Consumers Credit Union Cutting Reward Checking Rate in April

A reader forwarded me an email she received from Consumers Credit Union informing customers that the top rate will be falling to 3.59% APY for up to $25K effective April 1, 2010. It had been 4.09% APY since January 2009. Here's an excerpt of the email:

In light of continuing drop in interest rates since we implemented the current rate, it's in the best interests of our Membership to change the rate on Rewards Checking. Effective Thursday, April 1, 2010, the new rate on Rewards Checking will be 3.59% APY for balances up to $25,000.00, and 0.76% APY for balances above $25,000.00, if you meet the Rewards Checking requirements. For Members who don't meet the requirements, the rate remains unchanged at 0.05% APY.

Refer to my account review for more details and the rate history of this reward checking account.

Hat tip to the reader for the email.