It’s been almost three years since I last wrote about Idaho-based Capital Educators Federal Credit Union (CapEd). While CapEd had been an easy membership requirement (EMR) credit union since 2012, for some unexplained reason, the EMR status was abruptly changed in early 2018. The new field of membership (FOM) was narrowed to those working in the Idaho educational industry, definitely limiting DA readers' interest in CapEd products.
Good news – CapEd has reinstated the EMR option, opening membership to almost all US citizens and resident aliens who have a valid Social Security number.
The latest "New to Summary" rewards checking account in yesterday's Best Bank Rates Summary is CapEd's High Yield Checking, which currently earns 2.50% APY on qualifying balances up to $10k. Qualifying balances of $10k+ earn 0.20% APY, with non-qualifying balances earning 0.05% APY. These rates have been in effect since my 2012 High Yield Checking blog post.
|2.00*%||-||$10k||Capital Educators Federal Credit Union||High Yield Checking|
The monthly qualifying requirements have also not changed since 2012 and include,
- At least one direct deposit or automatic payment.
- At least twelve debit card purchases.
- Must enroll online and accept disclosure to receive eStatements.
The High Yield Checking account has no minimum balance requirement, monthly service fee, or minimum opening deposit requirement. Unlimited nationwide ATM fees will be reimbursed up to $25 per month, if qualifying requirements are met.
The FAQs includes an important piece of information:
Can I open multiple High Yield Checking accounts?
Yes, you can open multiple CapEd High Yield Checking Accounts.
CSR confirmed that there is no limit on the number of High Yield Checking accounts any one member may open.
Get $100 & Give $100
The “Get $100 & Give $100” is a bonus promotion for new High Yield Checking accounts. $100 will be deposited in your new account and $100 will be donated to an Idaho school of your choosing.
To receive your $100 deposit and give $100 to your selected School District/Foundation, you must meet qualifications in any of the first three full qualification cycles after your account is opened. Limit one $100 reward per social security number.
Good For Me Accounts
CapEd’s Good For Me Checking account earns 2% cash back on up to $300 in debit card purchases per month.
The Good For Me Checking+ account provides,
all of the benefits of a Good For Me Checking account, but instead the cash back reward and ATM fee refunds are deposited into your Good For Me Savings account.
The Good for Me Savings account currently earns 1.25% APY on qualifying balances up to $10k. Qualifying balances over $10k and all non-qualifying balances earn 0.10% APY.
|1.25*%||-||$10k||Capital Educators Federal Credit Union||Good For Me Savings|
|OTHER TIERS: 0.10% → $10k+|
Headquartered in Meridian, Idaho, CapEd Federal Credit Union's FOM again offers membership to virtually any US citizen/resident alien who becomes a member of the Idaho CapEd Foundation with a one-time $20 membership fee. The Foundation is a “501(c)(3)e non-profit organization supporting educators across Idaho through monthly grants to Idaho educators.”
Employees, retirees, volunteers, and students of any public, private, or parochial school in any of the following locations also qualify for membership.
Idaho Counties: Ada, Adams, Blaine, Boise, Camas, Canyon, Cassia, Elmore, Gem, Gooding, Jerome, Lincoln, Minidoka, Owyhee, Payette, Valley, or Washington.
Twin Falls County School Districts: Buhl, Castleford, Filer, Hansen, Murtaugh, or Twin Falls, or the College of Southern Idaho or Xavier Charter School.
Immediate family or household members of a current CapEd members or a CapEd membership-eligible individual are also eligible membership. Immediate family is defined as “parents, step-parents, adoptive parents, siblings, step siblings, adoptive siblings, grandparents, grandchildren, and spouses.”
Joining CapEd and/or opening a High Yield Checking account can be done online, or at any of ten Idaho branches located in Boise (3), Eagle, Kuna, Meridian (2), Nampa (2), and Twin Falls. According to CapEd’s Locations page,
Most branch lobbies have been re-opened. Due to staffing limitations, some CapEd branch locations may temporarily close from 1:00pm - 2:00pm. If you're planning on visiting in this timeframe, we highly recommend calling your branch prior to your visit to confirm availability.
A $5 minimum deposit in a Primary Savings account establishes a CapEd membership.
CapEd participates in both the CO-OP Shared Branch and ATM networks.
Credit Unions have joined together and created “shared” branches. This means you can go into any credit union participating in shared branching and access some of the same features you'd be able to access as if it were your credit union.
Credit Union Overview
Capital Educators Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.24% (excellent) based on December 31, 2020 data. In the past year, CapEd has increased its total non-brokered deposits by $169.3 million, an excellent annual growth rate of 26.14%. Please refer to our financial overview of Capital Educators Credit Union (NCUA Certificate # 1040) for more details.
Capital Educators Federal Credit Union was originally established in 1936 as the Boise Teachers Federal Credit Union. Thirteen Boise teachers founded the new credit union, which had a total of $610 in loans and $596 in deposits at the end of the first year. Mergers in 1972 and 2005 with two other Idaho “Teacher” credit unions helped grow the membership. In 2012, the Idaho CapEd Foundation was established and CapEd’s chartered changed, permitting virtually anyone to join. CapEd is currently the fourth largest credit union headquartered in Idaho, with assets of in excess of $966 million and more than 85,000 members.
How the High Yield Checking Compares
When compared to High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available nationwide and have maximum qualifying balances of at least $10k, CapEd Federal Credit Union’s High Yield Checking APY currently ranks sixth
The above information and rates are accurate as of 3/24/2021.
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.