Dedicated to Deposits: Deals, Data, and Discussion

3.00% Reward Checking Account at Global Credit Union in WA & ID

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Global Credit Union
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
If these are not met, the rate falls to 0.25%. There are no minimum balance requirements or monthly service fees.

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.

Rate History:
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
  Tags: Washington, Idaho, Global Credit Union, checking account, reward checking account

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Comments
8 comments.
Comment #1 by Anonymous posted on
Anonymous
When a bank is paying 6% I can only assume that they are desperate for deposits. I don't think 6% is worth the risk of having your money frozen whilst you wait for FDIC to pay out. Especially since many people use checking for everyday expenses and cannot afford to wait even a day.
Although might be worth sticking the CD cash that I don't need into the checking account LOL

1
Comment #2 by gaelicwench (anonymous) posted on
gaelicwench
You have to do your homework prior to jumping into opening an account at a financial institution, especially if it's a small one with very little assets. Secondly, if this bank/CU was involved in toxic mortgages, you can bet they're gonna go downhill. It's just a matter of time.

I know I would not risk putting my deposits in a bank that got itself into this mess. Thanks to Banking Guy for posting this info - well informed is well armed.....

1
Comment #3 by gaelicwench (anonymous) posted on
gaelicwench
Apologies for posting a second time. Just wanted to respond regarding the comment about the rate this high being rare.

BankingGuy, you posted a few months ago about a credit union offering a rewards checking account with a rate of 7.01%. Eligibility for membership was fairly easy.

I went ahead and joined. The rate dropped to 6.50% about a month or so afterwards, but it's remained there since then. Those dividend earnings are pretty nice, even with a cap of around 20-25k. Anything over that I would just open another account with a high rate elsewhere - preferably a CU. They're far more dependable than banks.

1
Comment #4 by Noah (anonymous) posted on
Noah
"I know I would not risk putting my deposits in a bank that got itself into this mess."

Why not? The cap for rewards checking is way below the NCUA coverage anyway...what is the risk?

1
Comment #5 by Anonymous posted on
Anonymous
Effective 12/31/08 the lower cap is $10K. The rates remain the same.

1
Comment #6 by Anonymous posted on
Anonymous
Multiple $10K accounts can be opened, but the rules still apply for each account.

1
Comment #7 by DaveHanson (anonymous) posted on
DaveHanson
For current members, the cap is reduced from $30K to $10K effective Feb 5. I received my change of terms notice this weekend.

1
Comment #8 by David (anonymous) posted on
David
I received an email today that beginning 7/1/09 the rate will change to 3.0%

1