Heritage South CU's (AL) Premium Rewards Checking Earns 3.00% APY


Deal Summary: Premium Rewards Checking, 3.00% APY, up to $15k.

Availability: Residents of Calhoun, Chambers, Clay, Cleburne, Chilton, Coosa, Elmore, Talladega, Jefferson, Lee, Randolph, St. Clair, Shelby, and Tallapoosa Counties, Alabama.

Heritage South Credit Union’s (Heritage South) Premium Rewards Checking currently earns 3.00% APY on qualifying balances up to $15k. Qualifying balances of $15k+ earn the same rate as the Regular Share Savings (currently 0.20% APY), as do non-qualifying balances.

In July 2013, DA reader, pearlbrown, wrote a Forum post about the Premium Rewards Checking account. Nearly four years later, the Premium Rewards Checking account has maintained its 3.00% APY, the $15k qualifying balance, and the qualifying requirements.

Premium Rewards Checking Qualifying Requirements

  • Have at least 12 debit card purchases.
  • Have at least one ACH direct deposit or automatic payment.
  • Receive eStatements and eNotices.
  • Log into Online Banking at least once a month.

As stated in the Premium Rewards Checking FAQ page,

Please note that if all four qualifying services are not met, then you must maintain a minimum balance of $500.00 to earn a dividend.

The Premium Rewards Checking account has no minimum balance requirement, no minimum opening deposit and no monthly service charge. Four free third-party ATM transactions are allowed per month.

New Premium Rewards Checking accounts will automatically receive the benefits for the first calendar month the account is open. This will give you time to get your debit card and set up your ACH deposits and withdrawals.


Headquartered in Sylacauga, Alabama, Heritage South Credit Union’s field of membership (FOM) is residency based, with all individuals who live, work, worship, or attend school in the following 14 central Alabama counties eligible to join:

Calhoun, Chambers, Clay, Cleburne, Chilton, Coosa, Elmore, Talladega, Jefferson, Lee, Randolph, St. Clair, Shelby, and Tallapoosa.

Joining Heritage South and/or opening an Premium Rewards Checking account can be done in person at any of four Alabama branches located in Childersburg, Moody, and Sylacauga (2), by phone (256.245.4776), or by email.

Surprisingly, there is no membership application available for download on Heritage South’s website.

Credit Union Overview

Heritage South Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 6.78% (excellent), based on December 31, 2016 data. In the past year, Heritage South increased its total non-brokered deposits by $7.93 million, an excellent annual growth rate of 8.39%. Please refer to our financial overview of Heritage South Credit Union (NCUA Charter # 68586) for more details.

Heritage South Credit Union was chartered in 1937 as the Avondale Employees Federal Credit Union, serving the employees of the Avondale Textile Mills in Sylacauga, Alabama. The Credit Union just celebrated its 80thanniversary in January, having gone through a few name changes and an expanded FOM. With more than 10,700 members, Heritage South is currently Alabama’s 30th largest credit union with total assets in excess of $114 million.

How the Premium Rewards Checking Compares

When compared to the 29 High Yield RCAs tracked by DepositAccounts.com that are available within the FOM and have maximum qualifying balances of at least $15k, Heritage South Credit Union’s Premium Rewards Checking APY currently ranks third.

The above rates are accurate as of 4/21/2017.

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 or our Rates Map page.

  |     |   Comment #1
I'm considering opening an account here.

Is the rate still 3%? The website does not say.

Can I open 2 accounts?

Can I apply over the phone?

Can I avoid 2 trips to a branch ?

From what I read, I have to apply in person or send notarized affidavits. And they won't send the ATM card to me, the best they can do is send it to my branch.

I don't live far from a branch, 15 miles, but with the back roads & traffic, Its a half hour. So Im looking at 2 hours of driving just to open an account and get my card.

pearlbrown, you still around?
  |     |   Comment #2
I called over there. 1 account per person. The rate is still 3%.

A branch visit is required but they make the debit cards at my branch so it can be done in 1 trip.

Probably going to go open an account this week.

This will replace a 2% checking from Legacy FCU that is just not worthy of my $15k anymore.
  |     |   Comment #3
Ok, I went there and opened my account yesterday. Did a transfer from my old 2% rewards credit union and the only issue was that cu charged me $1 which left me with a negative balance but no overdraft fee. I complained and they refunded it.

I did not ask for checks.

They said they use the calendar month. My old CU had a variable dating thing which was a little bit of a pain. (I had to keep up with different start dates every month)

They issued the debit card right then. Probably should have opened it on the 1st because it would allow me to skip March for the 12 transactions. Only thing left to do is to link it up for ACH at other banks. I've got their routing number but my account number is less clear because it has a ton of zeros.

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