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.
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.