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Rate Cut Announced For The Last Six Percent Reward Checking Account

Wednesday, August 25, 2010 - 12:49 PMGolden Plains Credit Union - Details
I'm afraid Golden Plains Credit Union in Kansas has announced that it will be cutting the yield on its Golden Reward Checking Account, the last 6.01% reward checking account in the nation. The yield is falling to 4.44% APY effective 9/01/2010. Thanks to the reader who forwarded me the email that was sent by the credit union. Excerpts are below:
Dear Golden Rewards Checking Member,

I am writing to let you know that your Golden Rewards Checking rate will be 4.44% APY* effective on September 1, 2010.

We have worked hard to maintain our spectacular 6.01% APY for nearly 3 years, however the low rate environment does not provide the opportunity for the credit union to loan these deposits to members at a profitable level. In addition the Federal Reserve Board of Governors is expected to maintain this ultra-low rate environment into 2012.

Our Golden Rewards Checking account continues to provide financial benefits to our members and the credit union. Because of the financial savings built into this account, we are able to continue to offer an amazing 4.44% APY rate. This rate was selected after several months of analysis and debate within the credit union. It is our intention to maintain this rate through these turbulent economic times.

As you know there are three different rates associated with this account. The rewards rate that we have just discussed, the rewards rate for balances over $25,000 and the interest rate for accounts that don’t qualify for the rewards rate during a particular month. Effective September 1, 2010 the rewards rate for balances greater than $25,000 will be 0.30% APY and the rate for accounts not meeting the qualifications well be 0.10% APY.

Because of the strong financial position of Golden Plains Credit Union, we are able to continue to offer you a rewards checking rate that is well above others in our market. Thank you for your business and your continued patronage.

5
Ken TuminKen Tumin5,442 posts since
Nov 29, 2009
Rep Points: 123,743
1. Wednesday, August 25, 2010 - 4:56 PM
4.44% APY is still an excellent rate!
5
51hh51hh1,462 posts since
Jan 16, 2010
Rep Points: 6,352
2. Wednesday, August 25, 2010 - 8:15 PM
4.75% at Randolph Bank looks better and better.
1
darkdreamer4udarkdreamer4u174 posts since
Jun 11, 2010
Rep Points: 630
3. Thursday, August 26, 2010 - 2:20 PM
There are still eleven 5% RCA club members, although all local or FMO (for membership only).

Randolph (4.75% APY) looks good only for those who got grandfathered in.  It is now limited in locality as well as maximum number of accounts.   
5
51hh51hh1,462 posts since
Jan 16, 2010
Rep Points: 6,352
4. Thursday, August 26, 2010 - 7:58 PM
hey 51hh, care to list thosw eleven?

Would be most helpful and appreciated.

Thx in advance
1
pdxmalepdxmale93 posts since
Jul 11, 2010
Rep Points: 269
5. Thursday, August 26, 2010 - 8:33 PM
hey 51hh, care to list thosw eleven?

Would be most helpful and appreciated.

Thx in advance

Take a look at the rewards checking (select local) list:

http://www.depositaccounts.com/checking/reward-checking-accounts.html

 
4
51hh51hh1,462 posts since
Jan 16, 2010
Rep Points: 6,352
6. Thursday, August 26, 2010 - 11:57 PM
There are still eleven 5% RCA club members, although all local or FMO (for membership only).

Randolph (4.75% APY) looks good only for those who got grandfathered in.  It is now limited in locality as well as maximum number of accounts.   

Hm, with the Golden Plains gone, I actually count 12...

 

My comment about Randolph was directed at the early nay-sayers;-)
1
darkdreamer4udarkdreamer4u174 posts since
Jun 11, 2010
Rep Points: 630
7. Friday, August 27, 2010 - 7:44 AM
There are still eleven 5% RCA club members, although all local or FMO (for membership only).

Randolph (4.75% APY) looks good only for those who got grandfathered in.  It is now limited in locality as well as maximum number of accounts.   

Hm, with the Golden Plains gone, I actually count 12...

 

My comment about Randolph was directed at the early nay-sayers;-)
 

La Capitol (5.25%, $5K) is not counted on my list due to small fund ceiling (25 debit transactions are required per month!).  I believe that Ken did not count it, either, when he stated "12" 5% members in one of his earlier posts (including GPCU at that time).
4
51hh51hh1,462 posts since
Jan 16, 2010
Rep Points: 6,352
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