Two weeks ago, ECCU (formerly known as Evangelical Christian Credit Union) unveiled its promotional High-Yield Money Market (HYMM) account for new members only. The HYMM currently earns 1.01% APY on balances up to $25k “for up to 12 months.” Unfortunately, that’s not a rate guarantee. According to CSR and the “Terms and Conditions” disclosure, the promotion rate and the balance cap are subject to change, but the High-Yield Money Market account has a term-length of 12 months before it will be converted to a standard money market account.
|1.01%||-||$25k||ECCU||High Yield Money Market - New Members (12 Month Promo)|
|0.75%||-||$25k||ECCU||High Yield Money Market - Existing Members - New Money (12 Month Promo)|
The details of how to qualify for the promotional rate are stated in the “Terms and Conditions” disclosure.
- Be at least 18 years old and become a new ECCU member on or after September 15, 2021.
- Open a new High Yield Money Market Savings account and Basic Checking with a minimum opening balance in each account of $25.00 in new funds.
- Basic checking account must be active to earn the promotional rate.
- A Kasasa checking or savings account with ECCU cannot be opened in conjunction with this promotional offer.
- Agree to the terms and conditions of this Promotional Offer by using the promotional code MMA100 in the membership application.
- Limit ONE High Yield Money Market Account per member.
If the above terms are not met, the promotional rate will not be paid, and the account will earn the standard money market product rates.
The minimum opening deposit for both the HYMM and Basic Checking account is $25 of new funds, which is defined as “monies from another source not already on deposit at ECCU in any account.” The $10 monthly maintenance fee will be waived with a minimum $1k daily balance. There are four free withdrawals per monthly statement cycle. Any balances above $25k will be automatically transferred to the Basic Checking account.
Already an ECCU member? There’s an Existing ECCU Member HYMM Promotion that differs from the new member HYMM Promotion in only one respect: it currently earns 0.75% APY on balances up to $25k. Everything else is the same.
ECCU Kasasa Cash and Saver Accounts
ECCU must have recognized that many people don’t like debit card usage requirements. For those who don’t mind using debit cards, ECCU’s Kasasa Cash and Saver Accounts are a much better deal than this money market promotion. By meeting the debit card usage requirement and a couple of other easy requirements, ECCU members can earn 3.00% APY on up to $10k in the Kasasa Cash checking account and 1.00% APY on up to $100k in the Kasasa Saver savings account. For more details, please refer to my ECCU Kasasa review.
Headquartered in Brea (Orange County), California, ECCU’s field of membership (FOM) is not based on geographic boundaries or Select Employee Groups. Although any U.S. citizen/resident alien is eligible for member, ECCU doesn’t exactly qualify as “easy membership requirement” credit union. If you are not an immediate family member of a current ECCU member or ECCU employee, you can qualify for membership by agreeing to ECCU’s “statement of faith.”
Joining ECCU and/or opening a High-Yield Money Market account can be done online. Since I last wrote about ECCU in May 2021, it has become an “internet only credit union.” The sole branch location in Brea no longer offers member services and only functions as ECCU’s corporate headquarters. ECCU participates in the CO-OP Shared Branch and ATM networks, as well as the Visa® Plus ATM network.
Membership in ECCU is free and no membership share account is required to establish a membership.
Credit Union Overview
ECCU has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 1.96% (excellent) based on June 30, 2021 data. ECCU has an above average capitalization level (10.76% APY), the result of holding $618.76 million in assets with $66.55 million in equity. Please refer to our financial overview of ECCU (NCUA Charter # 63837) for more details.
Founded in 1964 as the Conservative Baptist Credit Union, the credit union re-branded as the Evangelical Christian Credit Union, following the 1984 merger with the Association of Christian Schools International Credit Union. Currently the 85th largest credit union headquartered in California, ECCU has nearly 14,000 members and assets in excess of $618 million.
How the High-Yield Money Market Compares
When compared to the nationally available Money Market Accounts tracked by DepositAccounts.com, ECCU’s High-Yield Money Market APY currently ranks first, regardless of minimum or maximum balance requirements.
|Interest Rate||Account Name||Credit Union/Bank|
|1.01% APY||High-Yield Money Market (no min/$25k max)||ECCU|
|1.00% APY||Superior Money Market (no min/$25k max)||Affinity Plus Federal Credit Union|
|0.80% APY||Money Market (no min/$250k max)||ZYNLO Bank|
|0.75% APY||Jumbo Money Market ($100k min/no max)||State Bank of Texas (SBT)|
The above information and rates are accurate as of 10/1/2021.
To search for the best Money Market Accounts, both nationwide and state specific, please refer to DepositAccounts.com’s Money Market Account Rates page.