Ideal Credit Union Has Limited-Time High Yield Checking Promo Rate


Deal Summary: High Yield Checking, 4.00% APY (guaranteed through September 30, 2022) on qualifying balances up to $20k.

Availability: Easy membership requirement.

Minnesota-based Ideal Credit Union (Ideal CU) is offering a limited-time promotional rate on its rewards checking account. Now through September 30, 2022, the High Yield Checking account will earn 4.00% APY on qualifying balances up to $20k. On October 1, 2022, the rate will revert to 2.00% APY on qualifying balances up to $20k. Both qualifying balances over $20k and non-qualifying balances continue to earn 0.05% APY.

The qualification requirements include,

  • At least 20 debit card purchases (minimum $3 per purchase) per statement cycle.
  • Minimum $750 direct deposit (salary, pension, Social Security) per statement cycle.
  • Be enrolled in eStatements.

The High Yield Checking account has no minimum balance requirement or monthly service fee, but does requires a minimum $50 opening deposit. Up to ten non-Ideal CU ATM fees will be reimbursed per month, if qualifications are met. While e-Statements are free, requesting a paper statement will incur a $5 fee per statement. Unlimited check writing is available, with members age 55+ eligible for free checks (limit of one box per order and two boxes per calendar year). High Yield Checking accounts closed within six months of opening will incur a $25 fee.

Use & Win Debit Giveaway

Ideal Credit Union will be giving away $1,000 to one lucky winner each month in 2022. The key to your chance of winning is to have an Ideal Personal Checking Account and to use your Ideal Debit or My Rewards™ Debit Card for everyday purchases.

Every purchase made earns you an additional chance to win in that month's drawing! So the more you use your card, the more chances you'll have to win!


Headquartered in Woodbury, Minnesota, Ideal Credit Union’s field of membership (FOM) includes individuals who live, work, worship, attend school, or volunteer in the Minnesota counties of Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Pierce, Ramsey, Saint Croix, Scott, Sherburne, Washington or Wright.

Individuals who are outside the MN FOM can qualify for membership by making a one-time $5 donation to the John D. Miller Foundation, automatically done during the account opening process.

Joining Ideal CU and/or opening a High Yield Checking account can be done online or at any of the six Minnesota Twin Cities branches, located in Eagan, Hugo, Inver Grove Heights, North Saint Paul, Stillwater, and Woodbury. FYI – all membership applications are manually reviewed before being approved, and out-of-area applicants are considered on a case-by-case basis.

An Ideal Share Savings Account makes you a member of Ideal Credit Union. Open yours
in-person or online with as little as $1 to start enjoying all the benefits of membership.

Ideal CU participates in the CO-OP Shared Branch and ATM networks, as well as the surcharge-free MoneyPass ATM network.

As a member of Ideal Credit Union, you have access to perform transactions at more
than 5,000 credit unions nationwide using the CO-OP Shared Branching Network.

Credit Union Overview

Ideal Credit Union has an overall health grade of "A" at, with a Texas Ratio of 4.59% (excellent) based on March 31, 2022 data. In the past year, Ideal CU has increased its total non-brokered deposits by $37.86 million, an excellent annual growth rate of 5.31%. Please refer to our financial overview of Ideal Credit Union (NCUA Charter # 62978) for more details.

Ideal Credit Union is currently the tenth largest credit union in Minnesota, with nearly 51,000 members and assets in excess of $950 million. Established in 1926 by postal employees, Ideal CU was originally known as the St. Paul Postal Employees Credit Union. The FOM expanded as the Credit Union grew, eventually including several Select Employee Groups and those who donated to the John D. Miller Scholarship fund. Membership was opened to the residents of three Minnesota counties in 2002, with an additional three counties added in 2006. Prompted by the new diverse FOM, the Ideal Credit Union rebrand occurred in 2014.

How the High Yield Checking Special Compares

When compared to the High Yield Rewards Checking Accounts tracked by that are available nationwide and have maximum qualifying balances of at least $20k, Ideal Credit Union’s High Yield Checking Special APY currently ranks first.

The above rates are accurate as of 7/14/2022.

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

  |     |   Comment #1
Just remember when evaluating this type of account that the real value to you is not 4%, but 4% minus what you could get in a liquid account without having to do these 21 transactions a month. Right now you can easily get at least 1.5% in such an account meaning that the real value added for this account at today's rates is at most 2.5% not 4%.

In addition it is capped at $20k and only good for about two months. So you would have to go through the trouble of opening and closing the account, and arranging 42 or 63 transactions for a maximum added benefit of roughly $85 TOTAL for the two months even if liquid rates don't increase during that period. (and maybe you will even be hit with a hard pull and have your credit score hurt for 2 years for the money)

But wait there's more...
What are the chances that liquid rates won't increase over the next two months? I'd say nil. So your real expected advantage over a no transactions required liquid account is very likely going to be even less.

Is it worth it to you? That's for you to decide.
  |     |   Comment #2
Good to pass on this offer, but good to see 4%.
  |     |   Comment #3
Just not worth my time or effort given the 20 transaction requirement per month. Plus a DD required on top of that. Much easier to set and forget if you are so inclined at a slightly lower rate CD (low to mid 3% rate which we’ve seen in many of Ken’s posts). And the Fed is still in rate hike mode. To each his own.
Ideal Credit Union High Yield Checking Has Limited-Time Special APY
Deal Summary: High Yield Checking, 4.00% APY (guaranteed through June 30, 2020) on qualifying balances up to $20k.

Availability: Easy membership requirement.

Minnesota-based Ideal Credit Union (Ideal CU) is offering a limited-time special APY on its rewards checking account. Now through June 30, 2020, the High Yield Checking account will earn 4.00% APY on qualifying balances up to $20k. On July 1, 2020, the rate will revert to 2.00% APY on qualifying balances up to $20k. Both qualifying balances over $20k and non-qualifying balances earn 0.05%...

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