Mid-Illini CU Offers Competitive Rewards Checking Account


Availability: Easy Membership Requirement

As I was researching yesterday’s SouthPoint Bank Kasasa Cash blog post, I found that Mid-Illini Credit Union (MICU) has expanded its field of membership to include almost anyone in the U.S. In a phone conversation with CSR, I was able to confirm that the application process (including funding of a new account) can be completed without an in-person visit.

MICU is offering a Cash Rewards High Interest Checking (CRHIC) account that earns 2.50% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.15% APY, with non-qualifying balances earning 0.03% APY.

3.56*%-$25kThe Credit Union for All (IL)Cash Rewards High Interest Checking
OTHER TIERS: 0.15% $25k+
Rates as of April 11, 2024.

CRHIC Qualifying Requirements

The qualifying requirements for the CRHIC are slightly different than the typical Rewards Checking Account, in that there are specific dollar amounts that must be met, instead of the usual number of transactions.

  • Monthly minimum of $300 in debit card transaction (signature or PIN).
  • Minimum monthly total of $300 in direct deposits.
  • At least three bill payments totaling at least $300.
  • Be enrolled in and receive eStatements.
  • Be enrolled and log into Online Banking.

The CRHIC account has no minimum balance requirement or monthly service fees, but there is a $5 fee after 90 days of inactivity in the online bill payment system. There is a limit of one CRHIC account per household. Domestic ATM fees will be reimbursed up to $25 per month.


Headquartered in Bloomington, Illinois, Mid-Illini Credit Union now offers membership to virtually anyone in the country through various routes:

Easy Membership: A $25 contribution made to Mid-Illinois Dollars for Scholars qualifies for membership in MICU.

Residency: Individuals who live or work in McLean County, Illinois are eligible to join.

Employment: Employees of more than 25 SEGs (listed on the online application) are eligible for membership.

Relationship: Family members (spouse, parent, sibling, grandparent, child) of current MICU members qualify for membership.

Opening a Cash Rewards High Interest Checking account can be done online, or at either of the two Illinois branches located in Bloomington.

Credit Union Overview

Mid-Illini CU (NCUA Charter # 63541) has an overall health grade of "C+" at DepositAccounts.com, with a Texas Ratio of 13.76% (above average) based on March 31, 2016 data. In the past year, MICU has increased its total deposits by $1.26 million, an above average annual growth rate of 2.82%. Please refer to our financial overview of Mid-Illini Credit Union for more details.

Mid-Illini Credit Union celebrated its 75th anniversary last year in conjunction with its 2015 Annual Meeting of the Members. MICU’s roots go back to 1940, when several General Telephone of Illinois employees pooled their money to help out a fellow worker who had fallen on hard times. Over the years, several employee credit unions merged to become MICU, which today has over 7,600 members and assets in excess of $50 million.

How the Cash Rewards High Interest Checking Compares

When compared to the 20 High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available to residents nationwide and have maximum qualifying balances of at least $25k, Mid-Illini Credit Union’s Cash Rewards High Interest Checking APY currently ranks first.

The above rates are accurate as of 7/28/2016.

To look for the best nationwide Reward Checking Account rates and the best Reward Checking Account rates in your state, please refer to our High Yield Reward Checking Account rates table or our Rates Map page.

  |     |   Comment #1
LEE Bank, Great Barrington, MA has been giving 2.5% APY on Kasasa checking and 1.25% APY on Kasasa Saver on $15k each account respectfully. Check it out. They're great! Joyce

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