Hiway Federal Credit Union Has Competitive Reward Checking


Deal Summary: Hi Yield Checking, 2.22% APY on qualifying balances between $1k and $25k.

Availability: Easy membership requirement

The first anniversary for the rewards checking account (RCA) offered by Hiway Federal Credit Union (Hiway FCU) is not far off. Introduced last November, the Hi Yield Checking has maintained its initial 2.22% APY on qualifying balances between $1k-$25k. Both qualifying balances over $25k and non-qualifying balances earn 0.10% APY.

2.22*%$1k$25kHiway Federal Credit UnionHi Yield Checking
OTHER TIERS: 0.10% $25k+
Rates as of September 27, 2020.

The following qualification requirements must be met between the 1st and 27th of each month. Any activity between the 28th and the end of the month will not be counted toward fulfilling the qualifications.

  • At least 15 debit card or credit card* purchases.
  • Maintain an end-of-day $1k minimum balance (waived for the month account is opened).
  • Maintain enrollment in eDocuments.

*The ability to use a credit card to meet the 15 purchases increases the intrinsic value of this RCA. Many DA readers prefer credit cards over debit cards for a variety of reasons, including account safety. If your credit card is compromised, you just report the fraudulent charges to the issuer; no money is removed from your bank account. On the other hand, a comprised debit card will result in money being removed from your checking account. If it's a fraudulent charge, you have to fight to get your money back. In addition to account safety, credit cards can offer cash back rewards. Hiway FCU does have a cash back credit card (Visa Signature Cash Rewards Credit Card) that offers 1% cash back on all purchases.

The Hi Yield Checking account has no monthly service fee or per check charge, and the first box of checks is free. There is no minimum opening deposit requirement. ATM fees are not reimbursable, but there are 12 free ATM transactions allowed per month, if the qualification requirements are met. There is a limit of one account per Social Security number and business accounts are not allowed.


Headquartered in Saint Paul, Minnesota, Hiway Federal Credit Union’s field of membership (FOM) provides a way to join for almost every US citizen or resident alien:

Easy Membership: Anyone who joins the Minnesota Recreation and Park Foundation (MRPF) or the Association of the United States Army (AUSA) is eligible to join Hiway FCU.

MRPF is a non-profit organization dedicated to promoting recreation and parks for the purpose of enhancing the quality of life in Minnesota communities. There is a one-time $10 fee required to join.

AUSA is a private, non-profit educational organization that supports America’s Military-Active Army, Army National Guard, Army Reserve, Government Civilians, Retires, Veterans, Disabled Veterans, Family Members and Civilians. There is a one-time $40 fee required to join.

Residency: Individuals who live, work, worship, or attend school in the Saint Paul/Minneapolis Metro Community Area are eligible to join.

Employment: Employees of more than 220 Select Employee Groups (including the Minnesota Department of Transportation, Minnesota Department of Public Safety, and Minnesota National Guard) are eligible to join.

Personal Relationship: Individuals whose family members or household members are membership-eligible are welcome to apply.

Joining Hiway FCU and/or opening a Hi Yield checking acount can be done online, or at either of the two Minnesota branches that are currently open to walk-in traffic. According to Hiway FCU’s Branch Locations page, both the Main Office in St. Paul and the Fort Snelling office in Minneapolis have “limited walk-in access.”

The membership application is also available as a download, which can be returned by snail-mail.

A $5.00 minimum balance establishes your membership, represents
your credit union share and entitles you to all of Hiway’s benefits.

Hiway FCU participates in the CO-OP Shared Branch and ATM networks, as well as the MoneyPass ATM network.

Credit Union Overview

Hiway Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.66% (excellent) based on March 31, 2020 data. In the past year, Hiway FCU increased its total non-brokered deposits by $148.24 million, an excellent annual growth rate of 14.43%. Please refer to our financial overview of Hiway Federal Credit Union (NCUA Charter # 24360) for more details.

Established in 1931 for the benefit of the employees of the Minnesota Highway Department, Hiway Federal Credit Union is currently Minnesota’s fifth largest credit union, with nearly 78,000 members and assets in excess of $1.3 billion. In July, Hiway FCU announced it had been named one of the “Top Workplaces in Minnesota” by the StarTribune for the seventh consecutive year.

How the Hi Yield Checking Compares

When compared to the Reward Checking Accounts tracked by DepositAccounts.com, which are available nationwide and have maximum qualifying balances of at least $25k, Hiway Federal Credit Union’s Hi Yield Checking APY currently ranks third.

The above rates are accurate as of 8/19/2020.

To look for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.

Related Pages: Minneapolis checking accounts, reward checking accounts, nationwide deals

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Availability: Easy membership requirement

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