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3.00% Reward Checking Account at Greater Nevada Credit Union

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Greater Nevada Credit Union

Update 7/27/10: The reward checking account is temporarily unavailable for new accounts.

Greater Nevada Credit Union has started a reward checking account called Greater Checking that pays 3.00% APY on balances up to $25,000 (0.25% for above) and refunds all ATM fees if the following monthly requirements are met: 1) 12 debit card transactions, 2) one direct deposit or ACH auto debit, and 3) receive electronic statements. If these are not met, the rate falls to 0.10%. There are no minimum balance requirements and no monthly service charges.

This is one of the few institutions that don't limit the amount of ATM fee reimbursements. Many institutions are now adding a monthly limit of around $25. I think the limit is a good idea especially if their customers are likely to visit casinos often. A friend of mine who has a reward checking account at a local credit union made use of the unlimited ATM fee reimbursement during a trip to Vegas. He said he racked up over $80 of ATM fees. That can't be good in helping the credit union keep the interest rate high.

Membership is open to those who live or work in northern Nevada. Please refer to the credit union's membership page for the full details. Membership requires a $5 fee and a minimum deposit of $25 into your share savings account. An online application is available.

Branches are located in the Nevada cities of Carson City, Reno, Sparks, Minden, Ely and West Wendover. The credit union is federally insured by the NCUA (Charter # 68228). It has $516.9 million in assets and 51,774 members.

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

Rate History:

  • 04/01/10: 3.00% APY for under $25K
  • 04/01/10: Temporarily unavailable for new accounts
  • 10/01/09: 3.00% APY for under $50K
  • 05/01/09: 2.00% APY for under $50K
  • 04/01/09: 1.75% APY for under $50K
  • 02/06/09: 2.75% APY for under $50K, 0.25% APY for over $50K
  • 11/08/08: 4.25% APY for under $50K, 0.50% APY for over $50K
  • 04/14/08: 5.00% APY for under $50K, 0.65% APY for over $50K
  Tags: Nevada, Greater Nevada Credit Union, checking account, reward checking account

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Comments
4 comments.
Comment #1 by Anonymous posted on
Anonymous
Beware they will pay this high rate. But they put holds on all the checks you deposit and in return when you try to use your money they charge you overdraft $28
each time. They got me for $56 before I caught on and closed the account....

1
Comment #2 by Anonymous posted on
Anonymous
12 debit rransactions a month? Who uses a debit card? I don't. Also, you have to read the FINE PRINT regarding the hold period for any deposited money. I know that everyone wants to move money at the blink of an eye, but that is not how most banks operate. If you recall many of them used the "hold period" on checks to profit from the several days that they held your money before you could access it. Some probably use that former tactic to prevent you from getting access to your money despite the "instantaneous" money transfer/check processing regulations that have been instituted recently. Some may allow ACH transfer funds to be accessible within days, but the only form of transfer that I consider to be really fast is wire transfer, bar none.

1
Comment #3 by Anonymous posted on
Anonymous
As of 2/1/09 the yields are: 2.75% APY up to $50K; 0.25% over; 0.10% if requirements not met.

1
Comment #4 by Anonymous posted on
Anonymous
As of 4/1/09 the top yield has fallen to 1.75% APY. Other rates remain same.

1