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High-Yield Reward Checking at Greater Alliance Federal Credit Union in Northern New Jersey - Local Only


Greater Alliance Credit Union

It's rare these days to come across a top rate on a reward checking account. I'm glad a reader mentioned this in the comments. The account is called Preferred Checking, and it's being offered by Greater Alliance Credit Union. Preferred Checking isn't listed on the credit union's website, so I had to call for the following details (as of 2/24/2011):

  • 4.01% APY on balances up to $25K
  • 0.75% APY on portion above $25K
  • 0.10% base rate if requirements are not met

Monthly requirements to qualify for the above rates include:

  • 10 debit card purchases
  • $175 minimum balance
  • 1 online bill payment per month via home banking
  • Receive e-statements
  • 1 direct deposit
  • 2 ACH debits

The account has a few additional requirements than the usual reward checking account. At least it requires only 10 debit card purchases. Institutions want these accounts to be used as primary checking accounts so that's often the reason for all the extra requirements.

Thanks to the reader Jem who mentioned this account in the comments.

Membership into Greater Alliance FCU is open to anyone who lives, works, does business, worships, volunteers, or attends school in Bergen or Passaic Counties, New Jersey. These counties are in the New York City Metro area. Please refer to the credit union's eligibility page for the full details.

Branches are located in Paramus and Hackensack, New Jersey. The credit union is part of the CU Service Centers which allows you to perform many banking transactions at other credit union branches throughout the nation.

The credit union has an overall health score at of 2 stars (out of 5) and a Texas Ratio of 25.78% (average) based on December 2010 data. Please refer to our financial overview of Greater Alliance Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 2182).

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

  Tags: Greater Alliance Credit Union, New Jersey, reward checking account, checking account

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Comment #1 by 51hh posted on
Thanks, Ken!

Comment #2 by 51hh posted on
It belongs to Share Branch (CU Service Centers), making deposits/withdrawals easier.

Comment #3 by KenBDG posted on
I never did get a reply to my email. I had to call for the details.

Comment #4 by Anonymous posted on
I just called the CU and the rep said that you must:
- open a savings account first and maintain a minimum balance of $175 in it
- also maintain a $175 minimum balance in the rewards checking account
- have a direct deposit or salary deduction transferred to the RCA monthly (not waived by ACH's)
- must SIGN for your debit purchases (so fast food or most any sub-$25 non-sig purchases won't count)

That last one is the killer. I don't know how to handle that.

Comment #5 by Anonymous posted on
I think its interest rate decrease below 3%.

Anyone can confirm that?