River Region Credit Union is offering a high-yield reward checking account with a good top rate but a balance cap and a debit card usage requirement that are a little unfavorable. Below are the rates and features if certain monthly requirements are met. Note, only the top rate is listed at the credit union's checking page as of 6/29/2010. I had to contact the credit union for the other details.
- 4.00% APY on balances up to $20,000
- 0.10% APY on portion of balance over $20,000
- 0.10% base rate if requirements are not met
- Refunds 3 ATM surcharges or $7, whichever is less
Monthly requirements include:
- 15 non-PIN debit card purchases
- Direct deposit
- Must log in to MyCU@Home at least twice during the month
- Receive e-statements and maintain a valid email address
Other features of this account include:
- No minimum balance
- No monthly fee
One odd thing about the ATM refunds is that they are not automatic like most reward checking accounts. Receipts for the ATM transactions must be presented at a RRCU office by the 12th business day of the month following the month inwhich the transactions were done.
Another downside to the account is the balance cap and debit card usage requirement. Most reward checking accounts have a $25K cap and require only 10 debit card purchases a month. However, more institutions have been lowering the cap and raising the debit card usage requirement. At least River Region continues to pay an above average top rate. Most reward checking accounts now pay under 3.50%.
Another Debit Card Reward Checking Account
In addition to the reward checking account, River Region offers a checking account that's similar to Bank of America's Keep Your Change program. It's called Easy Checking, and here's how the credit union describes it.
Every RRCU debit card transaction on your Easy Checking account will be rounded up, with the difference going into your Easy Savings share. What’s more, River Region will match a percentage of the funds saved.
There appears to be a match of up to $300. This type of checking account may be better for those who have small balances.
Membership includes anyone who lives or works in Boone, Cole, Osage, Callaway, Moniteau or Miller counties in Missouri. In addition, several select employer groups are eligible. Please refer to the credit union's become-a-member page for the full details. Membership requires a $1 minimum balance in the share savings account.
Credit Union Overview
Branches are located in Jefferson City and Columbia, Missouri.
The credit union's ratings for safety and soundness are above average: 4 stars (excellent) at BauerFinancial, 3 stars (performing) at Bankrate.com and an overall health score of 4 out of 5 at DepositAccounts.com (see our River Region CU financial overview). These ratings are based on March 2010 data except for Bankrate which is based on 12/31/09 data. The credit union is federally insured by the NCUA (Charter # 64283).
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.