Update: The rate and balance caps have fallen. Please refer to the bottom of the post for the rate history.
Legacy Federal Community FCU is offering a reward checking account called Premier Checking. The account has the following rates and features if certain monthly requirements are met (as of 4/9/2012):
- 2.00% APY on balances up to $15,000
- 0.50% on portion of balances above $15,000
- 0.25% base rate if qualifications are not met
- Refunds ATM fees nationwide up to $20 per cycle
The monthly requirements include:
- 12 debit card purchases
- One direct deposit or automatic payment
- Access online banking
- Receive electronic statements
Additional features of the account regardless of the monthly requirements include:
- No minimum balance requirement
- No monthly service charge
Membership is open to anyone who lives, works, worships, or attends school in the 7-county Birmingham-Hoover Metro area. Refer to the membership link at the credit union's home page for more details.
The credit union's ratings for safety and soundness are strong: 5 stars (superior) at BauerFinancial and 4 stars (sound) at Bankrate.com. The above rates are based on 3/31/09 financial data. The credit union is federally insured by the NCUA (Charter # 24421).
Other Reward Checking Accounts
To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.
- 04/06/11: 2.00% APY up to $15K
- 12/01/10: 2.50% APY up to $25K
- 07/01/10: 3.00% APY up to $25K
- 08/09/09: 4.00% APY up to $25K; 0.50% over; 0.25% base