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Altra Federal Credit Union Adds A+ Platinum Checking, 3.50% APY

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Deal Summary: A+ Platinum rewards checking, 3.50% APY on qualifying balances up to $15k.

Availability: Select census tracts in MN, TN, TX, and WI; many SEGs, including Trane and Trane authorized dealers.

Wisconsin-based Altra Federal Credit Union (Altra FCU) has added a new rewards checking account (RCA), A+ Platinum, which earns 3.50% APY on qualifying balances up to $15k. Qualifying balances above $15k earn 0.40% APY, with non-qualifying balances earning 0.10% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.25*†%-$15kAltra Federal Credit UnionA+ Platinum
OTHER TIERS: 0.20% → $15k+
Rates as of September 29, 2023.

Qualification Requirements

  • Receive monthly A+ Platinum Report Card and eStatement via email.
  • Log in to Online Banking or Mobile app at least once per cycle.
  • At least one Direct Deposit of at least $250 per cycle.
  • Have at least 20 Altra Visa Debit Card purchases per cycle.

The A+ Platinum account has no monthly fees or minimum balance requirement. One box of free checks is available to members age 60+ and a free welcome pack of checks will be given to students. There is a limit of one A+ Platinum account per member.

While there is no ATM fee reimbursement for the A+ Platinum account, Altra FCU participates in the CO-OP ATM and Shared Branch program, giving member access to nearly 30,000 ATMs and more than 5,000 shared branches across the country.

You can make a deposit, withdrawal, or loan payment at a Shared Service Center. You
will need a valid ID and your account number. Deposits generally have a two day hold.

A+ Checking

No, this is not the same RCA. I’m not a fan of the same type of accounts with very similar names because of the confusion factor. The A+ Checking is Altra FCU’s older RCA and is still being offered, earning 2.75% APY on qualifying balances up to $15k. Like the A+ Platinum account, qualifying balances above $15k earn 0.40% APY, with non-qualifying balances earning 0.10% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.25†%-$15kAltra Federal Credit UnionA+ Checking
Rates as of September 29, 2023.

The qualifying requirements are similar to that of the A+ Platinum account, with the following exceptions:

  • At least one Direct Deposit of at least $50 per cycle.
  • Have at least 10 Altra Visa Debit Card purchases per cycle.

Availability

Headquartered in Onalaska, Wisconsin, Altra Federal Credit Union until recently offered membership nationwide by joining the Altra Foundation.

The new smaller field of membership (FOM) includes individuals who live, work, worship, or attend school in specific census tracts in:

Wisconsin – La Crosse

Minnesota – Rochester or Winona

Tennessee – city of Clarkesville or Montgomery County

Texas – city of Tyler or Smith County

Employees of Trane and/or Trane Authorized Dealers qualify for membership, as do employees of many SEGs.

Individuals who work for or attend a variety of schools in Wisconsin, Minnesota, Tennessee, and Texas are eligible to join, as are their immediate family and household members.

Immediate family (parent, child, sibling, grandparent, grandchild, including step- and adoptive) and household members (roommate, spouse/domestic partner, or foster child) of membership-eligible individual are also welcome to apply.

Joining Altra FCU and/or opening an A+ Platinum account can be done either online, or at any of the 15 branch locations in Colorado (1), Kentucky (1), Minnesota (3), New Jersey (1), Tennessee (2), Texas (2), and Wisconsin (5). Note: the Colorado, Kentucky, and New Jersey branches are located within a Trane facility and may have limited access.

Credit Union Overview

Altra Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 5.27% (excellent), based on September 30, 2018 data. In the past year, Altra FCU has increased its total deposits by $91.48 million, an excellent annual growth rate of 8.08%. Please refer to our financial overview of Altra Federal Credit Union (NCUA Charter # 24077) for more details.

Altra Federal Credit Union was founded in 1931 as the Trane Employees Credit Union, by 33 Trane employees who pooled together $179. Altra Federal Credit Union is currently Wisconsin’s tenth largest credit, with more than 102,000 members and assets in excess of $1.5 billion. The “Altra” name in was chosen in 2005,

to reflect the increased diversity of our membership while honoring our
history by combining the words alliance, Trane, allegiance, and tradition.

