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Reward Checking Account at Baxter Credit Union in IL/WI

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Baxter Credit Union
Update: The top rate has fallen to 2.00% APY.

Baxter Credit Union is offering a reward checking account called Powerchecking. It pays 2.00% APY on balances up to $25,000 (0.25% for above) if the following monthly requirements are met:
  • direct deposit of at least $500
  • receive E-statements
  • complete 15 (used to be 10) checking transactions that can include bill pay, debit card purchases (signature base), ACH withdrawals/deposits and credit union loan payments using online banking
If these are not met, no interest is earned and there will be BCU ATM fees for each ATM transaction over five per month. There is no minimum balance required to earn interest.

This reward checking is a little different than the typical ones. Members can meet the requirements without debit card purchases which can be a big plus for those who prefer to use credit cards.

Membership is open to those who live or work in the Illinois counties of Cook (not all parts), Dupage, Kane, Lake and McHenry, in the Village of Schaumburg, and in the Wisconsin County of Kenosha. You can also be eligible based on employer groups and family members. Please refer to the Membership Page for more details. Membership requires a minimum balance of $5 in the savings account.

The credit union is federally insured by the NCUA (Charter # 68187). It's a large credit union with $1.4 billion in assets and 139,394 members.

Other 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 3/10/09: Direct deposit minimum is now $500.

Rate History:
09/01/10: 2.00% APY
04/01/10: 2.50% APY
11/01/09: 3.00% APY; 0.50% over
04/04/09: 3.50% APY
09/21/08: 4.00% APY; 1.00% over

  Tags: Illinois, Wisconsin, Baxter Credit Union, checking account, reward checking account

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Comments
4 Comments.
Comment #1 by Anonymous posted on
Anonymous
Question: Does Powerchecking require a min balance of $5000 to earn the dividend/high yield? That's how it reads....

1
Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
The website is not clear on this so I emailed BCU. I'll update the post when I receive a reply. Thanks.

1
Comment #3 by Anonymous posted on
Anonymous
Baxter CU has revamped its website--very nice. Powerchecking now requires $500 direct deposit monthly.
Previous referenced unclarities have been removed.

1
Comment #4 by Anonymous posted on
Anonymous
Top rate has dropped to 3.5% APY.

1