High-Interest Checking Account at Carolina Cooperative Federal Credit Union - Local Only

Carolina Cooperative Federal Credit Union is offering an account called E-Checking that looks a lot like a reward checking account, but it lacks the debit card usage requirements. The account has a 1.90% APY for balances up to $50K if the the customer has direct deposit and e-statements. The rate and details are described in this credit union's E-Checking page as of 5/17/2011.

Membership in this credit union is open to those who live, work, worship or study in the majority of Gaston County which is located just west of Charlotte (Mecklenburg County). Please refer to the credit union's membership page for more details.

Carolina Cooperative FCU branches are located in the North Carolina cities of Charlotte, Gastonia and Monroe.

It's a small credit union with $42.9 million in assets. The credit union has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas Ratio of 27.35% (average) based on December 2010 data. Please refer to our financial overview of Carolina Cooperative Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 24801).

How It Compares

This checking account reminds me of Alliant Credit Union's High Rate Checking. To qualify for Alliant's high checking rate (currently 1.10% APY), the member must have e-statements and recurring monthly electronic deposits. There are no debit card usage requirements. However, Alliant's checking doesn't have a balance cap. All balances qualify for the top rate. If you don't mind debit card usage, you can get higher rates with reward checking accounts. However, it's getting hard to find reward checking accounts with $50K balance caps. To compare reward checking accounts based on interest rates and balance caps, you can use our reward checking rate table.