6% Savings Account / 5% Checking Account at a MA Credit Union (IC)

IC Federal Credit Union is offering a 6% APY savings account and a 5% APY checking account. It's called IC Direct Checking & Savings. The offer ends on September 1, 2007.

The Direct Savings has no monthly service charges. The minimum balance is $50 to earn interest, and currently the 6% applies to all balances over $50. However, from the account description it appears it'll be a tier rate structure after the promotion is over.

The Direct Checking account also has a minimum balance of $50 to earn interest. According to the small print, there may be monthly service charges of $7 if you do not have direct deposit. Also, if bill pay is not used after 90 days a $5 fee will be assessed.

The credit union also has a CD special with a 5.25% APY on terms from 3 to 7 months (see rates page).

Field of membership includes those who live or work in Franklin, Hampden, Hampshire, Middlesex, Norfolk, or Worcester Counties of Massachusetts. See site for details. Membership requires a $50 initial deposit.

Branches are located in the Massachusetts cities of Fitchburg, Leominster, Westminster and Ayer. The credit union is federally insured by the NCUA (Charter # 24250). It has $314.3 million in assets and 20,549 members.

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

Tags: Massachusetts, IC Federal Credit Union, CD rates, checking account, savings account