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2.75% Reward Checking Account at a Rhode Island CU (People's)

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Update 9/07/09: The top yield has fallen to 2.75% APY. Refer to the bottom of the post for the rate history.

People's Credit Union has a reward checking account called e-plus Checking which pays 2.75% APY on balances up to $50K (0.50% above) and refunds ATM fees (up to $25 per cycle) if the following monthly requirements are met: 1) 12 debit card purchases, 2) direct deposit or ACH auto debit, and 3) log into home banking. If these requirements are not met, the rate falls to 0.10%. The minimum initial deposit is $25. There are no minimum balance requirements. A $10 monthly fee applies without direct deposit.

I couldn't find their field of membership page, but it appears open to anyone in Rhode Island. This page has the following information:
Membership in People's Credit Union is available to corporations, partnerships, sole proprietorships, voluntary associations, fraternal organizations, trusts, limited liability companies and individuals regardless of residence or occupation.

Branches are located in Bristol, Middletown, Newport, North Kingstown, Portsmouth and Wakefield. The credit union is federally insured by the NCUA (Charter # 65861). It has $356.4 million in assets and 31,488 members.

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.

Rate History:
09/01/09: 2.75% APY up to $50K
07/01/09: 3.65% APY up to $50K; 0.50% over
02/18/09: 4.00% APY up to $50K; 1.00% over
12/09/08: 4.30% APY up to $50K; 1.50% over; 0.10% if req's not met
05/05/08: 4.55% APY
02/05/08: 5.01% APY up to $100K; 1.51% over
10/11/07: 6.01% APY up to $100K; 2.00% over; 0.10% if req's not met

Edit 11/08/09: Added note on monthly fee without DD. Also removed link to old ad.
  Tags: People's Credit Union, Rhode Island, checking account, reward checking account

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Comments
7 comments.
Comment #1 by Anonymous posted on
Anonymous
On the website, it stated lower rate above 50K. Guess it has not been updated?

1
Comment #2 by Anonymous posted on
Anonymous
Apparently open only to RI residents

1
Comment #3 by Anonymous posted on
Anonymous
The rate has been lowered to 5.01% a few days ago.

1
Comment #4 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. I've updated the post. Sorry to see another reward checking account lower rates.

1
Comment #5 by Anonymous posted on
Anonymous
Their rates have dropped again on 5/1, now at 4.55%. I am glad that I didn't open an account with them.

1
Comment #6 by Anonymous posted on
Anonymous
As of 12/9/08 the yields are: 4.30% APY up to $50K; 1.50% over $50K, and 0.10% if requirements not met.

1
Comment #7 by Anonymous posted on
Anonymous
As of 2/18/09 the yields are: 4.00% APY up to $50K; 1.00% over $50K, and base rate same.

1