I wrote about Market USA Federal Credit Union’s (Market USA) VIP Checking Platinum Tier almost two years ago, when it earned 2.00% APY on qualifying balances up to $15k. That long-standing rate (nearly six years) was recently raised to 3.01% APY, with the balance cap remaining at $15k. Qualifying balances of $15k+ earn the “APY paid on regular checking accounts,” which is currently 0.05% APY.
|3.01*%||-||$15k||Market USA Federal Credit Union||VIP Checking Platinum Tier|
|OTHER TIERS: 0.05% → $15k+|
Monthly Qualification Requirements
- At least $250 in direct deposits
- At least 12 debit card purchases (minimum $5)
- At least three bill payments
- Be enrolled in eStatements
The VIP Checking account has no minimum balance requirement, no monthly maintenance fee, or per check charge. There is a limit of one VIP Checking account per member/Social Security number. While there is no reimbursement for foreign ATMs, Market USA is a member of the CO-OP network, giving its members access to more than 30,000 surcharge-free ATMs nationwide.
VIP Checking Gold Tier
Market USA also offers a Gold Tier for the VIP Checking, which now earns 2.01% APY on qualifying balances up to $15k. The qualifying requirements are the same as for the Platinum Tier, except the three bill payments are not necessary to qualify.
|2.01*%||-||$15k||Market USA Federal Credit Union||VIP Checking Gold Tier|
|OTHER TIERS: 0.05% → $15k+|
Headquartered in Laurel, Maryland, Market USA Federal Credit Union’s field of membership (FOM) is both residency and employment based.
Residency: Residents of Georgia,North Carolina, South Carolina, and Tennessee are eligible to join Market USA through the Carolina Chapter of the American Consumer Council (ACC), and residents of Maryland, Pennsylvania, Virginia, Washington D.C., and West Virginia are eligible to join through the Maryland ACC Chapter.
If joining Market USA through ACC, please put ACC - SC or ACC-MD as the Group you are affiliated with. By doing so, when you join Market USA, you will also become a member of ACC at no cost to you.
Joining Market USA can be done by downloading the membership application and returning the completed application, a copy of your government ID, and your initial $5 deposit. The application can be returned by mail or by visiting any of three branch locations in Laurel and Landover, Maryland, and Greenville, South Carolina.
Opening a VIP Checking account requires an in-person visit for new members, while current members can use Market USA’s Internet Banking platform to open additional accounts.
Credit Union Overview
Market USA Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.60% (excellent) based on June 30, 2017 data. In the past year, the Credit Union has increased its total non-brokered deposits by $5.37 million, an excellent annual growth rate of 6.8%. Please refer to our financial overview of Market USA Federal Credit Union (NCUA Charter # 9003) for more details.
Market USA Federal Credit Union was originally established in 1953 as Giant Food Department Stores Federal Credit Union. In the past 64 years, the Credit Union has gone through three name changes, three mergers, and a FOM expansion, which has resulted in a significant presence throughout the Southeast. Market USA currently has more than 17,200 members and assets in excess of $105 million.
How the VIP Checking Compares
As Market USA’s FOM includes many states, I’ve chosen to compare the VIP Checking account to nationally available reward checking accounts. When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available nationwide and have maximum qualifying balances of at least $15k, Market USA Federal Credit Union’s VIP Checking Platinum Tier APY currently ranks third.
|Interest Rate||Account Name||Credit Union/Bank|
|4.59% APY||Free Rewards Checking-High (up to $20k)||Consumers Credit Union|
|4.00% APY||Extreme Checking (up to $15k)||Blue Federal Credit Union|
|3.01% APY||VIP Checking Platinum Tier (up to $15k)||Market USA Federal Credit Union|
The above rates are accurate as of 9/22/2017.