| Bank or Credit Union | Apy | Min | Max | Product | |
| Great Lakes Credit Union | 4.00% | - | $10k | Ultimate Checking |
Update on Great Lakes Credit Union's Reward Checking Account
I first reviewed Great Lakes Credit Union (GLCU) and its reward checking account (called Ultimate Checking) in 2011. The rate has remained the same, but the balance cap has gone down. Nevertheless, it remains a competitive reward checking account. When I first reported on this credit union, it appeared to be mostly a local deal for those in parts of Illinois and Wisconsin. There now appears to be a way for anyone to qualify for membership. Before I review the membership eligibility, below is a summary of the rates and features as of 3/8/2013:
- 4.00% APY up to $10,000
- 0.05% for over $10,000 (standard savings dividend rate)
- Up to $5 ATM rebate per month
- No monthly fee or minimum balance requirement
The monthly requirements include:
- $500 Direct Deposit or ACH transfer
- 10 signature-based debit card purchases
- eStatements
- Pay one bill through Bill Pay or logging into mobile banking
To avoid a $5 monthly fee, members will have to make a minimum of 5 signature-based debit card purchases a month OR maintain $500 direct deposit. Maximum of 3 Ultimate Checking accounts is allowed per person. More details are described in the credit union's Ultimate Checking page. The potential monthly fee and the requirements to avoid it make this reward checking account unique.
Membership
The only place I found information on membership qualifications was in the online application. The membership and new-account application requires that you select how you qualify for membership. It lists the following options:
- Active Military and Relative
- Country Club Hills, IL Surrounding Area
- Federal Gov't Employee and Relative
- Kenosha County, WI (Live or Work In) and Relative
- Lake County, IL (Live or Work In) and Relative
- McHenry County, IL (Live or Work In) and Relative
- NIBA
- Tinley Forest School Districts 113, 142, 145, 146 & 160
- OTHER - It's Okay!
I wasn't sure what the last option, "OTHER - It's Okay!", meant, so I called the credit union. According to the credit union CSR, anyone can choose this option if they can't select the other options. The Ultimate Checking can be selected in the application, and the application can all be done online with nothing that needs to be mailed in. So I'm considering this nationally available. If you have applied for membership, please leave a comment about how it went.
Membership requires a minimum $5 balance in the share savings account.
Credit Union Overview
Great Lakes Credit Union branches are located in the Illinois cities of North Chicago, Country Club Hills, Gurnee, Libertyville, Round Lake Beach, Waukegan and Zion.
The credit union has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 12.44% (above average) based on September 2012 data. Please refer to our financial overview of Great Lakes Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 60238).
How This Reward Checking Compares
GLCU's 4% reward checking yield is much higher than other nationally available reward checking account rates. The highest rate is at Belvoir FCU which has a 3.25% APY for balances up to $15K. The downside with GLCU is the $10K balance cap. If you keep the maximum balances in these accounts, the total interest that can be earned in one year is $487 at Belvoir and $400 at GLCU. The highest reward checking rate at a bank is 3.00% APY for up to $15K at First Financial Bank. These rates are accurate as of 3/8/2013.
To find reward checking accounts in other areas of the nation, please refer to the reward checking section of DepositAccounts.com. To learn more about reward checking, please refer to this reward checking overview.
Update: Added ACH as an alternative to direct deposit.
Banks Mentioned in this Post:
- Weekly Rate Summary
- Bank Reviews
- Bank Health Ratings
- Savings Account Rates (filterable)
- CD Rates (filterable)
- IRA Rates (filterable)
- Checking Accounts (filterable)
- 40 Ways to Get the Most Out of Your Bank
- The Big List of Credit Unions Open to Anyone
- What Do You Need to Open a Bank Account?
