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0.50% Reward Checking Account at Memphis Area Teacher's Credit Union

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Update 9/07/09: The top yield has fallen to 0.50% APY. See bottom of post for the rate history.

Memphis Area Teacher's CU is offering a reward checking account that pays 0.50% APY on balances up to $25,000 (0.50% for above) and refunds ATM fees if the following monthly requirements are met:
  • 10 debit card purchases
  • one direct deposit
  • access online banking and receive e-statements
If these are not met, the rate falls to 0.05%. There are no monthly service charges.

I noticed in the small print that it states "credit approval required." So this may mean that they'll do a hard credit pull.

Membership is open to any person who lives, works, worships, volunteers or attends school in the Memphis City limits. Membership is also open to all Federal Employees and Retired Federal Employees. Please refer to their Eligibility Page for the full details. The credit union requires you to come into a branch with proper identification to join. Membership requires a minimum $25 balance in the Primary Share Savings Account.

Branches are located throughout Memphis, Tennessee and its suburbs. The credit union is federally insured by the NCUA (Charter # 60117). It has $535.6 million in assets and 54,015 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.

Rate History:
09/01/09: 0.50% APY up to $25K; 0.50% over
06/11/09: 2.02% APY up to $25K
05/01/09: 2.50% APY up to $25K
04/07/09: 3.00% APY up to $25K; 0.50% over
12/07/08: 4.07% APY
10/09/08: 4.33% APY
06/11/08: 5.12% APY up to $25K; 1.00% over; 0.05% base rate
  Tags: Tennessee, checking account, reward checking account

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Comments
3 comments.
Comment #1 by Anonymous posted on
Anonymous
The MATCU has dropped the rate to 4.07 APY in Dec.

1
Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the update.

1
Comment #3 by Anonymous posted on
Anonymous
Rate page (under CD's) list 3.00% APY. [Note: suspect checking webpage is probably out of date.]

1