2.75% Reward Checking Account at Mutual Security Credit Union in Connecticut

Update 4/1/2011: The top rate now applies only to the first $15K balance.

Mutual Security Credit Union is offering a reward checking account called Free Ultimate Checking. It pays 2.75% APY on balances up to $15,000 (0.25% for above) and refunds ATM fees nationwide (up to $15 per cycle and $4.99 per transaction) if the following monthly requirements are met:

• 12 non-PIN check card purchases
• one direct deposit or ACH automatic debit or online bill pay using MemberPay
• receive eStatements

If these are not met, the rate falls to 0.05%. Minimum initial deposit is $50. There are no monthly service charges

Membership is open to anyone who lives, works, worships or attends school in Fairfield, Litchfield or New Haven County Connecticut. You can also be eligible via select employer groups and family. Please refer to the credit union's Who Can Join Page for more details. Membership requires a minimum balance of $5 in the savings account.

Branches are located in the Connecticut cities of Wilton, Norwalk, Brookfield, Danbury, Stratford, Watertown, Danbury and Cheshire.

The credit union is federally insured by the NCUA (Charter # 68479).

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:

• 04/01/11: 2.75% APY up to $15K; 0.25% APY over; 0.05% base
• 06/01/09: 2.75% APY up to $25K; 0.50% APY over; 0.15% base
• 05/04/09: 3.25% APY
• 04/01/09: 4.01% APY
• 02/11/09: 5.01% APY up to $25K; 1.01% APY over; 0.15% base