- Difference Between Banks and Credit Unions
- Interest Rate vs. APY
- Difference Between Wire Transfer and ACH
- How ACH Transfers Work
- Do I Have to Pay Taxes on Bank Account Interest
- How to Build a CD Ladder
- Blog Archive
- Popular Blog Categories
3-year Term IRA CD
1.21% APY
Capital One 360
360 Checking Account
0.85% APY
Anonymous - #1, Friday, March 8, 2013 - 1:11 PM
The catch is that this account must be used every month, or there are fees. I read about someone qualifying on fatwallet site, so it looks like anyone can join. Ken, I would like to know whether the direct deposit requirement can be fulfilled by an ACH deposit? This issue of $500 disrect deposit came up with another CU, Belvoir FCU, and their reward checking account. Nothing in Belvoir's verbage says that the $500 has to be payroll or SS security check, but, the bank called me and told me that their program would not pay the higher interest with a simple ACH deposit. Are you aware of the discrepanccy of Depositaccounts.com Bank info for Belvoir's reward checking account and what their own CRs are saying to customers??? You might want to verify with Belvoir and then update your website information about direct deposit requirementsand whether and ACH will meet the requirement of direct deposit. Thanks.
moneysaver - #2, Saturday, March 9, 2013 - 7:31 AM
That's a good question... What exactly does the CU consider a qualifying "direct deposit"???
pearlbrown - #3, Monday, March 11, 2013 - 4:43 PM
I noticed on their website that GLCU has a nice feature which allows you to track your progress each month towards meeting the requirements for the Ultimate Checking account. A couple of other institutions (Lake Michigan Credit Union comes to mind immediately) offer the same capability, and it can be a help in making sure you don't miss an opportunity to earn the high rate.
perrym - #4, Wednesday, March 13, 2013 - 1:21 PM
According to a CSR, any ACH would qualify as direct deposit.
Anonymous - #5, Wednesday, March 13, 2013 - 11:38 PM
Does opening this RCA account online result in a hard credit pull on your credit file ?? Please post your experience
Washingtonian - #6, Thursday, March 14, 2013 - 3:09 AM
GLCU allows 3 accounts per person and requirements must be met per account. The direct deposit does not stipulate where it is from. Direct deposit of $500 can not be from 1 GLCU to another GLCU acount. You may transfer funds from 1 of your GLCU's to another instantly. I really like this CU! Recommend highly.
Jody Santelli - AVP Branch Operations GLCU (anonymous) - #7, Friday, March 15, 2013 - 1:03 PM
Great Lakes Credit Union accepts direct deposits set up through ACH to assist members in meeting the requirements to earn the high interest rate on Ultimate Checking. As for membership qualifications, GLCU can qualify just about anyone.
moneysaver - #8, Friday, March 15, 2013 - 7:44 PM
Thanks for the clear, helpful response!
Bacardi - #10, Saturday, March 23, 2013 - 7:29 AM
There will be a Hard Pull Credit Inquiry from TU, therefore, strongly consider obtaining a loan or credit card...If that sounds appealing, be sure your credit is clean and consider waiting until it's clean prior to opening any accounts
Anonymous - #11, Thursday, April 4, 2013 - 11:23 AM
I have done RCAs with other banks that allow more than one RCAs. GLCU turns out to be FUN to deal with. Inconsistency in what CRS tells you, need 3 differnt email accounts to open 3 accounts... I opened one, no instant info on approval. 2 days later, checking online, it was just apporved. Then comes other questions...
Here are the SM snips btw me and rep:
Me:
I called Mar 15 to inquire info on the Ultimate Checking, … I was informed “the 3 accounts can be opened at once, when you apply, there is an option as for how many you’d like to open… I applied April 1st, however, there was not an option for me to choose how many accounts to open. I called in today… I was told the info I was given on the 15th was incorrect. I need to apply on line two more times to open the other two Ultimate Checking acct, and no more credit pull as long as it is within 60 days from the 1st account.
The answers from the two different reps are so contradictive, I wanted to verify again, - is there a simpler way to open the 3 account instead of going thru online app 3 times?
…
Rep:
Unfortunately you will need to apply for each account seperately and this does require you to use a different email address for each application. .. if all application are submitted within 30 days, the credit will only be pulled 1 time…
Me:
Thanks for verification. For the 2nd and 3rd app, does it require opening another, and then another savings account as well? If all 3 are opened, can they be all under one login ID for account access?
Rep:
Each account will be seperate account. Each will have its own savings and checking, and each will have its own log in ID and password for webconnect. …
Anonymous - #13, Tuesday, April 30, 2013 - 6:43 PM
how long have they had this? any expectations of ending it soon?
Add Your Comment
Post a Comment