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High-Yield Reward Checking Account at a Pennsylvania CU (Erie General Electric)

POSTED ON BY

Widget Financial

Update 1/2/2012: The top yield has fallen to 3.56% APY. Refer to the bottom of the post for the rate history.

Erie General Electric FCU has a reward checking account called High Dividend Checking which pays 3.56% APY on balances up to $25,000 (none paid for above) if the following monthly requirements are met:

  • 12 signature Debit Card transactions
  • one ACH transaction
  • average daily balance of $500
  • enrolled in online banking, BillPayer and eStatements

If these are not met, the rate falls to 0.10%. There doesn't seem to be any monthly service charges, but I can't find where this is specifically stated.

Membership is open to anyone who lives, works or worships in Erie or Crawford County. More details are provided in their Membership page. Membership requires a minimum balance of $25 in the share savings account.

Branches are located in Erie, Grove City and North East, Pennsylvania. The credit union is federally insured by the NCUA (Charter # 1117).

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.

Rate History:

  • 01/02/12: 3.56% APY
  • 03/25/11: 4.07% APY
  • 05/14/09: 5.11% APY
  • 07/01/08: 5.12% APY
  • 05/12/08: 5.00% APY (initial post)
  Tags: Pennsylvania, Widget Financial, checking account, reward checking account

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Comments
7 comments.
Comment #1 by Anonymous posted on
Anonymous
Please revise top rate to 5.12% APY...effective July 1, 2008.

1
Comment #2 by Anonymous posted on
Anonymous
For some (il)logical reason, the top rate has dropped to 5.11% APY.

1
Comment #3 by Anonymous posted on
Anonymous
Nasty bank, definitely very very local; with no exceptions.

I got approved but they had to return the $25 since I am not qualified. Small narrow-minded bank for sure.

2
Comment #4 by Anonymous posted on
Anonymous
stupid bank, rejected me for no membership; but keep sending me e-statement reminders; errie is right!!

2
Comment #5 by Anonymous posted on
Anonymous
I meant "eerie."

1
Comment #6 by Jo/GaelicWench (anonymous) posted on
Jo/GaelicWench
This is a day late but a dollar GAINED!

I am pretty pumped about becoming a member at this CU. I qualified for membership following all of the criteria.

Now, for those of you who didn't, why get so nasty about it. Do you feel that you're entitled/privileged just because? How many times have I wanted to apply at banks and credit unions with high rates, but after reading the rules or criteria for meeting membership, knew I didn't. So, I didn't bother applying, much less clicking on the link provided. Iknow better.

I admit, I like the high rate being offered, and the fact that it's stayed that way for a year now. I hope it will keep doing so, but if not, c'est la vie!

For those of you who got apoplectic about it, live and LEARN!

1
Comment #7 by 51hh posted on
51hh
5.12% APY (5.11 or 5.12?  make up your mind EGE!).

Jo, there is nothing to learn about.  People were not complaining about the limitation, but the bad way this bank is handling/managing it.

4