3.05% 18-Month CD at MidWest America Federal Credit Union in IN, KY & IL


MidWest America Federal Credit Union is offering a special 21-month certificate with a rate of 3.05% APY. Minimum deposit is $500. It's available as both a share and IRA certificate. Unfortunately, you can't be a new member to qualify for this deal. The small print states that you must have a checking account or money market account that has been opened at least 30 days. The special is listed at the top of the credit union's rate table page as of 3/09/09.

This is the same credit union that many had joined last year when the credit union was offering a 7.01% reward checking account. The account now pays 5.11% APY as of 3/09/09, and the credit union now has a more restrictive membership. For those who already have this account, this CD may be a good deal. Refer to this post for more details about the reward checking account.

Membership is open to anyone who lives, works, worships or attends school in the Allen County Investment Area of Fort Wayne, Indiana, or in the Illinois counties of Vermilion or Coles, or in the underserved areas of the Kentucky counties of Allen, Barren or Monroe. Also eligible for credit union membership are members of the Allen County Society for the Prevention of Cruelty to Animals (SPCA) who live within 100 miles of one of the credit union's 17 branches. Please see their Membership page for the full details. Membership requires a minimum deposit of $5 into the Regular Savings account.

Branches are located in the Indiana cities of Fort Wayne, New Haven, Columbia City, Huntington and Decatur, in the Illinois cities of Charleston, Danville and Mattoon, and in the Kentucky cities of Hopkinsville and Scottsville. The credit union is federally insured by the NCUA (Charter # 1427).

Thanks to the reader who mentioned this special in the comments.
Update on MidWest America FCU's 7.01% Reward Checking Account
Update 10/01/08: The yield has fallen to 6.31% APY.

MidWest America Federal Credit Union continues to offer the nation's highest yield reward checking account. The yield is 7.01% APY for balances up to $25,000. This yield has been maintained since my first post of this credit union on February 3rd.

Last week the commenter cjdtech noted that in the credit union's field of membership page it included the following organization: Allen County Society for the Prevention of Cruelty to Animals (SPCA) [Employees, Volunteers & Members].

Since there has been many cases...

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High-Yield Reward Checking Account at an IN/KY/IL Credit Union (MidWest America)

Update 3/3/11: The top rate is now 2.51% APY for up to $15K. Refer to the bottom of the post for the rate history.

Update 10/30/08: Membership in the credit union is no longer available nationwide. See below for more details.

MidWest America Federal Credit Union has a reward checking account that pays 2.51% APY for balances up to $15,000 (0.76% for over) and refunds ATM fees (up to $25/month) if the following monthly requirements are met: 1) 10 debit card purchases, 2) one ACH transaction, and 3) register and receive e-statements....

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