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3.01% Reward Checking Account at a Texas CU (Members Choice)

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Update 12/30/08: The top yield has fallen to 3.01% APY. Refer to the bottom of the post for the rate history.

Members Choice Credit Union has started a reward checking account that pays 3.01% APY on balances up to $25K (0.10% over $25K) and refunds ATM fees (up to $25/mo) if the following monthly requirements are met: 1) 10 debit card transactions, 2) one direct deposit or ACH auto debit, and 3) electronic statements. If these requirements are not met, the rate falls to 0.10%. The minimum opening balance is $100 with no minimum balance thereafter.

Membership is open to those who live, work or attend school within the following areas: Katy, Cy-Fair, Harris Count (west of I45) and Kingwood/Humble. Please refer to the credit union's how-to-join page for the full details. Membership requires a minimum deposit of $5 into your savings account.

Branches are located in Houston and Katy, Texas. The credit union is federally insured by the NCUA (Charter # 67508). It has $222.6 million in assets and 29,602 members.

Other Reward Checking Accounts

To learn more about reward checking accounts, please refer to my High Yield Reward Checking Reviews post. 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:
12/30/08: 3.01% APY, 0.10% APY on amount over $25K and if requirements not met
04/07/08: 4.26% APY
03/31/08: 5.26% APY
11/13/07: 6.01% APY, 1.01% APY on amount over $25K
  Tags: Members Choice Credit Union, Texas, checking account, reward checking account

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Comments
2 comments.
Comment #1 by Anonymous posted on
Anonymous
Even though I live in the eligible area, I still prefer BoT because it does not have 25k limit.

1
Comment #2 by Anonymous posted on
Anonymous
As of 12/15/08, lower rates are: 3.01% APY up to $25K; 0.10% over $25K and also if requirements not met.

Slightly different.... apparently two rewards checking accounts per person are permitted?!

1