Many May Be Eligible for This Top High-Yield Reward Checking Account


I first reported on NARFE Premier Federal Credit Union and its rewards checking account in March 2010. The reward checking account is one of the few that hasn't had a rate cut in the last year. As of 2/21/2011, the top rate is 4.01% APY on balances up to $25K. I have more details in my account review..

One thing I thought was worth repeating was its field of membership. All active and retired federal employees are eligible to join. Please refer to the membership eligibility page for the full details.

It's a small credit union with two branches in Alexandria and King George, Virginia. The credit union is part of the Share Service Center Network which allows you to perform many banking transactions at branches of other credit unions which are part of this network.

The credit union has an overall health score at of 4 out of 5 with a Texas Ratio of 8.05% (excellent) based on September 2010 data. Please refer to our financial overview of NARFE Premier Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 233).

Other High-Yield Reward Checking Accounts

To find reward checking accounts in your state or to find those available nationwide, please refer to the reward checking section of

Related Pages: checking account

  |     |   Comment #1
I have had this account for about a year and had no difficuties. The online account has a filter ability to show card purchases which makes it easier to count the number of required transactions. I qualified as a federal employee. They also gave me 50 free checks.
  |     |   Comment #2
How did you get the 50 free checks?  I just signed up earlier this month, but they said I had to pay for any checks, so I declined.
  |     |   Comment #3
Anon #2: They changed their rule (about giving out free checks) recently.
  |     |   Comment #8
Look into Greater Alliance Federal Credit Union - Bergen County NJ - They are offering 4.01% APY Preferred Checking to Bergen County residents
  |     |   Comment #9
And soon after this is post, they drop rate to 2% from 3/1 :(
  |     |   Comment #10
Bad news. On their website, note this:

Effective March 1, 2011 rate will be adjusted to 2.02% APY (2.00% APR)
  |     |   Comment #11
Three is a charm... Cambridge Savings, Beacon Federal, and NARFE...  more to follow I am sure.

Did you ever notice a strange pattern?  Whoever that gets publicity will be the first to go... down.

So keep your RCAs private (i.e., hush hush).  Do not be so generous to share:D  If you want to keep the rate steady for a while.  I am for helping one another; but this rule is sadly very true.
  |     |   Comment #12
Yeah, I just opened it a couple of weeks ago.  Maybe I am the "kiss of death" for rates!  It happens everytime I open a new account.  :-(
  |     |   Comment #13
I was told by their CS rep in feb11 that 12 check card purchases are no longer required to get the 2.02 rate but the web site has not been updated with this info as OF 1MAR11. Now I'm not sure what to believe????
  |     |   Comment #14
I just looked at the Narfe web site to check on the rewards checking requirements.  There looks to be another change for the worse besides the drop in interest rate.  It now says

1. Make 12 Visa® check card purchases 
    that post within the qualification cycle.
2. Set up a full direct deposit into your account.
3. Enroll in E-Statements
  Note number 2.  It used to say words to the effect that you could do EITHER  a direct deposit on a recurring ACH withdrawal.  Also it did not say "FULL" direct depoist.  I just stopped a recurring direct deposit to use the alternate method of ach withdrawal. Therefore I guess I wouldn't qualify for the reward interst rate. 

Also really annoying that there has been no direct notification to me about the changes in rules and interest rate.
High Yield Reward Checking Account at NARFE Premier FCU for Federal Employees - Limited Membership

Update 3/1/11: The top rate has fallen to 2.02% APY.

NARFE Premier Federal Credit Union is offering a high-yield reward checking account with the following rates and features if certain monthly requirements are met. Rates are as of 3/2/2011:

  • 2.02% APY on balances up to $25,000
  • 0.75% APY on portion of balance over $25,000
  • 0.15% base rate if requirements are not met
  • Nationwide ATM fee refunds up to $10 per cycle

Monthly requirements include:

  • 12 Visa check card purchases
  • One direct deposit or auto debit/bill pay from your account
  • Enroll in E-statements

Other features of this account include:

  • No minimum balance...
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