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 DepositAccounts.com 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 DepositAccounts.com.