Update: The top rate has fallen to 2.25% APY.
San Antonio Federal Credit Union (SACU) has introduced the reward checking account mY generation checking. It pays 2.25% APY for balances up to $25,000 (0.75% for over) and refunds up to $25 ATM fees per statements if the following monthly requirements are met: 1) 12 debit card transactions, 2) one direct deposit or ACH auto debit, 3) receive e-statements, and 4) access SACU Online Anytime. If these requirements are not met, the rate falls to the base checking rate. There's a $25 minimum deposit to open the account. There are no monthly service fees or minimum balance requirements regardless if the above requirements are met.
Membership is open to those who work for government or financial institutions in San Antonio or those in college in San Antonio. You can also be eligible via Select Employer Groups in San Antonio and in Houston and via family. Please refer to their membership application page for more details. Membership requires a minimum $5 deposit into the share savings account.
Branches are located in both Houston and San Antonio. The credit union is federally insured by the NCUA (Charter # 24382). It's a large credit union with $2.2 billion in assets and 239,438 members.
Thanks to the reader who mentioned this new account in 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.
- 07/23/10: 2.25% APY up to $25K; 0.75% over
- 04/16/10: 2.50% APY
- 01/11/10: 2.75% APY
- 04/16/09: 3.00% APY
- 03/04/09: 3.51% APY
- 05/22/08: 4.00% APY
- 02/24/08: 5.01% APY
- 09/13/07: 6.01% APY up to $25K; 1.01% over