Eastern Financial Florida Credit Union is offering a reward checking account that pays 2.68% APY on balances up to $25,000 (0.50% for over) and refunds ATM fees (up to $20/month) if the following monthly requirements are met: 1) 12 debit card purchases, 2) one direct deposit or an electronic automatic transaction, and 3) receive e-statements. If these are not met, the rate falls to 0%. There are no monthly service charge. One nice perk is that they offer free checks.
Membership is open to those who live or work in Miami-Dade, Broward, Palm Beach, Hillsborough or Pinellas County. You can also be eligible via select employer groups, associations and immediate family. Please refer to their Membership page for the full details. Membership requires a minimum $5 deposit into your primary credit union account.
Branches are located throughout South Florida. Some of the cities include Miami, Ft. Lauderdale, Hollywood, Boca Raton, Tampa, Clearwater and St. Petersburg.
Update 9/07/09: Eastern Financial Credit Union is now a division of Space Coast Credit Union. Refer to this post for more details.
The credit union is federally insured by the NCUA (Charter # 68486). It's a large credit union with $2.0 billion in assets and 224,671 members.
Thanks to the reader who mentioned this reward checking in the Finding-the-best-rates post.
Other High Yield Reward Checking Accounts
Another reward checking option for those in South Florida is at Power Financial Credit Union which has been offering a 6.01% yield since last summer (see post). Please see my reward checking overview for general information and a history of these reward checking accounts. For other reward checking accounts please see my list of reward checking accounts around the nation and the best checking account post.
11/01/09: 2.68% APY; 0.50% over; 0.00% base
09/06/09: 2.81% APY
06/01/09: 3.05% APY
12/01/08: 4.05% APY
05/15/08: 5.01% APY
02/03/08: 6.01% APY; 0.50% over; 0.25% base