BancVue makes the case that high-yield reward checking accounts like the Kasasa Cash account are a win-win relationship between the bank and the customer. If that’s the case, reward checking accounts should be sustainable for the long-term. The best evidence of this are reward checking accounts that have a long history of top rates and reasonable balance caps. One example is the Fusion Checking at Advantis Credit Union. I first reported on this account in 2007 when it had a yield of 6.25% with no balance cap. The rate has fallen and there’s now a balance cap, but the account remains very competitive and a good alternative to internet savings accounts. Another nice thing to report on Advantis is that the credit union’s field of membership has expanded so more people are eligible to join Advantis and open this account.
Below is a summary of the Fusion Checking account based on Advantis Credit Union’s checking page as of 1/23/2014:
Rates and ATM fee refunds if certain monthly requirements are met:
- 2.25% APY on balances up to $25,000
- 0.20% APY on portion of balance over $25,000
- 0.10% APY on entire balance if requirements are not met
- ATM fees refunded nationwide (up to $25 per month)
Monthly requirements to qualify for the above rewards:
- 12 debit card purchases (PIN or signature)
- 1 automatic payment or direct deposit
- Log in to online banking at least once
- Receive statements electronically
Only one Fusion Checking account is allowed per primary member. There is no minimum balance requirement, and there is no monthly service fee. The minimum initial deposit to open the account is $25.
Membership - OR and WA
When reported on Advantis in 2012, membership was primarily limited to the Portland metro area. That has expanded. Membership is now open not only to residents of the Portland metro area, but also to residents of many Oregon counties. In addition, membership is now open to those who live, work, worship, or attend school in the State of Washington. For more details about membership please refer our Advantis Credit Union overview.
Membership and account opening can be done online.
Credit Union Overview
Advantis Credit Union branches are located in Portland, Hillsboro and West Linn, Oregon.
The credit union has an overall health grade at DepositAccounts.com of an A+ with a Texas ratio of 1.96% (excellent) based on September 2013 data. Please refer to our financial overview of Advantis Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 62659).
How This Reward Checking Rate Compares
The only reward checking account in Oregon with a higher rate for the same balance cap is the Eco Checking at Point West Credit Union in Portland. It currently has a 2.53% APY for balances up to $25K. Unlike Advantis, membership is narrow. The field of membership is primarily limited to select employee groups.
The best reward checking account with a $25K balance cap that’s nationally available is the Security Bonus Checking account at Security Bank. It currently has a 2.05% APY. The bank is currently accepting applications from people in any state, but please be aware that the account availability policy often changes.
The above rates are accurate as of 1/23/2014.
To find the highest reward checking rates in your area, please refer to our reward checking rate table. This can also be used to find accounts available nationwide. If you're new to these tables, my rate table guide should be useful.
If you're new to reward checking, my blog post, 10 Common Traits of High-Yield Reward Checking, should be useful.