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.
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