2.25% Reward Checking Account at Deseret First Credit Union in Utah

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Update 7/04/09: The top rate has fallen to 2.25% APY.

Deseret First Credit Union is offering a reward checking account that pays 2.25% APY on balances up to $25,000 (0.40% for above) if the following monthly requirements are met:
  • 10 debit card purchases
  • one direct deposit
  • receive electronic statements
If these are not met, the rate falls to 0.20%. There are no minimum balance requirements and no monthly service charges.

Credit union membership is open to members of the Church of Jesus Christ Latter-Day Saints and their families throughout the US. You can also be eligible via select employee groups. Please refer to the credit union's Membership Page for the full details. Membership requires a minimum balance of $25 in the share savings account.

Branches are located in Salt Lake City, Provo and several other Utah cities. The credit union is federally insured by the NCUA (Charter # 24708).

Other Reward Checking Accounts

This is only the second reward checking account that I've seen in Utah. However, Deseret First CU is a little different in that membership isn't based on geography but religion.

To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.

Thanks to the reader who emailed me news of this reward checking account.

Rate History:
07/01/09: 2.25% APY up to $25K; 0.40% over
03/31/09: 3.01% APY up to $25K; 0.70% over
10/31/08: 5.01% APY up to $25K; 1.01% over; 0.20% base rate

Edit 4/11/09: ACH transactions are no longer listed as an alternative to direct deposit.
Comments
Anonymous
Anonymous   |     |   Comment #1
Top two tiers have dropped: 3.01% up to $25K; 0.70% over. Base rate same.
Anonymous
Anonymous   |     |   Comment #2
Correct me, but the "or ACH transaction" is no longer listed as an option,
5.44% 60-Month / 5.18% 12-Month CD at a Utah CU (Deseret First).
Update 1/19/08: Rates have fallen. Title has been modified with new rates: 5.44% APY 60-month and 5.18% APY 12-month. Please see credit union's website for latest rates.

Deseret First Credit Union has several high yield certificates. The high rates range from 5.18% APY for a 12-month term to 5.44% APY for a 60-month term. These have a $500 minimum deposit. The Jumbo CDs with a $75K minimum have higher rates that range from 5.28% APY for a 12-month term to 5.55% APY for a 60-month term. These rates are also available...

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5.60% 12-Month / 5.81% 60-Month CD at a Utah CU (Deseret First)
Deseret First Credit Union has several high yield certificates. The high rates range from 5.39% APY for a 12-month term to 5.65% APY for a 60-month term. These have a $500 minimum deposit. The Jumbo CDs with a $75K minimum have higher rates that range from 5.60% APY for a 12-month term to 5.81% APY for a 60-month term.

The field of membership includes members of the Church of Jesus Christ Latter-Day Saints and their families. You can also be eligible via select employee groups. See site for details. Branches are...

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