Dedicated to Deposits: Deals, Data, and Discussion

7.50% for First $500 in Checking and Savings Account at a Washington State CU (BECU)

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BECU is starting a new program in which members earn 7.50% on the first $500 in both the Member Advantage Savings and Checking Accounts. Balances above $500 would earn the standard rate (1.76% for savings and 0.50% for checking). To qualify requires signing up for free online banking, monthly eStatements and enrolling and remaining active in either free online bill payment or direct deposit. An Early Saver account is available for children in which you earn the same 7.50% for balances under $500 without the above requirements.

With only a $500 cap, the deal isn't great. With both a checking and savings account, you'll earn about $25 a year over what you would earn with the money in a high yield savings account. But if you need a local checking account and don't plan on keeping large balances, it could be worthwhile.

The field of membership includes those who live, work, worship or attend school in any Washington state school district. The Select Employee Group includes Boeing and its susidiaries or affiliates. Branches are located through out Washington State.

BECU is the sixth largest credit union in the country with $6.6 billion in assets and 451k members. It's NCUA insured.

Thanks to Matt who mentioned this promotion in the finding deals post.


Comments
3 Comments.
Comment #1 by Anonymous posted on
Anonymous
Dividend rate actually paid by BECU is 7.25%. The APY is 7.50%, but if one maintains the full $500 in each account, the compounding on the dividends would be at the lower rate of 0.50% (checking) or 1.75% (savings), hence you might not actually obtain the APY. Still a fabulous deal, but a detail worth noting.

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Comment #2 by matt (anonymous) posted on
matt
Good especially for the young ones.

Another minor point: I think BECU was now the fourth largest credit union in the country. Doesn't it go Navy (VA), State Employees (NC), Pentagon (VA), BECU (WA), Orange County Teachers (CA), The Golden 1 (CA)...? It could be really close with Orange County, but both should have gone past The Golden 1 in the last couple years.

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Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
You're right. BECU has passed both Orange County Teachers and The Golden 1. Here are the latest asset numbers from ncua.gov:

BECU: $6,601,702,976
Orange County Teachers: $6,523,186,186
The Golden 1: $6,057,173,359

BECU has been growing fast.

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