Dedicated to Deposits: Deals, Data, and Discussion

3.01% Reward Checking Account at a Washington State CU (NorthWest Plus)

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NorthWest Plus Credit Union
Update 8/23/09: It has been reported that the top rate is scheduled to fall to 3.01% APY starting September 1, 2009. Refer to the bottom of the post for the rate history.

NorthWest Plus Credit Union is offering a rewards checking account that pays 3.01% APY on balances up to $50,000 (0.75% for above) and refunds ATM fees of up to $25 per cycle if the following monthly requirements are met:
  • 12 debit card purchases
  • active enrollment in Online Banking
  • active enrollment in e-Statements
If these are not met, the rate falls to 0.05%. There are no monthly fees.

Membership is open to those who live, work or worship in Washington State. Please refer to the credit union's Who-Can-Join Page for the full details. There's an online membership application. Details of applying online are available at this FAQ. A minimum opening deposit of $25 is required.

Branches are located in the Washington State cities of Burlington, Edmonds and Everett. The credit union is federally insured by the NCUA (Charter # 67262). It has $121.9 million in assets and 13,687 members.

Other Reward Checking Accounts

The $50K cap and the 5% APY make this one of the better reward checking accounts. As you can see in the reward checking statistics, less than 25% of the 235 reward checking accounts have deposit caps of $50K or higher.

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: 3.01% APY up to $50K
03/01/09: 4.01% APY up to $50K; 0.75% APY for above
07/30/08: 5.01% APY up to $50K; 1.51% APY for above

Related Pages: NorthWest Plus Credit Union, Washington, checking account, reward checking account

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Comments
3 Comments.
Comment #1 by David (anonymous) posted on
David
From NW Plus CU:
"Given this environment, we will be adjusting the Rewards Checking interest rate to 4.01% APY on balances of $50,000 and below and .75% APY on balances over $50,000 beginning March 1, 2009."

1
Comment #2 by David (anonymous) posted on
David
Effective Monday, February 1, 2010, the maximum tier to earn the highest interest rate on the Rewards Checking Account will change from $50,000 to $25,000. Deposits over $25,000
will earn .75%.

NorthWest Plus Credit Union

1
Comment #3 by kijani-lion (anonymous) posted on
kijani-lion
This is quite lame. I just deposited the full $50,000 a new Rewards account here last month to get the 3.01 and got shafted. And they were less than forgiving with my 12 POS transactions since my first debit card got lost in the mail I had to do 9 of my 12 transactions on the final calendar day of the cycle which was a hassle. Now I need to withdraw and reinvest that extra 25K next month... grr...

1