High-Yield Reward Checking Account at an Oklahoma Credit Union (FAA)

Update 12/31/10: The top rate has fallen to 4.10% APY.

FAA Credit Union has a reward checking account called Optimum Checking that pays 4.10% APY on balances up to $30,000 (0.25% for above) and refunds ATM fees if the following monthly requirements are met: 1) 12 signature based check card transactions, 2) active direct deposit, 3) receive electronic statements, and 4) access online banking. If these are not met, the rate falls to 0.25%. There are no monthly fees or minimum balance requirements.

Membership is open to anyone that lives, works, worships, or attends school in Oklahoma, Canadian, Cleveland, Logan, McClain, or Pottawattomie counties. Please see their About Us page for more details. Membership requires a minimum deposit of $5 in the share savings account.

Branches are located in Oklahoma City, Edmond and Mustang, OK. The credit union is federally insured by the NCUA (Charter # 62568). It has $315.7 million in assets and 38,716 members.

Thanks to the reader who emailed me info on this reward checking account.

For other high yield reward checking accounts and to learn more about these accounts, please refer to my High Yield Checking website.

Rate History:

• 12/31/10: 4.10% APY
• 05/05/10: 4.20% APY
• 08/01/09: 4.45% APY
• 02/28/09: 4.77% APY
• 03/31/08: 5.17% APY up to $30K