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High-Yield Reward Checking Account at an Illinois Credit Union (Scott)


Scott Credit Union

Update 6/3/11: The top yield has fallen to 2.55% APY. Refer to the bottom of the post for the rate history. Also, the credit union has expanded its field of membership.

Scott Credit Union is offering a reward checking account it calls Extreme Checking with a yield of 2.55% APY for balances up to $25K (0.50% for above) and refunds ATM fees (up to $10/mo) when the following monthly requirements are met: 1) 12 debit card transactions per month, and 2) receive statements electronically. If these requirements are not met, the rate falls to 0.05%. There are no minimum balance requirements or monthly service charges regardless of meeting the above requirements.

The debit card usage requirement is a little higher than the average 10 that most reward checking accounts require. However, there doesn't seem to be any direct deposit or auto debit requirement. The 6.05% APY is a little higher than the typical 6.01% APY that many reward checking accounts offer. With last week's Fed rate cut, I wonder how the rates on these reward checking accounts will hold up. If the debit card usage is the main factor that allows them to offer high rates, the rates may not fall too quickly.

Membership is open to anyone living or working in Monroe, Madison, St. Clair, Randolph, Perry, Franklin, Jefferson, Washington, Clinton, Marion, Bond, Macoupin, Montgomery, Fayette, Effingham, Williamson, and Jackson counties in Illinois. Please see the credit union's eligibility page for the full details. Membership requires a $5 minimum deposit into the savings account (updated 6/3/2011).

Branches are located in several cities of southwest Illinois including Fairview Heights, Collinsville, O'Fallon, Waterloo and Highland. The credit union is federally insured by the NCUA (Charter # 66370). It has $398.3 million in assets and 58,506 members.

Other Reward Checking Accounts

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

Rate History:

  • 06/03/11: 2.55% APY up to $25K (not sure when between 11/01/09 and 06/03/11 this occurred)
  • 11/01/09: 3.35% APY up to $25K; 0.50% over; 0.05% base
  • 02/04/09: 4.05% APY up to $25K
  • 05/19/08: 5.05% APY up to $25K
  • 09/24/07: 6.05% APY up to $25K; 0.50% over; 0.25% base

Related Pages: Illinois, Scott Credit Union, checking account, reward checking account

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Comment #1 by Anonymous posted on
Top yield has dropped to 4.05% APY.