Dedicated to Deposits: Deals, Data, and Discussion

1.99% Rewards Checking Account at an Oregon CU (Oregon Community)

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Oregon Community Credit Union
Update 1/10/10: The top rate has fallen to 1.99% APY. Refer to the bottom of the post for the account history.

Oregon Community Credit Union is offering a reward checking account called the Remarkable Checking. It offers 1.99% APY on balances up to $50,000 (0.50% for above) if the typical reward checking requirements are met. In addition to the high yield, it also offers automatic ATM fee reimbursements worldwide when the requirements are met. These monthly requirements include 12 debit card transactions, one electronic deposit or withdrawal (ACH), one login to Internet Banking and active enrollment in eStatements. If these requirements are not met, the rate falls to 0.10% and there are no ATM fee reimbursements for the month. They have a detailed FAQ on this checking account here (pdf). It states that this rate is not a teaser but like any liquid account, it can change in the future.

Field of membership includes anyone who lives or works in Benton, Clackamas, Columbia, Lane, Linn, Marion, Multnomah, Polk, Washington and Yamhill counties of Oregon. Membership requires a $5 minimum deposit into your savings account. Branches are located in Eugene, Springfield, Salem and Portland.

The credit union is federally insured by the NCUA (Charter # 65856). It has $730.9 million in assets and 93,179 members.

Thanks to the reader who mentioned this checking account in the finding deals post.

Rate History:
12/01/09: 1.99% APY up to $50K; 0.50% above; 0.10% base
10/01/09: 2.90% APY up to $50K; 0.50% above; 12 debit card purchases rather than 10
05/07/09: The yield fell to 3.01% APY for up to $100K
05/01/09: 1.00% for above $100K
04/03/09: The yield fell to 3.10% APY for up to $100K; 1.25% for above
01/01/09: The yield fell to 3.25% APY for up to $100K; 1.75% for above
??/??/08: The yield fell to 3.80% APY.
08/01/08: $100K cap is scheduled to take effect. 2.05% APY for above $100K
07/04/08: The yield fell to 4.05% APY.
04/28/08: The yield fell to 4.50% APY.
02/26/08: The yield fell to 5.05% APY.
10/01/07: The yield fell to 5.40% APY.
04/22/07: At the time of the initial post, the yield was 6.01% APY

Edit 6/27/09: Added worldwide in the ATM fee refunds.
  Tags: Oregon Community Credit Union, Oregon, checking account, reward checking account

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Comments
20 comments.
Comment #1 by Jonathan (anonymous) posted on
Jonathan
Ha! I just heard this on the radio and you beat me to it.

Those 10 debit transactions just sound like a huge pain though. And then your ATM rebates even go away. Boo.

1
Comment #2 by Anonymous posted on
Anonymous
I have this account and it is great. I didn't really use my debit card in the past but now I use it for gas and grocercies and making that 10 a month is no problem. plus even on months that I don't meet requirements (which hasn't happened yet) there is still no fees on the account of any kind. I love it!

1
Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
Seems like once you get into the habit of using the debit card, it's easy to meet the requirements.

1
Comment #4 by Anonymous posted on
Anonymous
They do pull a hard credit check, and will not open for anyone with less then perfect credit.

1
Comment #5 by Anonymous posted on
Anonymous
I had no problem getting this account and my credit is in the low 600's, def. not perfect. they didn't say anything about a "hard" credit pull, but even if so the people there are why I will continue to do my banking, they are great, and they've even got my name down now, and they have cookies for us. yummmmm

1
Comment #6 by Anonymous posted on
Anonymous
Has anyone found out if there are other ways to qualify for membership, other than the living in their membership area?

1
Comment #7 by Anonymous posted on
Anonymous
that's the thing, you either have to live in the 10 counties, work in them or have a family member who lives in the 10 counties.

1
Comment #8 by Anonymous posted on
Anonymous
One restriction on this account is that ACH is limited to 5K/week. Makes it hard to transfer larger amts quickly

1
Comment #9 by Anonymous posted on
Anonymous
This account has been so good to me, but they just dropped the rate to 5.4% APY

"Due to this recent change in the financial market and the overall economy, we are reducing our Remarkable Checking™ rate from 6.01% APY to 5.40% APY, effective October 1, 2007"

I wonder if others will follow.

1
Comment #10 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the update. Sorry to see it fall, but it probably should be expected after the big Fed rate cut. We'll probably see more of these at other banks and CUs.

1
Comment #11 by Anonymous posted on
Anonymous
Yield is now at 4.5%, but they still haven't capped it.

1
Comment #12 by Anonymous posted on
Anonymous
Current rate appears to be 4.05%.

1
Comment #13 by Banking Guy (anonymous) posted on
Banking Guy
Thanks. I've updated the post.

Looks like reward checking accounts without a cap have a hard time keeping rates high. Perhaps there are too many big-time savers who know how to maximize these accounts.

1
Comment #14 by Anonymous posted on
Anonymous
Effective 8/1/08, the cap for their Rewards Checking will be $100,000. Anything over that will earn a lower interest rate.

1
Comment #15 by Anonymous posted on
Anonymous
The APY on this account will drop to 3.25% as of 1/1/09. Cap of $100,000 remains the same.

1
Comment #16 by Anonymous posted on
Anonymous
Along with the 3.25% APY goes 1.75% APY over amounts over $100K.

1
Comment #17 by Anonymous posted on
Anonymous
Top two rates have fallen to: 3.10% APY up to $100K; 1.25% over. Base same.

1
Comment #18 by Anonymous posted on
Anonymous
ATM fee refunds are worldwide.

1
Comment #19 by Anonymous posted on
Anonymous
The rates have fallen to 2.90% / 0.50% effective October 1. The balance cap has been lowered to $50,000 and now 12 transactions are required per cycle instead of 10 transactions.

1
Comment #20 by Anonymous posted on
Anonymous
The top rate is now at 1.25%

1