5.01% Reward Checking Account at St. Paul FCU in MN - Local Only

St. Paul Federal Credit Union is offering a high-yield reward checking account with the following rates if certain monthly requirements are met:

• 5.01% APY on balances up to $10,000
• For portion of balance over $10,000, the rate is the default current rate of the respective checking account
• If requirements are not met, account will earn the default current rate of the respective checking account

The monthly requirements include:

• 15 debit card purchases
• 1 direct deposit
• Receive e-statements

Membership is open to those who live, work, worship, or attend school in the cities of Saint Paul or Minneapolis and their relatives. Please refer to the credit union's membership page for the full details.

The credit union's ratings for safety and soundness are fair: 3 stars (adequate) at BauerFinancial (based on 9/30/09 data) and 3 stars (performing) at Bankrate.com (based on 6/30/09 data). The credit union is federally insured by the NCUA (Charter # 24358).

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

Other Reward Checking Accounts

The 5.01% yield is rare these days for reward checking, but the $10K cap is a downside. On the plus side, the low cap should make it easier for the credit union to maintain the high rate.

To find reward checking accounts in other areas of the nation, please refer to the reward checking section of DepositAccounts.com. To learn more about reward checking, please refer to this reward checking overview.