3.04% Reward Checking Account at ELGA Credit Union in Michigan

Update 9/19/09: The balance cap is scheduled to fall to $50,000 effective October 1, 2009. Refer to the bottom of the post for the rate history.

ELGA Credit Union is offering a reward checking account called e.Rewards Checking which pays 3.04% APY on balances up to $50,000 (1.0% for above) and refunds ATM fees up to $25 per cycle if the following monthly requirements are met:

• 10 signature-based check card purchases
• one direct deposit
• access online banking
• receive electronic statements

If these are not met, the rate falls to 0.20%. There is no minimum balance requirement or monthly fee.

There is an online application for this account at CheckingFinder.com at this link.

Membership is open to those who live, work, worship, volunteer or attend school within Genesee, Saginaw, Lapeer, Shiawasee, Oakland, and Livingston Counties. Refer to the above CheckingFinder page for more membership details.

Branches are located in the Michigan cities of Burton, Clio, Montrose, Flushing, Lapeer, Fenton, Waterford and Flint.

The credit union is federally insured by the NCUA (Charter # 61797).

Other Reward Checking Accounts

You can find other reward checking accounts with similar caps at my High Yield Checking website.

Rate History:
10/01/09: 3.04% APY up to $50K
07/01/09: 3.04% APY up to $100K
02/06/09: 3.56% APY up to $100K
01/16/09: 4.07% APY up to $100K; 1.0% over $100K; 0.20% if requirements not met

Edit 6/27/09: Added signature-based requirement for check card usage.

Tags: ELGA Credit Union, Michigan, checking account, reward checking account