Deseret First Credit Union is offering a reward checking account that pays 2.25% APY on balances up to $25,000 (0.40% for above) if the following monthly requirements are met:
- 10 debit card purchases
- one direct deposit
- receive electronic statements
Credit union membership is open to members of the Church of Jesus Christ Latter-Day Saints and their families throughout the US. You can also be eligible via select employee groups. Please refer to the credit union's Membership Page for the full details. Membership requires a minimum balance of $25 in the share savings account.
Branches are located in Salt Lake City, Provo and several other Utah cities. The credit union is federally insured by the NCUA (Charter # 24708).
Other Reward Checking Accounts
This is only the second reward checking account that I've seen in Utah. However, Deseret First CU is a little different in that membership isn't based on geography but religion.
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.
Thanks to the reader who emailed me news of this reward checking account.
07/01/09: 2.25% APY up to $25K; 0.40% over
03/31/09: 3.01% APY up to $25K; 0.70% over
10/31/08: 5.01% APY up to $25K; 1.01% over; 0.20% base rate
Edit 4/11/09: ACH transactions are no longer listed as an alternative to direct deposit.