When you see accounts with very high yields, the catch is typically that the high rate only applies to a small balance. But this can sometimes be a good deal if the rate and balance cap are high enough. That's the case with the checking account at Community West Credit Union. Its checking account pays 7.00% APY on balances up to $2,000 as of 1/20/2011. It's a little like a reward checking account in that it requires both direct deposit (at least $200/month) and active use of the debit card. They don't provide the details in the checking account page about what they consider as active. For those who have a small balance, this can be a better deal than the typical reward checking accounts. For those who maintain a $2K balance, this account will pay $140 per year in interest.
Another incentive to open this checking account is a $100 bonus. This promotion is scheduled to last until 3/31/2011. Details are listed in this promotions page. It has the following requirements:
- Have at least 2 direct deposits, totaling at least $200
- Perform 5 debit card purchases
- Sign up for online banking and e-statements
The credit union also offers other competitive rates including a 1.35% APY money market account for balances of at least $100K and a 5-year CD with a 2.75% APY. The 4-year CD rate isn't quite as competitive with a 2.25% APY. However, add-on deposits are allowed. These rates are listed in the credit union's rates page as of 1/20/2011.
Membership in the credit union is open to those who live, work, attend school or worship in Kent, Ottawa, Ionia, Barry or Allegan County. Please refer to the credit union's membership qualifications page for the full details.
Branches are located in the Michigan cities of Kentwood, Hudsonville and Wyoming.
The credit union has an overall health score at DepositAccounts.com of 4 out of 5 with a Texas Ratio of 7.38% (excellent) based on September 2010 data. Please refer to our financial overview of Community West Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 61677).
Other Bank Bonuses
To find other bonus deals at other banks, please refer to the bank bonus page which has all of my recent bank bonus blog posts. There are also additional bonuses listed in the checking account deals forum.