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High-Yield Checking Account at a New York CU (Northern FCU)


Northern Federal Credit Union

Update 7/20/10: The top yield has fallen to 3.01% APY. See bottom of post for the rate history.

Northern Federal Credit Union is offering a 3.01% APY rewards checking account. The 3.01% APY applies to balances up to $25K. The yield for balances on the next $25K is 1.00% APY. The two main requirements to obtain this APY is that you receive monthly direct deposit or conduct an ACH debit and that you make at least 10 debit card point-of-sale transactions per month. The two other requirements are receiving e-statements and logging into your online account at least once per month. In addition to the high yield, you also get ATM refunds. Balances over $50K earn 0.10%.

The credit union also offers a high yield savings account for reward checking customers. The savings account pays 1.00% APY on balances over $50K, 0.75% APY on balances of $25K to $50K and 0.10% for balances under $25K.

Field of membership includes those who live, work, worship, or attend school in Jefferson County, Lewis County or in parts of St. Lawrence County, New York. You may also qualify via select employer groups and via immediate family. See site for details. Membership requires a minimum $5 balance in the share savings account.

The credit union is federally insured by the NCUA. As of March 2007, it has $108.5 million in assets and 27,033 members.

For other high-yield reward checking accounts, please refer to my checking account post.

Rate History:

??/??/10: Choice Rewards: 3.01% APY up to $25K, 1.00% APY $25K-$50K. High Yield Savings: 1.00% APY over $50K; 0.75% APY $25K-$50K

09/12/09: Savings Account: 2.00% APY over $50K; 1.75% $25K-$50K
04/01/09: 3.51% APY for first $25K, 1.00% on second $25K / Savings Account: 2.75% APY for over $50K; 2.50% APY $25K-$50K; 0.10% under $25K
03/06/09: 4.01% APY for first $25K, 1.50% on second $25K
02/28/09: Savings Account: 3.00% over $25K; 0.10% under $25K
01/01/09: 4.01% APY for first $25K, 1.75% on second $25K, 0.10% for above $50K
11/03/08: 4.50% APY for first $25K, 2.25% on second $25K, 0.10% for above $50K
03/27/08: 5.01% APY
03/14/07: 6.01% APY for first $25K, 0.50% for above $25K

  Tags: New York, Northern Federal Credit Union, checking account, reward checking account

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Comment #1 by Anonymous posted on
Rate as of 11/01/08 is 4.50%

Comment #2 by Anonymous posted on
As of 1/12/09 (rate table)Northern FCU has lowered yield: 4.01% APY first $25K; 1.75% APY second $25K; 0.10% over $50K (no change for 3rd tier).

Comment #3 by Anonymous posted on
Their high yield savings account is worth a mention with today's low rates.

Comment #4 by Anonymous posted on
As of 3/2/09 the 2nd tier rate has fallen to 1.50%.
Other rates remain same.

Comment #5 by Anonymous posted on
As of 4/1/09 the top tiers are: 3.51% up to $25K; 1.00% from $25-50K. Over $50 is the same.

Comment #6 by Anonymous posted on
"??/??/10" should be 10/06/10