High-Yield Reward Checking Account at a Pennsylvania CU (Erie General Electric)
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)
Banks Mentioned in this Post:
| Erie General Electric Federal Credit Union Locations: 6 Health Rating:  |   |
| Latest Review: "I tried to open an account with them and transferred $525 as my opening deposi..." | |
Anonymous - #1, Tuesday, December 30, 2008 - 1:03 AM
Please revise top rate to 5.12% APY...effective July 1, 2008.
Anonymous - #2, Thursday, May 14, 2009 - 9:34 AM
For some (il)logical reason, the top rate has dropped to 5.11% APY.
Anonymous - #3, Sunday, January 3, 2010 - 7:54 PM
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.
Anonymous - #4, Wednesday, January 6, 2010 - 9:48 PM
stupid bank, rejected me for no membership; but keep sending me e-statement reminders; errie is right!!
Anonymous - #5, Wednesday, January 6, 2010 - 9:49 PM
I meant "eerie."
Jo/GaelicWench (anonymous) - #6, Wednesday, June 30, 2010 - 11:33 AM
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!
51hh - #7, Sunday, August 22, 2010 - 7:50 PM
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.
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