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4.01% Reward Checking Account at a Texas Credit Union (MCT)

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MCT Credit Union

Update 4/18/09: The top yield has fallen to 4.01% APY. See bottom of the post for the rate history.

MCT Credit Union has a reward checking account called Extreme Checking that pays 4.01% APY on balances up to $25,000 (0.75% 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 or bill-pay, and 3) receive electronic statements. There are no service charges or minimum balance requirements.

Membership is open to anyone living or working in the Texas counties of Jefferson, Orange or Hardin. Please refer to their Membership page for the full details. Membership requires a minimum deposit of $25 in the regular share savings account.

Branches are located in the Texas cities of Port Neches, Orange, Nederland and Lumberton. The credit union is federally insured by the NCUA. Update: This credit union has switched from federal to private deposit insurance. It now ONLY has private deposit insurance via ASI. It has $141.0 million in assets and 18,592 members.

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:
04/01/09: 4.01% APY for up to $25K
01/01/09: 4.50% APY for up to $25K, 0.75% APY for above
10/01/08: 5.01% APY
03/18/08: 6.01% APY for up to $25K, 1.01% APY for above


  Tags: MCT Credit Union, Texas, checking account, reward checking account

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Comments
3 Comments.
Comment #1 by Big Foot (anonymous) posted on
Big Foot
Raise your hand if you are tired of all these banks and credit unions putting forth Reward Checking accounts with a measly $25,000 balance cap.

Yeah, I know. $25,000 of high interest is better than $25,000 of very low interest. But once you factor in the fact that the high rate will absolutely go down once they have enough deposits and once the Fed Fund rate declines to 1%, disappointment sets in.

Obviously, 6% is a great return on $25,000. I just wish the balance cap was higher. (And I know full well that if the balance cap was higher, the bank could not afford to pay 6%.)

Ahhh, just forget it. I am ranting about nothing. I am sorry. Disregard my comments.

I guess I am just frustrated like Sofa King Frustrated. (Hey, I just got that now, what "Sofa King Frustrated" means. Say it fast: "Sofa King Frustrated." Funny. (I am slow. I know.)

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Comment #2 by Anonymous posted on
Anonymous
The rate page dated 1/1/09 list updated values: 4.50% APY up to $25K; 0.75% APY over $25K.

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Comment #3 by 51hh posted on
51hh
In 2008, people are complaining about the $25K cap; now in 2011, people flood in the (4%, $10K) door.

It shows how quickly we can adapt for lower expectation.  Soon, it will be (2%, $10K) and (1%, $5K):D

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