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
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.
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