Compass Credit Union (Compass CU) has been offering its High Yield Checking account for about 18 months. The initial 3.04% APY on qualifying balances between $25 and $20k is still in effect. Qualifying balances over $20k and non-qualify balances do not earn any interest.
The monthly qualification requirements include,
- At least 10 debit card purchases
- Direct deposit of at least $250
- Log into online banking at least once
The High Yield Checking account has no monthly service fee, but does require a $25 minimum balance and a $25 minimum opening deposit. Unlimited check writing (no per check charge) is available and a free Mastercard® debit card will be issued following account opening. There is a limit of one High Yield Checking account per Social Security number. While there are no ATM fee reimbursements, Compass CU members have fee-free access to more than 30,000 ATMs nationwide.
Headquartered in Sparta, Michigan, Compass Credit Union’s field of membership (FOM) is residency-based, with individuals who live, work, worship, or attend school in the Michigan counties of Allegan, Barry, Ionia, Kent, Lake, Mason, Mecosta, Montcalm, Muskegon, Newaygo, Oceana, Osceola, or Ottawa, eligible to join.
Immediate family members of a current Compass CU member also qualify for membership.
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Opening a Regular Share Account with a minimum $5 deposit establishes a Compass CU membership.
Compass CU participates in the Xtend Shared Branching network, giving members access to more than 250 Michigan credit union branch locations.
Credit Union Overview
Compass Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.97% (excellent) based on September 30, 2020 data. In the past year, Compass CU has increased its total non-brokered deposits by $10.63 million, an excellent annual growth rate of 18.57%. Please refer to our financial overview of Compass Credit Union (NCUA Charter # 62040) for more details.
Compass Credit Union made its debut in 2017 when Rogue River Community Credit Union (Sparta, MI) acquired Newaygo County Service Employees Credit Union (Fremont, MI). The merger was designed to help two smaller credit unions better meet competitive and regulatory demands.
How High Yield Checking Compares
When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available within the FOM and have maximum qualifying balances of at least $20k, Compass Credit Union’s High Yield Checking APY currently ranks second.
The above information and rates are accurate as of 2/26/2021.
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.