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

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.