3.50% Reward Checking Account at MAC FCU in Alaska - Local Only

MAC Federal Credit Union is offering a high-yield reward checking account called e-checking. The account offers the following rates and features if certain monthly requirements are met:

• 3.50% APY on balances up to $10,000
• 0.50% on portion of balance above $10,000
• 0.15% base rate if requirements are not met

The monthly requirements include:

• 12 debit card purchases
• One direct deposit or automatic withdrawal or one bill-pay transaction
• Regularly use the online banking service
• Receive e-statments and maintain a valid email address

Additional features of the account regardless of the monthly requirements include:

• No minimum balance requirement
• No monthly service charge
• Free bill pay
• Only one account per member
• No more than 3 checks per month can be written

The promo page also states "Free ATM withdrawals," but there are no details. It may be only free at CO-Op Network ATMs.

Membership is open to those who live, work, worship, or attend school in the Fairbanks-North Star Borough. Please refer to the membership page for the full details. Membership requires a $5 fee and a minimum balance of $10 in the share savings account.

Branches are located in Ft. Wainwright, Alaska.

The credit union's ratings for safety and soundness are strong: 5 stars (superior) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 6/30/09 financial data. The credit union is federally insured by the NCUA (Charter # 8080).

Thanks to the reader who emailed me info on this reward checking account.

Other Reward Checking Accounts

The $10K cap is low for reward checking, but it's the only the second reward checking that I've seen in Alaska.

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.