I'm always glad to find a new high-yield reward checking account with a top rate. Unfortunately, not many readers will be able to qualify for this one since the credit union's field of membership is narrow. Gas & Electric Credit Union is offering a reward checking account that it calls Green2 Checking. The account has the following rates if certain monthly requirements are met:
- 4.25% APY on balances up to $25K
- 0.50% APY on portion of balance above $25K
- 0.50% APY on entire balance if requirements are not met
Monthly requirements include:
- 15 debit card purchases
- 1 direct deposit of paycheck or retirement check
- Receive electronic statements
The account has no minimum balance and no monthly fees. There doesn't appear to be any special ATM reimbursements. According to the credit union's checking page, you get "up to 10 free ATM transactions per month" and they "are also a part of the Privileged Status Network."
Note, the second tier rate is the same as the non-qualifying rate. According to the credit union, this is the normal share draft dividend. This yield is listed in the credit union's rate sheet.
I couldn't find the field of membership on the credit union's website, so I sent an email yesterday. Here is the reply that I received:
To be a member of the CU you have to be an employee of the City of Rock Island, Mid American Energy or Bituminous Insurance or if an immediate family member is a member at the CU you would qualify.
As I mentioned at the beginning, it's pretty narrow.
The credit union is located in Rock Island, Illinois.
The credit union has an overall health score of 4 out of 5 with a Texas Ratio of 2.85% based on June 2010 data. It's a small credit union with only $51M in assets. Please refer to our financial overview for Gas & Electric Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 65003).
Other High-Yield Reward Checking Accounts
To find reward checking accounts in your state or to find those available nationwide, please refer to the reward checking section of DepositAccounts.com.