High-Yield Reward Checking Account at a Michigan CU (Lake Trust)


Update 9/1/10: The top yield has fallen to 2.02% APY. Refer to the bottom of the post for the rate history.

Lake Trust Credit Union has launched a reward checking account called SoSMART checking. It pays 2.02% APY on balances up to $15,000 (0.30% over) and refunds ATM fees (up to $25 per cycle) if the following monthly requirements are met: 1) 15 debit card purchases, 2) one direct deposit or direct payment (ACH), and 3) receive E-statements. If these requirements are not met, the rate falls to 0.15%. The minimum opening balance is $50. There is no minimum balance or monthly service fees regardless of the meeting the above requirements.

The 15 per month debit card requirement is more than the typical 10 per month which makes this reward checking more of a hassle. One nice thing about this credit union is that they have a comprehensive FAQ on this account.

Membership is open to anyone who lives, works, worships, attends school in any of 28 counties in mid-Michigan. Please see the credit union's About page for more details. Membership requires a $5 minimum deposit in the Primary Savings account.

Branches are located in several Michigan cities including Lansing, Mt Pleasant and Grand Haven. The credit union is federally insured by the NCUA (Charter # 60249). It has $812.5 million in assets and 89,387 members.

Thanks to Mike who mentioned this new reward checking account in the finding deals post.

Other Reward Checking Accounts

For other reward checking accounts in other parts of the country, please see my reward checking account page and my best checking account post.

Rate History:

  • 02/10/11: The name changed from NuUnion to Lake Trust
  • 09/01/10: 2.02% APY for up to $15K; 0.30% over; 0.15% base
  • 06/01/10: 2.53%
  • 10/01/09: 3.09% APY for up to $25K
  • 01/01/09: 3.59% APY for up to $25K
  • 02/29/08: 4.59% APY for up to $25K
  • 09/25/07: 6.01% APY for up to $25K; 0.50% for above; 0.25% if req's are not met (NuUnion CU)

Edit 7/18/09: Updated checking URL

Anonymous   |     |   Comment #1
Just an update: This has dropped to 4.59%
Banking Guy
Banking Guy (anonymous)   |     |   Comment #2
Thanks. I updated the post. Hope they can at least keep this rate for a while.
Anonymous   |     |   Comment #3
With the drop to 4.59% up to $25K went 0.50% for over $25K.
Anonymous   |     |   Comment #4
Rate table dated 1/1/09 has top rate listed as 3.59% APY. Other rates remain same.
dpandslemmen   |     |   Comment #5
I just found out that effective 03/01/2014, Lake Trust Credit Union is no longer offering the SoSmart Checking Account to new members.  Current SoSmart Checking account holders from March 1 to May 1, will still get the higher rate without any requirements.  Starting May 1 they are starting some new rewards/higher interest checking account.  We will just have to wait and see.