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


FAA Credit Union

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

  Tags: FAA Credit Union, checking account, Oklahoma, reward checking account

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Comment #1 by OkieOso (anonymous) posted on
Interest rate just dropped to 4.71% apy, though the web site has yet to be updated. Just called this morning.

Comment #2 by Anonymous posted on
Make the rate change effective 2/29/09 (checking webpage) and the listed rate (rate page) is4.77% APY.

Comment #3 by Anonymous posted on
The site show 4.2% as the current rate.

Comment #4 by Anonymous posted on
According to their rate sheet on the webiste, optimum checking has been discontinued (and pays 1.5% for existing accounts)