Dedicated to Deposits: Deals, Data, and Discussion
Northern Federal Credit Union2.26%-$25kPremium Choice Checking
Northern Federal Credit Union1.01%-$15kChoice Rewards Checking
Accounts mentioned in this post. Rates as of August 27, 2014

Northern FCU in NY Adds a Higher Paying Reward Checking Account - Local Only


Northern Federal Credit Union

There are a few institutions that offer more than one reward checking account. One has a higher rate, but it has more requirements. I just noticed Northern Federal Credit Union in New York State has done this. In addition to its Choice Reward Checking that I first reported on in March 2007, it now offers the Premium Choice Checking with a yield that's 1.50% higher. Below is a summary of the rates, requirements and features of the two accounts (as of 7/20/2010):

Choice Rewards Checking

  • 3.01% APY* on balances up to $25,000
  • 1.00% APY* on balances from $25,001 to $50,000
  • ATM Fee Refunds Nationwide

Monthly requirements:

  • Receive a direct deposit or conduct an ACH debit
  • Receive monthly e-statements instead of paper statements
  • Make 10 or more purchases using your debit card (excludes ATM withdrawals)
  • Login to Online Banking at least one time per month

Premium Choice Checking

  • 4.51% APY* on balances up to $25,000
  • 1.50% APY* on balances from $25,001 to $50,000
  • 0.50% APY* on balances over $50,000

Monthly requirements:

  • Set up a recurring direct deposit of payroll, pension, or retirement
  • Receive monthly e-statements instead of paper statements
  • Make 15 debit card transactions with a minimum of five dollars. (must be credit transactions)

It's interesting to note that not only does the Premimum Choice Checking require 5 more debit card purchases per month, but it also requires the purchases be credit-based. Also, it requires direct deposit of paycheck instead of allowing for an ACH debit (not sure if ACH pushes would count).

Field of membership includes those who live, work, worship, or attend school in Jefferson County, Lewis County or in parts of St. Lawrence County, New York. You may also qualify via select employer groups and via immediate family. Please refer to the site for details. Membership requires a minimum $5 balance in the share savings account.

The credit union is federally insured by the NCUA (Charter # 10578).

Other High-Yield Reward Checking Accounts

Please refer to the reward checking section of to find reward checking accounts in your state or that are available nationwide.

  Tags: New York, Northern Federal Credit Union, checking account, reward checking account

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Comment #1 by Anonymous posted on
It seems Premium Choice Checking doesn't just require 5 extra transactions, but each transaction of the 15 required to be $5 or more to count. The Choice Rewards version does not seem to have the $5 transaction minimum.

Comment #2 by 51hh posted on
The $5 per debit card transaction seems to be more prevailing by the day.

Comment #3 by Stewie posted on
Per website today:

  • 4.26% APY* on balances up to $25,000 (was 4.51% APY)
  • 1.25% APY* on balances from $25,001 to $50,000  (was 1.50% APY)
  • 0.50% APY* on balances over $50,000 (No change)

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