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5.00% Reward Checking Account at an Iowa CU (Linn Area)

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Linn Area Credit Union
Linn Area Credit Union is offering a reward checking account that pays 5.00% APY on balances up to $25,000 (0.30% over) and refunds all ATM fees if online banking has been activated and if the following monthly requirements are met:
  • 12 signature-based debit card purchases
  • one direct deposit
  • receive e-statements
There are no monthly service charges and no minimum balance requirements.

Update 7/04/09: A reader has reported that they don't waive the requirements for the first month. Banks and credit unions often waive the first month requirements since it can take time for the customer to receive the debit card.

Membership is open to anyone who lives or works in Linn, Buchanan, Delaware, Jones, Cedar, Johnson, Iowa and Benton Counties. Membership requires a minimum deposit of $5 in the share savings account.

Branches are located in Cedar Rapids and Marion, Iowa. The credit union is federally insured by the NCUA (Charter # 63602). It has $154.3 million in assets and 21,072 members.

Thanks to the reader who mentioned this reward checking account in the comments.

Other High Yield Reward Checking Accounts

To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.

Edit 6/13/09: Added rate for balances over $25K

  Tags: Iowa, Linn Area Credit Union, checking account, reward checking account

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Comments
5 Comments.
Comment #1 by Anonymous posted on
Anonymous
Correct me, but amounts over $25K earn their "free" checking account yield, which is 0.3%.

1
Comment #2 by Anonymous posted on
Anonymous
Be careful, everyone. Linn area credit union doesn't waive the first cycle qualifications. You have to set up direct deposit and slide your debit card ASAP. They are tricky.

1
Comment #3 by Greg Sohl (anonymous) posted on
Greg Sohl
I have taken advantage of the high interest checking account at Linn Area CU for the past year and have been very satisfied! One cannot find any CD's offering this interest rate and if a little planning is done to keep the 25K about even, after the 12 bankcard purchases per month, it yields a great interest rate per month.

1
Comment #4 by Anonymous posted on
Anonymous
Very local!

1
Comment #5 by Anonymous posted on
Anonymous
4%!!!

1