Will the rate change again?
We will continually monitor the Interest Plus checking for the ability to change the rate. The more members use their Debit Card, bring loans they have elsewhere, and give United the opportunity for new loans, mortgages, home equity loans, etc. the higher the rate that we will be able to pay back to our members.
As I described in my post on the math behind reward checking, banks make money from debit card usage. However, banks and credit unions also need new loans. This marketing brochure from BancVue shows that interest income from loans is more important than debit card revenue.
Now that United FCU's reward checking rate will be dropping, this leaves Golden Plains Credit Union with the only institution with a 6% reward checking account. This assumes that they'll keep this rate into January. Golden Plains has maintained a 6.01% APY since I first posted on this asccount in April 2008. Since you have to live in Kansas to qualify for this account, the credit union shouldn't be overwhelmed with too many deposits. So hopefully, the six percent yield can last.
There are still quite a few reward checking accounts offering yields over 5%. Unfortunately, none of these are nationwide deals. The best nationwide rates remain in the low 4% range.
To find reward checking accounts in your state or to find ones that are available nationwide, please refer to the reward checking section of DepositAccounts.com. To learn more about reward checking, please refer to this reward checking overview.