Pasadena Service Credit Union is currently offering the best high-interest reward checking account in California. A reader mentioned it in the forum in February, and the rate and balance cap have held since then. As of 8/25/2011, the top rate is 3.01% APY for balances up to $25,000. To qualify for this yield, the following monthly requirements must be met:
- 12 debit card purchases
- 1 monthly automated debit from or credit (ACH) into the account
- receive statements electronically
If you do not meet the minimum requirements, your account will earn the minimum dividend rate as stated on the Rate Schedule. The credit union's rates page only lists the top rate, so I'm not sure of this minimum dividend rate or the second tier rate for balances over $25K.
There's no mention of ATM fee refunds, but the credit union is part of the CO-OP network of ATMs which allows members to use CO-OP ATMs without fees.
The credit union also offers some competitive long-term CDs and IRA CDs especially for balances of at least $10,000.
Membership is open to those who live, work, worship or attend school in, Altadena, Arcadia, Pasadena, San Marino, Sierra Madre, South Pasadena, and the unincorporated area of 91107. Please refer to the credit union's field of membership page for the full details.
Pasadena Service Credit Union branches are located in the Southern California cities of Pasadena, Commerce and Vernon. The credit union is also part of the shared branch network which allows you to perform many banking transactions at any shared branch.
The credit union has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 6.32% (excellent) based on March 2011 data. Please refer to our financial overview of Pasadena Service Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 1368).
Searching for the Best Reward Checking Accounts
There are still many local reward checking accounts with yields over 3% for balances of up $25K. You can find these in our reward checking account table. Use the "Filter Accounts" button on top of the table to select either nationwide accounts and/or your state. Also, you can use this button to select the investment amount. This allows you to compare accounts with different rate tiers.