Advantis Credit Union is offering a reward checking account that it calls Fusion Checking. It pays 3.00% APY on balances up to $30K (0.50% over) and refunds ATM fees if the following monthly requirements are met: 1) 12 debit card transactions, 2) one direct deposit, ACH transaction or automatic bill payment, 3) receive electronic statements, and 4) log in to online banking. If these requirements are not met, the rate falls to 0.10%. There's a $20 minimum deposit to open account. There are no monthly service charges and no minimum balance requirements regardless if the above conditions are met.
Membership is open to anyone living, working, or is an organization located within Benton, Clackamas, Columbia, Hood River, Lane, Linn, Marion, Multnomah, Polk, Washington, and Yamhill counties in Oregon. You also be eligible to join if a family member is eligible for membership. Please refer to the Advantis membership page for details.
Branches are located in Portland, Oregon. The credit union is federally insured by the NCUA (Charter # 62659). It has $458.1 million in assets and 35,184 members.
Update 9/01/08: A reader has reported the following updates to this account:
They now limit ATM Fee refunds to $25 per month and they now only reimburse fees for ATM transactions in the US. They also changed the monthly cutoff for the required debit transactions to make it easier to follow.
Other Reward Checking Accounts and Future Rates
This gives another reward checking option to those in Oregon. Oregon Community Credit Union has been offering a reward checking since April, but the rate has recently fallen from 6.01% to 5.40% APY (see post). Rivermark is still offering 6.10% APY on its reward checking accounts. I first reported on Rivermark's reward checking in June.
For other reward checking accounts in other parts of the country, please see my reward checking account page and my best checking account post.
I've seen some credit unions and banks dropping rates on these reward checking accounts, but the rates seem to be holding better than the online savings account rates. As in the case of Oregon Community Credit Union, the new lower rates are still much higher than the rates for most online savings accounts.
06/01/09: 3.00% APY up to $30K; 0.50% over; 0.10% base
05/01/09: 3.00% APY up to $30K; 1.01% over; 0.10% base
04/01/09: Top yield fell to 3.51% APY.
03/03/09: Top yield fell to 4.00% APY.
01/15/09: The top yield has gone up to 4.20% APY.
01/01/09: The top yield fell to 4.12% APY.
12/01/08: The top yield fell to 4.50% APY.
10/03/08: The top yield fell to 5.00% APY.
7/01/08: The top yield fell to 5.20% APY.
4/01/08: The top yield fell to 5.50% APY.
10/08/07: The top yield was 6.25% APY for first post.