Dedicated to Deposits: Deals, Data, and Discussion

4.00% Reward Checking Account at a Michigan CU (United Financial)


United Financial Credit Union (MI)

Update 4/04/10: The top yield has fallen to 4.00% APY. Refer to the bottom of the post for the rate history.

United Financial Credit Union is offering a reward checking account that pays 4.00% APY on balances up to $25,000 (0.25% for over) and refunds ATM fees if the following monthly requirements are met: 1) 12 debit card transactions (must be signature based with a minimum $5 purchase), 2) one bill payment using Net Pay, 3) direct deposit and 4) Virtual Branch with E-statements.

Membership is open to those who reside, work or worship in Saginaw, Bay or Midland County, Michigan. Please see their membership page for details. This page also states retirees are eligible. Membership requires a minimum deposit of $25 into the Savings Plus account.

Branches are located in Saginaw, Chesaning and Freeland, MI. The credit union is federally insured by the NCUA (Charter # 61657). It has $93.2 million in assets and 13,397 members.

More Info on High Yield Reward Checking Accounts

For more information on reward checking accounts, please refer to one of these posts: reward checking overview, list of reward checking accounts around the nation, and the best checking account post.

Rate History:
04/01/10: 4.00% APY for up to $25K
11/08/09: Debit card purchases must be signature based and a minimum of $5
03/01/09: 5.00% APY for up to $25K; 0.25% for above
01/01/09: 5.00% APY for up to $25K; 0.50% for above
03/31/08: 5.00% APY for up to $25K;
12/20/07: 6.00% APY for up to $25K; 1.00% for above

  Tags: Michigan, checking account, United Financial Credit Union (MI), reward checking account

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Comment #1 by Anonymous posted on
As of 1/1/09 the yield for balances over $25K is 0.5%.

Comment #2 by Anonymous posted on
As of 3/1/09 the yield for balances over $25K is 0.25%.

Comment #3 by Anonymous posted on
New additions to the footnote fine print purchase requirements: a) must be signature based and b) must be $5.00 or more each. I thought specifing a minumum dollar amount for purchases was forbidden in the VISA/Mastercard contracts! I've seen "average" and "aggregate" used in other RC accounts to qualify purchases, but never "minimum". Maybe it's what they think they can get away with!

Comment #4 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the update. That is interesting to see the minimum purchase requirement. Hope others don't follow.

Comment #5 by 51hh posted on
Very much local!

Comment #6 by 51hh posted on
4% now.

Comment #7 by 51hh posted on
Other than Southern Bank (MO), I have never seen setting the minimum debit transaction limit would sustain the interest rate.  On the contrary, those banks that set the limit seems to be a symbol of desperation, and a sign that soon they will be reducing their interst rate.