Dedicated to Deposits: Deals, Data, and Discussion

3.76% Reward Checking Account at the Department of Labor FCU in Washington DC

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Department of Labor FCU is offering a reward checking account with the following rates and features if certain monthly requirements are met:
  • 3.76% APY on balances up to $50,000
  • 1.01% APY on balances over $50,000
  • 0.25% base rate if qualifications are not met
  • unlimited nationwide ATM fee reimbursements
The monthly requirements include:
  • 12 Visa check card signature-based purchases
  • One direct deposit
  • Access internet home banking
  • Receive e-statements
Additional features of the account regardless of the monthly requirements include:
  • No minimum balance requirement
  • No monthly service charge
  • Free Online Bill Pay
Membership is primarily based on select employer groups. In addition to the Labor Department, there are several other employers listed at the credit union's membership eligibility page. In addition to employees and retirees, immediate family members of the credit union members can also qualify. Please refer to the membership eligibility page for the details. The membership application can be done by mail, and it requires a minimum deposit of $10 in the savings account.

Other Competitive Rates

In addition to the reward checking account, the credit union also has some fairly competitive money market accounts and share certificates. The SUPER Money Market account has a 2.00% APY on balances of at least $20K. The best certificate deal is a 2.50% APY 12-month Add-On CD. These rates are listed in the credit union's rate table as of 4/22/09.

The credit union is federally insured by the NCUA (Charter # 4963).

Other Reward Checking Accounts

The 3.76% APY as of 4/22/09 is a little low for reward checking accounts, but the plus side is that the cap that qualifies for this rate is $50K which is higher than the typical $25K.

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.
  Tags: checking account, reward checking account

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