Update 4/1/11: The balance cap has fallen to $10K. Please refer to the bottom of the post for the rate history.
- 3.51% APY on balances up to $10,000
- 0.50% on all amounts above $10,000
- 0.10% base rate if requirements are not met
- ATM fee refunds nationwide up to $25 per cycle
The monthly requirements include:
- 12 Visa check card purchases
- One direct deposit or automatic payment
- Log into the credit union's Virtual Branch
- Receive electronic statements
Additional features of the account regardless of the monthly requirements include:
- No minimum balance requirement
- No monthly service charge
- Free Online Bill Pay
There's an online application, but one must be eligible to join. Membership is open to anyone who lives or works in St. Louis or Jefferson County. Please refer to the credit union's membership benefits & eligibility page for the full details. Membership requires a minimum balance of $25 in the share savings account.
Branches are located in St. Louis, Missouri.
The credit union's ratings for safety and soundness are mixed: 4 stars (excellent) at BauerFinancial (based on 6/30/09 data) and 2 stars (below peer group) at Bankrate.com (based on 3/31/09 data). The credit union is federally insured by the NCUA (Charter # 62716).
Other Reward Checking Accounts
There are not many reward checking accounts left with a top rate over 5%. The only downside to First Missouri's reward checking account is the $20K balance cap which is a little below average.
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.
- 04/01/11: 3.51% APY up to $10K; 0.50% over; 0.10% base
- 10/01/10: 3.51% APY up to $20K
- 05/11/10: 4.01% APY up to $20K; 0.75% over
- 12/30/09: 4.01% APY up to $20K
- 10/09/09: 5.25% APY up to $20K; 1.01% over; 0.15% base