High-Yield Reward Checking Account at South Division Credit Union in Illinois - Available Nationwide

Update 10/8/2010: The top yield has fallen from 4.01% to 2.00%.

South Division Credit Union is offering a reward checking account called Freedom Green Checking. The account has the following rates and features if certain monthly requirements are met:

• 2.00% APY on balances up to $25,000
• 0.00% on portion of balances above $25,000
• 0.00% base rate if qualifications are not met
• Refunds ATM fees nationwide up to $25 per cycle

The monthly requirements include:

• 12 VISA debit signature purchases
• One direct deposit or ACH into account ($250 minimum)
• One Matrix21 bill pay (online banking)
• Receive electronic statements

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

• $50 to open (min. share account); $300 required after 6 mo else $6 fee
• No minimum balance requirement
• No monthly service charge
• Nationwide network of surcharge-free ATMs (STAR, CO-OP, CASH AMERICA)

Membership is open to Children (Kid’s Club), Student’s (Student’s First Checking and Savings), and Adults (Full line of products and services). This credit union is a nationwide family community that accepts members from any U.S. neighborhood of family and friends with a household USPS Zip code from 01000 – 99999. Refer to the online secure membership/application link. Once submitted and reviewed, the credit union will contact you for the next steps.

Branches are located in Evergreen Park, Midlothian and Chicago.

The credit union's ratings for safety and soundness are strong: 4 stars (excellent) at BauerFinancial and 4 stars (sound) at Bankrate.com. The above rates are based on 6/30/09 financial data. The credit union is both privately insured by the ESI and federally insured by the NCUA (Charter # 65550).

Other Reward Checking Accounts

There have been some big disappointments lately with nationwide reward checking accounts (see post).

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:

• 10/07/10: 2.00% APY up to $25K
• 11/04/09: 4.01% APY up to $25K