Update 6/22/09: The top rate is scheduled to fall to 3.00% APY effective 7/01/09. Refer to the bottom of the post for the rate history.
Global Credit Union is offering a reward checking account called eVelocity Checking. It pays 3.00% APY on balances up to $10,000 (0.25% for above) and refunds ATM surcharges if the following monthly requirements are met:
- 12 debit card purchases
- one automated deposit or withdrawal of at least $100
- receive eStatements
- log into online banking
Reward checking with a 6% APY is rare these days. I was told this checking account was launched in June 2008. Hopefully, the 6% will last, but there's no guarantee.
Membership is open to anyone who lives or works in Washington State or in the Idaho counties of Kootenai, Benewah, Shoshone or Latah. You can also qualify for membership if you have a family member who qualifies. Please refer to the credit union's FAQ page for more details. Membership requires you to maintain a credit union savings account, but this has no minimum balance requirement.
For those who don't live near a credit union branch, I was told by the credit union's CSR that you could apply for membership and open this checking account by mail. Branches are located in the Washington cities of Spokane, Kennewick and Pasco, and in the Idaho cities of Coeur d'Alene, Moscow and Post Falls.
The credit union is federally insured by the NCUA (Charter # 68237).
Thanks to the reader who emailed me news of this reward checking account.
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.
07/01/09: 3.00% for up to $10K
12/31/08: 6.00% for up to $10K
12/09/08: 6.00% for up to $30K