Earlier this month, 4Front Credit Union (4Front) unveiled its new rewards checking account (RCA), Straight4ward Rewards Checking, which earns 4.08% APY on qualifying balances up to $15k. Balances above $15k and non-qualifying balances do not earn any interest. For whatever reason, RCAs have been slow to keep pace in the current rising rates climate, so it’s quite nice to see a new 4%+ RCA.
Monthly Qualifying Requirements
- Deposit $500 or more (direct deposit not required)
- Log-in to online/mobile banking one or more times
- Make 15 or more debit card purchases
- Be enrolled in eStatement/eNotifications
The Straight4ward Rewards Checking account has no minimum balance requirement, no monthly service fee, and no minimum opening deposit. Three free third-party ATM transactions are allowed per month, with a $1.50 fee per transaction beyond the three.
Current 4Front members who switch to the new Straight4ward Rewards Checking account can continue to use their existing Mastercard debit card and checks, and
We're awarding you 4.00% (4.08% APY) on your
first month's balance (up to $15,000) automatically!
The Straight4ward Rewards Checking landing page has an FAQ section, which includes some interesting information.
How can I track my qualification status for Straight4ward Rewards?
Log into online/mobile banking to view your tracking widget. In desktop online banking, it’s located on the right side of the account homepage. Within 4FrontGo (our mobile app), you can view the tracking widget after clicking the “MORE” button in the upper right corner.
This is helpful because with many RCAs, you don't know if you've qualified until the month is over.
What types of deposits can be utilized to satisfy the $500 minimum monthly deposit requirement?
Direct deposit, automated clearing house (ACH), cash (in-branch or ATM/VideoTeller), and check (in-branch, ATM/VideoTeller and remote deposit anywhere) can be used to meet the $500 per month deposit requirement. Transfers from other 4Front accounts cannot be utilized to satisfy the deposit requirement.
It's quite nice that a direct deposit isn't required and almost any type of deposit can be used to meet the qualification requirement.
Headquartered in Traverse City, Michigan, 4Front Credit Union’s field of membership (FOM) includes all Michigan residents, as well as those who work or conduct business in any of Michigan’s 89 counties.
4Front does not have an online application, but according to CSR, membership-eligible individuals can join by mailing a notarized application. After the application is approved, any of 4Front's accounts, including the Straight4ward Rewards Checking, can be opened over the phone.
Joining and/or opening an account can be done at any of the 16 Michigan branches located in Bellaire, Boyne City, Charlevoix, East Jordan, Kalkaska, Mancelona, Manistee, Petoskey (2), and Traverse City (7).
Credit Union Overview
4Front Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.74% (excellent) based on June 30, 2018 data. In the past year, 4Front has increased its total non-brokered deposits by $18.35 million, an excellent annual growth rate of 4.37%. Please refer to our financial overview of 4Front Credit Union (NCUA Charter # 61365) for more details.
4Front Credit Union opened its doors for business in January 2015, following the merger of Members Credit Union (Traverse City) and Bay Winds Federal Credit Union (Charlevoix). Members CU and Bay Winds FCU had more than 120 combined years of service to the residents of Northern Michigan. 4Front is currently the 29th largest credit union in Michigan, with more than 77,400 members and assets in excess of $512 million.
How the Straight4ward Rewards Checking Compares
When compared to the 57 High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available to Michigan residents and have maximum qualifying balances of at least $15k, 4Front Credit Union’s Straight4ward Rewards Checking APY currently ranks first.
The above rates are accurate as of 10/29/2018.
Looking to open a Reward Checking Account? Please refer to our High Yield Reward Checking Account Rates Table page for both nationwide and state specific accounts.