High-Interest Reward Checking Account at an Oklahoma CU (Communication)

Update 6/3/2010: The top rate has fallen to 4.00% APY and the balance cap has fallen from $50K to $30K.

Communication FCU is offering a reward checking account called Free Performance Checking that pays 4.00% APY on balances up to $30,000 (1.00% for above) and refunds ATM fees (up to $25 per cycle) if the following monthly requirements are met:

• 12 signature-based check card purchases
• one direct deposit of $500
• one ACH debit or bill pay
• receive electronic statements

If these are not met, the rate falls to 0.25%. The minimum initial deposit is $25. There are no minimum balance requirements and no monthly service charges. The first box of checks is free.

Update 9/30/11: Everyone in OK and KS can qualify. Please refer to this post for more details.

Membership is open to those who live or work in Broken Arrow, OK or Carter County, OK. You can also be eligible via a long list of select employee groups or via family (which can include cousins). Please see their Membership page for more details. Membership requires a minimum balance of $5 in a share account.

Branches are located in the Oklahoma cities of Tulsa, Oklahoma City, Norman, Broken Arrow, Lawton, Enid, Muskogee, Ardmore, Shawnee, and in Topeka, Kansas. The credit union is federally insured by the NCUA (Charter # 3454). It has $562 million in assets and 46,408 members.

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 12/15/09: Corrected charter number, link and size info.

Rate History:

• 06/03/10: 4.00% APY up to $30K; 1.00% over $30K
• 02/28/09: 4.25% APY up to $50K
• 05/11/08: 5.25% APY up to $50K; 1.25% over $50K; 0.25% if requirements not met