Deal Summary: High-Yield Checking, 2.50% APY up to $10k
Last November, Icon Credit Union (Icon CU) debuted its High-Yield Checking account that earns 2.50% APY on qualifying balances up to $10k, with non-qualifying accounts earning 0.05% APY on the entire balance. Unlike most Rewards Checking Accounts, the High-Yield Checking doesn’t earn any interest on qualifying balances above the set maximum ($10k).
High-Yield Checking Requirements
- At least 15 debit card tranactions.
- At least one Direct Deposit (no minimum amount).
- Be enrolled in eStatements.
- At least one monthly Online Banking login.
The High-Yield Checking account has no minimum balance requirement or monthly service fee. Icon CU members have access to more than 25,000 fee-free ATMs through the Free MoneyPass network, so there are no ATM fee reimbursements.
Headquartered in Boise, Idaho, Icon Credit Union field of membership (FOM) is residency based, with individuals who live or work in the Idaho counties of Ada, Adams, Canyon, Kootenai, Shoshone, Valley, and Washington, or the Oregon counties of Union and Wallowa, eligible for membership.
Individuals with immediate family and household members who are current or eligible Icon CU members are also qualify for membership.
Opening a High-Yield Checking account can also be done online, or at any of the above mentioned branch locations.
Credit Union Overview
Icon Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 2.26% (excellent) based on September 30, 2016 data. In the past year, Icon CU has increased its total non-brokered deposits by $12.73 million, an excellent annual growth rate of 5.9%. Please refer to our financial overview of Icon Credit Union (NCUA Charter # 68594) for more details.
Icon Credit Union is currently Idaho’s seventh largest credit union, with more than 24,500 members and assets in excess of $265 million. Founded in 1952 as the Idahy Federal Credit Union (IFCU), the initial FOM was limited to employees of the Idaho Department of Highways. Steady growth in assets, members, and employees, marked the next 50 years of the Credit Union’s history.
In 2003 and 2005, IFCU merged with Sho-Pan Hi Federal Credit Union and the Boise Cascade Employees Credit Union, respectively. IFCU converted its federal charter to a state charter in 2008, in order to expand their field of membership at minimal cost. In 2010, the Credit Union was re-branded as Icon Credit Union, and four years later, a merger Boise U.S. Federal Credit Union occurred.
How the High-Yield Checking Compares
When compared to the 46 High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available within the FOM and have maximum qualifying balances of at least $10k, Icon Credit Union’s High-Yield Checking APY currently ranks fourth.
The above rates are accurate as of 2/15/2017.