It’s been more than two years since I last wrote about Evansville Teachers Federal Credit Union’s (ETFCU) rewards checking account, which, at the time, earned 3.00% APY on qualifying balances up to $15k. Nothing about the Vertical Dividend Checking had changed since it was introduced in late 2014 … until now.
- New name – Vertical Checking
- New rate – 3.30% APY
- New balance cap – $20k
No dividends are paid on qualifying balances over $20k or on non-qualifying balances.
|3.30%||-||$20k||Evansville Teachers Federal Credit Union||Vertical Checking (Qualifying)|
The qualifying requirements have remained the same:
- 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 Checking account has no minimum balance requirement or monthly service fee. The opening deposit is now $25 (down from $50), but there is still a limit of one account per Social Security Number. ATM fees will be reimbursed up to $15 per month, if qualifying requirements are met.
The Vertical Checking is also “the key to an even lower rate on your new loan."
1/8% APR off your new mortgage loan when you set your mortgage loan payments to be automatically paid from your ETFCU checking account.
1/4% APR off any new personal, auto, or recreational vehicle loan when you have ETFCU’s free Vertical Checking or Platinum Rewards Checking.
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 Checking account can be done online, or in person at any of 11 Indiana branches located in Evansville (6), Fort Branch, Mount Vernon, Newburgh, Princeton, and Vincennes. A branch in Washington (IN) is scheduled to open later this summer. ETFCU also has two Kentucky branches in Henderson and Owensboro.
Following the 2018 acquisition of American Founders Bank, ETFCU now operates five “Liberty Financial, a division of Evansville Teachers Federal Credit Union” branches, located in Bowling Green, Louisville (2), and Owensboro (2).
A minimum of $5 must remain on deposit in your account to retain your membership.
ETFCU belongs to both the CO-OP Shared Branch/ATM network and the Alliance One ATM network, a national network that offers surcharge-free access to nearly 5,000 locations owned by 1,000 financial institutions.
Credit Union Overview
Evansville Teachers Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.92% (excellent) based on March 31, 2019 data. In the past year, EFTCU has increased its total non-brokered deposits by $112.83 million, an excellent annual growth rate of 10.34%. Please refer to our financial overview of Evansville Teachers Federal Credit Union (NCUA Charter # 1682) for more details.
Evansville Teachers Federal Credit Union is currently the third largest credit union in Indiana, with more than 209,000 members and assets in excess of $1.7 billion. Established in 1936, the founding members were several Evansville teachers who 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. In November 2018, ETFCU announced that its acquisition of Louisville-based American Founders Bank (AFB) had been finalized. Five AFB branches in Kentucky have been reopened, operating as “Liberty Financial, a division of Evansville Teachers Federal Credit Union.
How the Vertical Checking Compares
When compared to the High Yield RCAs tracked by DepositAccounts.com that are available nationwide and have maximum qualifying balances of at least $20k, Evansville Teachers Federal Credit Union’s Vertical Checking APY currently ranks third.
|Interest Rate||Account Name||Credit Union/Bank|
|4.00% APY||Kasasa Cash Checking (up to $50k)||TAB Bank|
|3.33% APY||eCentive Account (up to $25k)||Heritage Bank|
|3.30% APY||Vertical Checking (up to $20k)||Evansville Teachers Federal Credit Union|
The above rates are accurate as of 7/9/2019.
To look for the best Reward Checking Account rates, both nationwide and in your state, please refer to our High Yield Reward Checking Account Rates Table page.