Update 9/20/10: The balance cap is scheduled to fall from $25K to $10K effective November 1, 2010. Please refer to the bottom of the post for the rate history.
Consumers Credit Union has started a reward checking account that pays 4.09% APY for balances up to $10K, 1.59% APY for $10K to $25K and 0.76% for over $25K and refunds ATM fees when the following monthly requirements are met: 1) 12 debit card transactions, 2) one direct deposit or ACH debit or one online bill payment, 3) enroll in Home banking, and 4) receive electronic statements. If these requirements are not met, the interest rate falls to 0.05%. There are no monthly fees regardless of meeting the above requirements.
It appears both membership and the reward checking application can be done online here. According to their membership page:
Membership follows a simple, two-step process: Pay a one-time, non-refundable $5 fee to our sponsor, the Consumers Cooperative Association, and then deposit and maintain a minimum $5 in your Membership Share/Savings Account.
Branches are located north of Chicago in the cities of Waukegan, Mundelein, Round Lake Beach and Gurnee.
Update 10/01/08: The credit union has recently switched from ASI-only insurance to federal insurance with NCUA. It's now federally insured by the NCUA (Charter # 68588).
Other Reward Checking Accounts
For other reward checking accounts available nationally and in other parts of the country, please see my reward checking account page and my best checking account post.
- 11/01/10: 4.09% APY for up to $10K; 1.59% $10K-$25K; 0.76% over $25K
- 07/01/10: 3.09% APY for up to $25K; 0.76% for above
- 04/01/10: 3.59% APY for up to $25K; 0.76% for above
- 11/01/09: 4.09% APY for up to $25K; 1.26% for above
- 07/08/09: 4.09% APY for up to $25K; 1.51% for above; 0.05% base
- 05/07/09: 4.09% APY for up to $25K; 1.51% for above
- 01/01/09: 4.09% APY for up to $25K; 2.01% for above; 0.15% if requirements are not met
- 02/02/08: 5.09% APY for up to $25K; 2.51% for above; 0.15% if requirements are not met
- 08/14/07: 6.01% APY for up to $25K; 3.01% for above; 0.25% if requirements are not met
Edit 1/05/09: Updated format of rate history and corrected base rate.