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2.50% Rewards Checking Account at an Oregon CU (Rivermark Community)

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Rivermark Community Credit Union
Update 1/10/10: The top yield has fallen to 2.50% APY on balances up to $25,000. Refer to the bottom of post for the rate history.

Rivermark Community Credit Union has started a rewards checking that pays 2.50% APY on balances up to $25K (0.25% on balances over $25K). The only significant requirement is 12 debit card transactions per month. The other two requirements should be easy: signing up for E-Statements and logging into Online Banking at least once a month. The debit card requirement is a little more difficult than the typical reward checking requirement of 10 per month, but on the plus side, there's no direct deposit or auto debit requirement.

If you don't meet the requirements, the yield drops to 0.10% and you don't get automatic fee refunds on ATMs. The account has a $20 minimum balance to open, with no balance requirements afterwards. Also, there are no monthly fees regardless of meeting the monthly requirements.

Field of membership is primarily limited to those who live or work in the following 6 counties of Oregon: Multnomah, Washington, Clackamas, Polk, Yamhill and Marion. Branches are located in Beaverton, Clackamas, Gresham, Newberg and Portland.

The credit union is federally insured by the NCUA (Charter # 65644). It has $355.7 million in assets and 43,735 members.

Credit for this find goes to FW member SeattleNative who posted it at this FW thread.

The credit union also has a savings account that pays 4.50% APY on balances up to $1,000.

Other Reward Checking Accounts

Another reward checking account for those in Oregon is available at Oregon Community Credit Union (see post). That one only offers 6.01% APY but there's no limit on the balance that can earn this yield. Looks like Rivermark may be trying to compete with Oregon Community CU. To find a reward checking account near you, please refer to my best checking account post.

Rate History:
12/04/09: 2.50% APY up to $25K
03/01/09: 3.00% APY up to $25K
02/01/09: 3.75% APY up to $25K; 0.25% over $25K
01/02/09: 3.75% APY up to $25K
11/01/08: 4.01% APY up to $25K
8/10/08: 4.50% APY up to $25K
2/20/08: 5.10% APY up to $25K
6/17/07: 6.10% APY up to $25K; 0.50% over $25K; 0.10% if requirements not met

  Tags: Rivermark Community Credit Union, Oregon, checking account, reward checking account

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Comments
6 Comments.
Comment #1 by Anonymous posted on
Anonymous
The top yield has fallen to 4.01% APY on balances up to $25,000.

2
Comment #2 by Mits (anonymous) posted on
Mits
from where are these details captured ??? Are these figures correct ????

1
Comment #3 by Anonymous posted on
Anonymous
Rate table effective 1/1/09 list top rate as 3.75% APY, other rates remain same. Hey, their two featured savings accounts (at least up to $1K) have better yields than the reward checking--what's up?

1
Comment #4 by Anonymous posted on
Anonymous
On the rate table (notes)as of 2/1/09 the rate for over $25K is 0.25%.

1
Comment #5 by Anonymous posted on
Anonymous
The top yield has fallen to 3.00% APY on balances up to $25,000.
Down, down, down...

1
Comment #6 by Anonymous posted on
Anonymous
down to 2.50%

1