Spirit of Alaska Credit Union is offering a high-yield reward checking account called Choice Checking. This is another example of a reward checking with only a $10K cap. The $25K cap is the most common cap for reward checking accounts, but the $10K cap is becoming more common.
The Choice Checking offers the following rates and features if certain monthly requirements are met (as of 5/09/2010):
- 3.50% APY on balances up to $10,000
- 0.50% APY on balances over $10,000
- 0.10% base rate if requirements are not met
- ATM fee refunds of up to $20 per cycle
Monthly requirements include:
- 12 debit card purchases
- Direct deposit or an automatic payment to a credit union loan product
- Receive e-statements
Other account features include:
- Only one account allowed per member
- No minimum initial deposit or balance
- No monthly service charge
- Free online bill pay
Credit union membership is open to those who live, work, or worship within the Fairbanks North Star Borough. Please refer to the credit union's membership page for the full details.
The credit union's ratings for safety and soundness are above average: 4 stars (excellent) at BauerFinancial, 3 stars (performing) at Bankrate.com and 4 out of 5 overall health score at DepositAccounts.com (see Spirit of Alaska Credit Union rates and reviews page). All ratings are based on 12/31/09 financial data. The credit union is federally insured by the NCUA (Charter # 13583).
Thanks to the reader who emailed me info on this reward checking account.
Other High-Yield Reward Checking Accounts
Please refer to the reward checking section of DepositAccounts.com to find reward checking accounts in your state or that are available nationwide.