90 days of meeting requirements. Here's some of the important small print. Please refer to the promotion page and the FAQ page for the official details.

• Direct deposit transactions are limited to: payroll, social security, pension and government benefits.
• Automated payments exclude Key Bill Pay, debit card automated payments, PayPal transactions and account to account balance transfers.
• Offer not available to individuals who have opened a KeyBank checking account in the last 12 months.
• The value of the Garmin GPS will be reported on Form 1099-INT ($166 for the 205W and $240 for the 265WT)
• If you close your account within 180 days of account opening, you will be charged a $25 account early closure fee.
• You can apply at a KeyBank branch, Key.com or through 1-877-888-3658
• Only available in areas where KeyBank has branches. Key has branches in the following states: Alaska, Colorado, Connecticut, Florida, Idaho, Indiana, Kentucky, Maine, Michigan, New York, Ohio, Oregon, Utah, Vermont, and Washington.

Some features of the Key Express Free Checking include:

• $50 Minimum opening deposit
• No monthly fees
• No minimum balance requirements
• ACH transfer capability

Some fees to be aware of include:

• $2 fee for using non-KeyBank ATMs
• $25 early closing fee if closed before 180 days

According to the customer service rep, they don't do a hard credit inquiry. They only use ChexSystem in the application approval process. This is based on my conversation with the CSR in 2007.

As with any non-cash gift, you can probably get the gift cheaper than the value that's going to be reported on the 1099-INT. The best price that I've found for the 205W model is $120 at Newegg.com.

This promotion is very similar to KeyBank's iPod nano promotion that I posted on last year. Three readers reported receiving the iPod as promised.

KeyBank has been FDIC insured since 1956.

Denali State Bank is offering a reward checking account called Xtreme Checking that pays 1.26% APY on balances up to $25,000 (0.50% for above) and refunds ATM fees if at least 10 debit card purchases a month are done. Some downsides compared to the typical reward checking account include:

• $25 monthly service charge if debit card requirements aren't met
• ATM reimbursement form must be submitted to receive ATM refunds
• Written checks are $2.50 each (but bill pay is free)

The main downside compared to other reward checking accounts is the low rate. However, the rate is comparable to their current 12-month CD. On the plus side, no minimum opening deposit is required.

Branches are located in Fairbanks and Tok, Alaska. The bank has been FDIC insured since 1986 (FDIC Certificate # 26530).

Thanks to the reader who mentioned this account in the comments.

Other Reward Checking Accounts

This is the first reward checking account that I've seen in Alaska. Unfortunately, the rate is very low for reward checking. But the rate is competitive compared to other liquid bank accounts at Alaska financial institutions. Alaska USA Federal Credit Union (Alaska's largest credit union) currently offers 1.30% APY on balances from $10K to $25K on its Super Money Market Account as of 1/23/09 (see rate table).

To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.

Update 8/22/08: The promotion has been extended. Checking account must be opened by 8/29/08. Debit card transactions and payments must be made by 11/14/08.

KeyBank has a new checking account promotion in which you can receive a free iPod nano or an iPod touch. The iPod nano gift requires that you open a qualifying checking account by 8/15/08 and make one debit card transaction and make two direct deposits or automated payments each of $100 or more by 10/31/08. The Express Free Checking qualifies.

The iPod touch gift requires opening either the Key Privilege, Key Privilege Select, or other business checking accounts. The other requirements seem to be the same.

You will receive your iPod within 90 days of meeting requirements. Here's some of the important small print. Please refer to the promotion page for the official details.

• Direct deposit transactions are limited to: payroll, social security, pension and government benefits.
• Automated payments exclude Key Bill Pay, debit card automated payments, PayPal transactions and account to account balance transfers.
• Offer not available to individuals who have opened a KeyBank checking account in the last 12 months.
• The value of the iPod will be reported on Form 1099-INT.
• If you close your account within 180 days of account opening, you will be charged a $25 account early closure fee.

You can apply at a KeyBank branch, Key.com or through 1-877-888-3658. However, based on the online application, it appears you have to live in a state where they have branches. This includes the following states: AK, CO, ID, IN, KY, ME, MI, NY, OH, OR, UT, VT, or WA.

KeyBank still has an iPod nano promotion for its Free Student Checking Package. I reported on this deal in this June post.

This is the third consecutive July in which they've had an iPod promo. You may want to read the comments from my previous posts in July 2007 and in July 2006 to see what problems people have experienced.

Some features of the Key Express Free Checking include:

• $50 Minimum opening deposit
• No monthly fees
• No minimum balance requirements
• ACH transfer capability

Some fees to be aware of include:

• $2 fee for using non-KeyBank ATMs
• $25 early closing fee if closed before 180 days

According to the customer service rep, they don't do a hard credit inquiry. They only use ChexSystem in the application approval process. This is based on my conversation with the CSR last year.

