Deal Summary: Vertical Dividend Checking, 3.00% APY up to $15k
Evansville Teachers Federal Credit Union’s (ETFCU) high yield reward checking account, called Vertical Dividend Checking, was added to the product line more than two years ago. The initial 3.00% APY on qualifying balances up to $15k has been effect since its introduction. No dividends are paid on balances over $15k or on non-qualifying balances.
|3.00%||-||$15k||Evansville Teachers Federal Credit Union||Vertical Dividend Checking|
Vertical Dividend Checking Monthly Requirements
- Have at least 15 debit card purchases.
- Have at least one Direct Deposit.
- Have at least one Online or Mobile Banking login.
- Be enrolled and receive eStatements.
The Vertical Dividend Checking account has no minimum balance requirement or monthly service fee. It requires a minimum $50 opening deposit and there is a limit of one account per Social Security Number. ATM fees will be reimbursed up to $15 per month.
Evansville Teachers Federal Credit Union’s name suggests that only teachers are eligible to join. In fact, the southwestern Indiana-based ETFCU’s field of membership (FOM) provides a way for almost anyone in the U.S. to join.
Employees and members of more than 200 SEGs and organizations (including the Evansville Teachers Association, the Evansville Museum, and Gibson County) are eligible to join.
Immediate family or household members of individuals who are membership-eligible also qualify.
The third option on the first page of the online application reads,
I am not eligible through my employer, an organization, or a member
of my family or household. I am willing to donate $5 to the Mater Dei
Friends & Alumni Association in order to become eligible for membership.
Joining ETFCU and/or opening a Vertical Dividend Checking account can be done online, or in person at any of seven Indiana branches located in Evansville (3), Mount Vernon, Newburgh, Princeton, and Vincennes. ETFCU also has two Kentucky branches in Henderson and Owensboro.
Credit Union Overview
Evansville Teachers Federal Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 3.38% (excellent) based on December 31, 2016 data. In the past year, EFTCU has increased its total non-brokered deposits by $90.86 million, an excellent annual growth rate of 10.43%. Please refer to our financial overview of Evansville Teachers Federal Credit Union (NCUA Charter # 1682) for more details.
Evansville Teachers Federal Credit Union began in 1936 when several Evansville teachers pooled “their savings to generate much needed loans for the fellow workers and themselves.” Membership grew as other educational groups in southwestern Indiana were added to the FOM, and in 1992, the Owensboro (KY) Public Schools Federal Credit Union merged with ETFCU. Currently the sixth largest credit union in Indiana, Evansville Teachers Federal Credit Union has nearly 166,000 members and assets in excess of $1.2 billion.
How the Vertical Dividend Checking Compares
When compared to the 53 High Yield RCAs tracked by DepositAccounts.com that are available nationwide and have maximum qualifying balances of at least $15k, Evansville Teachers Federal Credit Union’s Vertical Dividend Checking APY currently ranks third.
|Interest Rate||Account Name||Credit Union/Bank|
|4.59% APY||Free Rewards Checking - High (up to $20k)||Consumers Credit Union|
|4.00% APY||Extreme Checking (up to $15k)||Blue Federal Credit Union|
|3.00% APY||Vertical Dividend Checking (up to $15k)||Evansville Teachers Federal Credit Union|
The above rates are accurate as of 3/20/2017.