How the A+ Platinum Compares

Since Altra FCU’s FOM includes several states, I’ve opted to use nationally available accounts for this comparison. Therefore, when compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are nationally available and have maximum qualifying balances of at least $15k, Altra Federal Credit Union’s A+ Platinum APY currently ranks second.

The above rates are accurate as of 2/21/2019.

To look for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.

Related Pages: Philadelphia checking accounts, Rochester checking accounts, Nashville checking accounts, La Crosse checking accounts, Tyler checking accounts, Colorado Springs checking accounts, reward checking accounts

Comments
predatorysaver
  |     |   Comment #1
Too bad they quickly lowered the interest rate on this A+ platinum checking account back down to 2.75% in only a year after the federal reserve lowered interest rates again! I'd rather see Altra just stick at 3% for several years like Lake Michigan Credit Union did, rather than get everyone's hopes at 3.5% up only to see them dashed as soon as the federal reserve interferes in the interest rate market
Reply
1
Altra FCU (Easy Membership) Celebrates 85 Years With $85 Bonus
Comments
POSTED ON TUESDAY, OCTOBER 4, 2016 BY KEN TUMIN
Availability: Easy Membership Requirement

Wisconsin-based Altra Federal Credit Union (Altra FCU) is celebrating its 85th Anniversary with an $85 bonus for new members who open an A+ Checking account between October 1 and October 8, 2016. No additional hoops to jump through - just open a new A+ Checking account and,

$85 will be deposited directly into new A+ Checking Account within 5-7 business days.

I first wrote about the A+ Checking account in 2007, and this reward checking account has fared well in the climate of falling...

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A+ Checking’s Long History as a Top Reward Checking Account
Comments (2)
POSTED ON THURSDAY, NOVEMBER 20, 2014 BY KEN TUMIN

Many reward checking accounts haven’t held up well over the long term. In many cases rates and balance caps have fallen by so much that they’re no longer worth the effort. That’s not the case with Altra Federal Credit Union. I first reported on its reward checking account (called A+ Checking) in 2007. After all of these years, Altra continues to offer this A+ Checking, and the rate and balance cap are still competitive. In addition, the credit union has made it easier to become a member.

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Special 18-Month CD Rate at Altra Federal Credit Union in Parts of WI, MN, TN & TX
Comments
POSTED ON WEDNESDAY, APRIL 27, 2011 BY KEN TUMIN

Altra Federal Credit Union continues to offer a competitive special 18-month CD. The top rate is 2.00% APY. This requires a checking account with direct deposit. Otherwise, the rate falls to 1.50% APY. Minimum deposit is $1,000. These rates are listed in the credit union's rates page as of 4/27/2011.

Here's how the small print describes the step-up and add-on features of this special CD:

In my opinion, the add-on feature can be more useful than the step-up feature since the step-up feature depends on the institution keeping its rates competitive. The...



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Competitive 18-Month CD Rate at Altra FCU in Parts of WI, MN, TN & TX
Comments (1)
POSTED ON MONDAY, MAY 10, 2010 BY KEN TUMIN

Altra Federal Credit Union is offering a special 18-month CD with both a step-up and add-on feature. The top rate is 2.10% APY. This requires a checking account with direct deposit. Without this the rate is 1.70% APY. There's also an 8-month special CD. The rates are 1.50% APY with the checking and 1.10% without the checking. These rates are listed in the credit union's rates page as of the morning of 5/10/2010.

Here's how the small print describes the step-up and add-on features of these special CDs:



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High-Yield Reward Checking Account at a Multi-State CU (Altra)
Comments (5)
POSTED ON MONDAY, SEPTEMBER 7, 2009 BY KEN TUMIN

Update 4/1/11: The top yield has fallen to 2.50% APY. Refer to the bottom of the post for the rate history.

Altra Federal Credit Union has a reward checking account called Altra Plus A+ Checking that pays 2.50% APY on balances up to $25,000 (0.50% for over) and refunds ATM fees (up to $20/cycle) if the following monthly requirements are met: 1) 10 check card purchases, 2) one direct deposit of at least $50, 3) access online banking, and 4) receive eStatements. If these are not met, the rate falls to...

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