4.07% Reward Checking Account at Erie Federal Credit Union in Pennsylvania

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Update 5/03/09: The top rate has fallen to 4.07% APY.

Erie Federal Credit Union is offering a rewards checking account called Dividends +Plus Checking. It pays 4.07% APY on balances from $500 to $25,000 (0.10% for above) and refunds up to four ATM transactions per month if the following monthly requirements are met:
  • 15 PIN or signature based purchases
  • pay at least one bill using the Free EZ Bill Pay
  • maintain a $500 average daily balance
  • receive e-statements and be enrolled in Free EZ Money Manager
If these are not met, there's a $2/month fee and the rate drops to 0.10%. There is no monthly fee when requirements are met. Only one account per member is allowed.

This is one of the few reward checking accounts that have a monthly fee if you don't meet the reward checking requirements.

Membership is open to those who live, work, worship or attend school in Erie or Crawford County, Pennsylvania. Please refer to the credit union's Become A Member Page for more details. Membership requires a minimum $50 balance in the share savings account.

The credit union is federally insured by the NCUA (Charter # 1476).

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

Other Reward Checking Accounts

To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to the reward checking account table.

Rate History:
05/01/09: 4.07% APY $500-$25K
03/03/09: 5.11% APY $500-$25K; 0.10% over and base rate
Comments
5.11% Reward Checking Account at a Pennsylvania Credit Union (Erie)
Erie FCU is offering a reward checking account called Dividend +Plus Checking that pays 5.11% APY on balances from $500 to $25,000 (0.10% for above $25K) if the following monthly requirements are met:
  • 15 PIN or signature based debit card purchases
  • $500 average daily balance
  • One bill paid using the Free EZ Bill Pay
  • Activate EZ Money Manager and EZ e-Statements
If these are not met, the rate falls to 0.10% AND there's a $2/month fee. Direct deposit is not required, but with it you're awarded free checks.

This is one of the rare reward checking...


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The $2K max is low but at least it doesn't require a checking account. Also, it's not restricted to one per household, but one per member. So your spouse can open one also. Compared to a 5% savings account, two $2K CDs...

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