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2.00% Reward Checking Account at a California CU (Southland)

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Update 6/07/09: The top yield has fallen to 2.00% APY. Refer to the bottom of the post for the rate history.

Southland Credit Union is offering a reward checking account it calls Super Checking that offers 2.00% APY on balances up to $50,000 and up to $20/month ATM fee reimbursements if the typical reward checking requirements are met: 1) 10 check card transactions per month, 2) make one ePay, or ACH credit or debit transaction per month from your Super Checking Account, and 3) receive eStatements. If these requirements are not met, the rate falls to 0.10%. There are no monthly fees or balance requirements regardless of meeting the above conditions.

Membership is open to those who live, work, attend school, or worship in; Orange County, Artesia, Bellflower, Cerritos, Downey, Hawaiian Gardens, La Habra Heights, La Mirada, Lakewood, Norwalk, Long Beach, Paramount, Santa Fe Springs, and Signal Hill. See the credit union's membership page for the full details. Membership requires a $25 minimum deposit into the Primary savings account. This $25 minimum deposit and balance can be waived if a new member chooses to pay a $15 new member entrance fee.

Branches are located in Los Angeles, Los Alamitos and Downey, California. The credit union is federally insured by the NCUA (Charter # 68415). It has $387.8 million in assets and 31,435 members.

Thanks to the reader calwatch who mentioned this new reward checking in the comments of the finding deals post.

Other Reward Checking Accounts

For other reward checking accounts in other parts of the country, please see my reward checking account page and my best checking account post.

Update 3/31/08: A balance cap of $50,000 seemed to have been added when the rate went down. This cap is shown in the deposit rate table.

Rate History:
06/01/09: 2.00% APY up to $50K
05/03/09: 2.50% APY up to $50K
03/03/09: 3.00% APY up to $50K
01/02/09: 4.00% APY up to $50K, 0.10% if requirements are not met
04/01/08: 3.00% APY up to $50K
03/01/08: 4.50% APY, no balance cap
07/17/07: 5.25% APY, no balance cap, 0.25% if requirements are not met

  Tags: California, Southland Credit Union, checking account, reward checking account

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Comments
9 Comments.
Comment #1 by CreditAbility (anonymous) posted on
CreditAbility
Man! I wish I lived in California! My APY is 6.10%. Though the difference seems to be quite of small account. But it in fact it turnes into some $$$$. Well, you know what I mean...

1
Comment #2 by Vincenzo (anonymous) posted on
Vincenzo
Rate is down to 4.5% APY as of 3-1-08

1
Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
Thanks. I've updated the post. Hopefully, they already priced in the expected Fed rate cut in March and will keep this 4.5% for the next several months. We'll see.

1
Comment #4 by Anonymous posted on
Anonymous
The cap on this account is $50, 000. For balances over $50,000, the interest rate is 0.25%. Thanks.

Steve

1
Comment #5 by Michael (anonymous) posted on
Michael
It is April 1st, but sadly Southland's huge interest rate drop from 4.5% to 3% is no April Fool's joke.

I called this morning and was told that Southland's Web site will be updated by the end of today, reflecting their new 3% rate.

Goodbye Southland CU. It was nice while it lasted.

I am seriously considering opening up an Alliant CU Savings Account, assuming they keep their rate above 4% this month.

Thanks again, Banking Guy, for your site. I am one of those guys that check your site multiple times a day.

Michael

1
Comment #6 by Anonymous posted on
Anonymous
Southland has adjusted their top rate up, now showing 4.00% APY.

1
Comment #7 by Anonymous posted on
Anonymous
Along with the upward 4% APY goes the 0.10% if requirements not met.

1
Comment #8 by Anonymous posted on
Anonymous
Southland Credit Union has now lowered their rewards checking account rate effective 5/1/09 to 2.47%/APY 2.50%. Rate still paid on first $50,000 and then 0.10% on balances in excess of $50,000 or on whole balance if required transactions not met.

OC Steve

1
Comment #9 by Anonymous posted on
Anonymous
The 2% rate is nothing, just go for Alliant/Inredible.

1