All reward checking accounts that have been around for at least five years have seen at least some rate cuts, and many have also had balance cap reductions. Several have been big disappointments with large cuts, but there are a few that have held up well. One of those is the Advantage Checking account at Central Sunbelt Federal Credit Union in Mississippi. I first reviewed this account in June 2008 when it had a 6% APY with a $25K balance cap. Below are the new rates and balance cap listed at the credit union’s rates page as of 4/30/2013:
Rates and ATM fee refunds if monthly requirements are met:
- 3.00% APY on balances up to $20,000
- 0.50% APY on the portion of the balance over $20,000
- 0.25% APY on entire balance if requirements are not met
- ATM fee refunds up to $25 per month
Monthly requirements to qualify for the above rates and ATM fee refunds:
- 10 signature-based debit card purchases totaling $100 or more
- ACH Deposit or Direct Deposit
In addition to the rate and balance cap changes, another change is the additional debit card requirement that the total monthly purchases total at least $100. Most reward checking accounts don’t have a total purchase requirement.
There are no minimum opening balance and no minimum balance requirement.
Credit Union Membership
One positive change since my 2008 post is an expansion of the field of membership. It used to be primarily based on select employee groups. Now it includes residents of several counties. Specifically, credit union membership is open to anyone who lives, works, worships or volunteers in certain areas Forrest, Lamar, Jones and Wayne Counties. Please refer to the credit union’s Become a Member page for the full details.
Credit Union Overview
Central Sunbelt FCU branches are located in the Mississippi cities of Laurel, Hattiesburg and McComb.
The credit union has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas ratio of 8.90% (above average) based on December 2012 data. Please refer to our financial overview of Central Sunbelt FCU for more details. The credit union is federally insured by the NCUA (Charter # 8905).
Other Reward Checking Accounts
To find reward checking accounts available in your state, please refer to our reward checking table. You can also use the table to find reward checking accounts available nationwide. Refer to this post to learn how to use the table.
To learn more about reward checking accounts, please refer to my post 10 Common Traits of High-Yield Reward Checking Accounts.