1.75% Reward Checking at an Arizona CU (First Credit Union)


Update 4/04/09: The top yield has fallen to 1.75% APY. Refer to the bottom of the post for the rate history.

First Credit Union is offering a reward checking account that pays 1.75% APY on balances up to $25,000 (1.01% for over) and refunds ATM fees (up to $25/cycle) if the following monthly requirements are met: 1) 12 debit card purchases, 2) one electronic deposit or withdrawal, 3) login to eTeller online access, and 4) enroll in eStatements. If these are not met, the rate falls to 0.05%. There are no monthly service charges or minimum balance requirements.

Membership is open anyone who lives, works or worships within 10 miles of a First Credit Union branch. Please refer to the credit union's membership page for more details. Membership requires a minimum deposit of $5 into your regular share savings account.

Branches are located in Phoenix, Flagstaff, Tucson, Glendale, Chandler, East Mesa, Ocotillo, Scottsdale and Tempe, AZ. The credit union is federally insured by the NCUA (Charter # 68444). It has $463.7 million in assets and 56,968 members.

Thanks to the reader who mentioned this reward checking in the Finding-the-best-rates post.

Other High Yield Reward Checking Accounts

Please see my reward checking overview for general information and a history of these reward checking accounts. For other reward checking accounts please see my list of reward checking accounts around the nation and the best checking account post.

Rate History:
07/27/09: 1.75% APY up to $25K; base rate 0.05%
03/31/09: 1.75% APY
01/21/09: 2.75% APY
12/19/08: 3.15% APY
05/04/08: 4.01% APY
03/05/08: 5.01% APY
02/03/08: 6.01% APY up to $25K; 1.01% over; base rate 0.10%
Related Pages: First Credit Union, Phoenix, Tucson, checking account, reward checking account

  |     |   Comment #1
As of 3/1/08 rate is down to 5.01%
  |     |   Comment #2
Now the rate is down to 4.01%. Not great compared to some of the competition out there. It seems like this bank just came in with a high rate to get customers. I'll bet they start losing customers soon.
  |     |   Comment #3
The top yield has fallen to 2.75% APY. Others remain same.
  |     |   Comment #4
The top yield has fallen to 1.75% APY. Other rates remain same.
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Update 3/22/08: The CD rates have gone down. Please check the financial institution's website for the latest rates.

Update 3/15/08: The 60-month CD yield has fallen from 4.40% to 4.30% APY, and the 24-month CD yield has fallen from 4.15% to 4.11% APY. The title has been modified to reflect this change.
Update 3/08/08: The 60-month CD yield has fallen from 4.60% to 4.40% APY, and the 24-month CD yield has fallen from 4.45% to 4.15% APY.
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Update 12/15/07: Rates have gone down: 5.51% to 5.33% for the 60-month term and 5.35% to 5.10% for the 36-month term.

First Credit Union is offering high yields on its term certificates. The best rates require a minimum deposit of $50K. These include a 5.51% APY 60-month CD, 5.35% APY 36-month CD, 5.30% APY 24-month CD and a 5.25% APY 12-month CD. Lower rates are available for several minimum deposit tiers. They also have some very competitive IRA certificate rates with a top yield of 5.75% APY for a 36-month term...

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Based on rates of other accounts at this credit union, this might be just a teaser rate. Most of its CDs don't have rates this high. So there's a good chance that the rate will fall substantially next Februrary. But even considering this, it's a good deal. Just think of it as a 3-month 5.12% CD.

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