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3.00% Reward Checking Account at a North Carolina Credit Union (Allegacy)

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Allegacy Federal Credit Union
Update 11/22/09: The top yield has fallen to 3.00% APY. See bottom of post for the rate history.

Allegacy Federal Credit Union has a reward checking account called Free SmartRate Checking. It pays 3.00% APY on balances up to $25,000 (0.50% for above) and refunds ATM fees (up to $25 per cycle) if the following monthly requirements are met: 1) 10 check card transactions, 2) one direct deposit or ACH auto debit, and 3) receive eStatements. If these are not met, the rate falls to 0.05%. A minimum of $50 is required to open this account. There are no monthly service charges.

Membership is open to anyone who lives, works, worships or attends school in parts of Mecklenburg or Stokes County. You can also be eligible to join via Select Employees Groups, association memberships and family. Please refer to their Membership Requirements page for the full details. There's an online application that allows you sign up for membership and fund your account online.

Branches are located in the North Carolina cities of Charlotte, Clemmons, Winston-Salem, Huntersville, Tobaccoville and Winston-Salem. There's also a limited access branch in East Hanover, New Jersey, and a branch that's opened one day a month in New York City. The credit union is federally insured by the NCUA (Charter # 24438). It has $1.1 billion in assets and 107,979 members.

Thanks to the reader who mentioned this reward checking in the finding-the-best-deals post.

Other High Yield Reward Checking Accounts

For other reward checking accounts and for more information on these accounts, please refer to the following posts:

Rate History:
11/18/09: 3.00% APY
10/28/09: 3.25% APY
09/02/09: 3.50% APY
07/22/09: 3.65% APY
05/20/09: 3.75% APY
12/31/08: 4.00% APY
11/08/08: 5.00% APY for up to $25K, 0.50% for over $25K
07/02/08: 5.75% APY
03/11/08: 6.00% APY for up to $25K, 1.01% for over $25K

  Tags: Allegacy Federal Credit Union, North Carolina, checking account, reward checking account

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Comments
4 Comments.
Comment #1 by Anonymous posted on
Anonymous
Rates drop to %5.75

http://www.allegacyfcu.org/prodserv/rates.html

1
Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the update. Sorry to see the rate drop, but at least it only fell 25 basis points. For most reward checking accounts, when they lower rates, they usually go down by at least 50 basis points.

1
Comment #3 by Anonymous posted on
Anonymous
New Rate 4.00% http://www.allegacyfcu.org/

Guest this will be the norm soon :-)

1
Comment #4 by Anonymous posted on
Anonymous
Interesting: the flash explanation of reward checking has a conflict: audio says ATM fees refunded "worldwide" and FAQ section says "nationwide".

1