KeyBank has been FDIC insured since 1956.

KeyBank has a $100 checking promotion. It requires that you open a qualifying checking account by 4/25/08 and make a combination of two direct deposits and/or automated payments each of $100 or more by 6/27/08. You'll receive a $100 MasterCard gift card within 90 days of meeting the requirements. Here's some of the important small print:

• Qualifying accounts include Key Express Free Checking (this is the basic banking account in NY) and Key Advantage
• Direct deposit transactions are limited to: payroll, social security, pension and government benefits.
• Automated payments exclude Key Bill Pay, debit card automated payments, PayPal transactions and account to account balance transfers.
• Offer not available to individuals who have opened a KeyBank checking account in the last 12 months.
• The $100 value of the gift card will be reported on Form 1099-INT.
• If you close your account within 180 days of account opening, you will be charged a $25 account early closure fee.

You can apply at a KeyBank branch, Key.com or through 1-877-888-3658. However, based on the online application, it appears you have to live in a state where they have branches. This includes the following states: AK, CO, ID, IN, KY, ME, MI, NY, OH, OR, UT, VT, or WA.

In July 2007 and in July 2006 they've done iPod nano deals, so if you're looking for one of those, you may want to wait to see if they're going to continue this trend.

Some features of the Key Express Free Checking include:

• $50 Minimum opening deposit
• No monthly fees
• No minimum balance requirements
• ACH transfer capability

Some fees to be aware of include:

• $2 fee for using non-KeyBank ATMs
• $25 early closing fee if closed before 180 days

According to the customer service rep, they don't do a hard credit inquiry. They only use ChexSystem in the application approval process. This is based on my conversation with the CSR last year.

KeyBank has been FDIC insured since 1956.

Thanks to Kate who mentioned this promotion in the comments.

Update 1/12/08: These CD rates have gone down. Please check the website for the latest rates.

KeyBank has a promotion called Great CD Rates for '08 with some very competitive rates. It does require a money market relationship. The rates only seem to be available in 12 of the 13 states where they have branches (excludes Florida). You can see if they're available in your area by clicking on the Great Rates banner on KeyBank's homepage and entering in your zip code. The rates vary by state. Five states have a top yield of 5.50% APY. The other 7 states have a top yield of 5.30% APY. Below is the full list of rates by tiers and states.

Minimum     APY for    APY for
Balance     25-35mo    7mo
 $2,500     5.35%      5.15%
$10,000     5.40%      5.20%
$25,000     5.50%      5.30%

The above rates apply to the following states:
  Colorado
  Idaho
  Maine
  New York
  Utah
  Vermont

Minimum     APY for    APY for
Balance     25-35mo    7mo
 $2,500     5.15%      4.85%
$10,000     5.20%      4.90%
$25,000     5.30%      5.00%

The above rates apply to the following states:
  Alaska
  Indiana
  Kentucky
  Michigan
  Ohio
  Oregon
  Washington

Note, not all areas of the above states may qualify. I just entered at least one zip code from each of the states. The maximum deposit for these CDs is $100,000. These rates are also available in an IRA CD.

You must open a Key Privilege Select, Key Privilege or Key Advantage Money Market checking account. The Key Advantage Money Market has the smallest minimum combined balance requirement ($10,000) to avoid a monthly fee.

Thanks to the reader who emailed me info on this promotion.

KeyDirect CD Rates

For those not in the above states, you can open a CD online at KeyDirect. The best rates at KeyDirect include a 5.20% APY 6-month CD, a 5.25% APY CD with terms from 30 to 47 months and 60 to 72 months, 5.50% APY CD with terms from 7 to 9 years, and 5.70% APY 10-year CD. The minimum deposit is $5,000. Rates are a little higher for a minimum deposit of $50,000.

KeyDirect also has a competitive online money market account with a yield currently at 4.75% APY. Please see this post for more details.

KeyBank's Safety

KeyBank is FDIC insured (Certificate # 17534). It's a large bank with $93 billion in assets and $65 billion in deposits based on 9/30/07 data. It has a 3 out of 5 star rating (performing) at Bankrate and 4 out of 5 stars (excellent) at BauerFinancial.

Alaska USA Federal Credit Union has a competitive rate of 5.30% APY on its certificates with terms of 12 to 17 months. The minimum deposit is $500. The rates of all longer terms are also competitive (considering today's rate environment) with a yield of 5.15% APY. These CDs are also available in an IRA.

The credit union doesn't provide many details on their field of membership. However, this FAQ page does state that "most people who live or work in Alaska and Washington can qualify for membership."

Branches are located throughout Alaska including the cities of Anchorage, Juneau and Fairbanks. In Washington state, branches are located in Seattle and Oak Harbor. The credit union is federally insured by the NCUA (Charter # 5913). It's a large credit union with $3.28 billion in assets and 314,387 members.