CoastLife Credit Union (formerly known as Coastal Community and Teachers Credit Union) has been offering its rewards checking account, Bonus Checking, for nearly 11 years. The current 3.56% APY on qualifying balances up to $10k has been in effect for almost eight years. Qualifying balances >$10k earn 0.50% APY (an unusually high second-tier rate), with non-qualifying balances earning 0.10% APY.
CoastLife does not offer a companion rewards savings account, but the 0.50% APY turns qualifying balances >$10k into a de facto rewards savings account. Here’s how the math works for the second-tier qualifying balances:
- $50 annual earnings – $10k/0.50% APY
- $75 annual earnings – $15k/0.50% APY
- $100 annual earnings – $20k/0.50% APY
- $200 annual earnings – $40k/0.50% APY
When added to the Bonus Checking maximum annual earnings of $356, the combined earnings produce some very competitive APYs.
- $406 = 2.03% APY on combined balances of $10k + $10k
- $431 = 1.72% APY on combined balances of $10k + $15k
- $456 = 1.52% APY on combined balances of $10k + $20k
- $556 = 1.11% APY on combined balances of $10k + $40k
The monthly qualification requirements include,
- At least 10 PIN debit card transactions ($5 minimum each)
- At least one direct deposit or automatic payment (ACH)
- Be enrolled in and receive e-Statements
- Be enrolled in and log into Internet Banking (Web-24)
The Bonus Checking account has no monthly service fee or minimum balance requirement, and can be opened with a $50 minimum deposit. Unlimited checking writing is available and a free debit card will be issued following account opening. Nationwide ATM fees will automatically be reimbursed up $25 per statement cycle ($4.99 maximum per single transaction), if qualifying requirements are met. (ATM receipt must be presented for reimbursement of an individual ATM fee of $5.00 and higher.) There is a limit of one account per Social Security number.
Cash Back Checking
The Cash Back Checking account offered by CoastLife currently earns 3.00% cash back on up to $300 in monthly debit card purchases. If you are planning on maintaining a balance of less than $3,000, the Cash Back Checking account would probably be a better deal than the Bonus Checking account, as the maximum annual earnings for the Cash Back Checking account is $108 ($9 per month).
Headquartered in Corpus Christi, CoastLife Credit Union’s field of membership (FOM) is primarily residency based, offering membership to individuals who live or work in the Texas Gulf Coast counties of Aransas, Duval, Jim Wells, Kleberg, Nueces, or San Patricio.
Immediate family members (defined as spouse, child, sibling, parent, grandparent, grandchild, stepparent, stepchild, stepsibling and adoptive relationships) of current CoastLife members are also eligible to join.
CoastLife’s Membership page lists more than 30 other ways to qualify for membership, including employment at 80+ companies, schools (including Texas A&M – Corpus Christi), and school districts.
Members of the Texas A&M University-Corpus Christi Alumni Association also qualify for membership, regardless of where they live.
The lobbies of CoastLife’s eight Texas branches (Alice, Corpus Christi (5), Kingsville, and Portland) have reopened to walk-in traffic, so joining and/or opening a Bonus Checking account can be done in-branch. Current CoastLife members can also open a Bonus Checking account by contacting the Call Center (361.958.6810).
Take the first step to becoming a member of our Credit Union family by opening
a savings account with only a $5 deposit and a one-time $1 membership fee.
Credit Union Overview
CoastLife Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.70% (excellent) based on June 30, 2021 data. In the past year, CoastLife has increased its total non-brokered deposits by $41.93 million, an excellent annual growth rate of 12.63%. Please refer to our financial overview of CoastLife Credit Union (NCUA Charter # 68482) for more details.
Chartered in 1965 as Coastal Community and Teachers Credit Union, the CoastLife rebrand happened at the end of 2020. As stated in the Name Change FAQs,
Why are we changing our name? A fresh look and a new name to depict the culture of our credit union was needed. We serve many families in our community – not just one industry. Residents of our counties need to know we are there for them throughout their life. CoastLife is not a place, it’s a feeling. A financial institution that helps you learn about financial literacy, grow in your knowledge, and succeed in life. Learn. Grow. Succeed.
CoastLife Credit Union is currently the 62nd largest credit union in Texas, with more than 35,000 members and assets in excess of $435 million.
How the Bonus Checking Compares
When compared to the High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available within the FOM and have maximum qualifying balances of at least $10k, CoastLife Credit Union’s Bonus Checking APY currently ranks second, with the competitive second-tier APY increasing the Bonus Checking’s intrinsic value.
The above information and rates are accurate as of 10/8/2021.
To search for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.