OnPath Federal Credit Union Debuts Rate Leading Reward Checking
Louisiana-based OnPath Federal Credit Union (OnPath) has debuted its Rewards High-Yield Checking earning 7.00% APY on qualifying balances up to $10k. Qualifying balances above $10k earn 0.50% APY, with non-qualifying balances earning 0.01% APY.
A new nationally available reward checking account (RCA) with a 7% APY is definitely welcomed. A higher qualifying balance (say $20k) would have been nice, but 7% is a great rate. With several online savings accounts offering 5.25%+ APYs, the 7% APY makes the RCA worth the effort for many savers who are primarily concerned with maximizing interest earnings. Those who have limited savings to work with, the Rewards High-Yield Checking account offers the best return on their funds. Another consideration is that many online banks have low-rate checking accounts. A high-yield checking account that you can link to your high-yield online savings account can help you maximize your interest earnings.
Qualifying Requirements
The following qualifying requirements must be met for the Rewards High-Yield Checking or Cash Back Rewards Checking accounts to earn the stated APYs.
- At least 15 debit card purchases.
- Log into online or mobile banking at least once per qualification cycle.
- Be enrolled in and receive eStatements.
The Rewards High-Yield Checking account can be opened with a $25 minimum deposit. There is no minimum balance requirement to earn rewards and the $6.95 monthly fee will be waived with an average daily balance of $500. Interest is credited to the Rewards High-Yield Checking account on the last day of the current statement cycle. Unlimited nationwide ATM fees up to a total of $10 will be reimbursed per statement cycle, if qualifications are met. A fee-free debit card will be issued following account opening. There is a limit of one Rewards High-Yield Checking account per member. If you already have an existing OnPath checking account, you can have your existing funds transferred into a new Rewards High-Yield Checking account.
Many thanks to DA reader, cjdtech, for the Forum post about OnPath’s new RCA.
Cash Back Rewards Checking
The OnPath Cash Back Rewards Checking account currently earns 5.00% cash back on debit card purchases, limited to the first $200 in monthly debit card purchases. The maximum annual earnings for the Cash Back Rewards Checking account is $120 ($10 per month).
Availability
Headquartered in Harahan, Louisiana, OnPath Federal Credit Union’s field of membership (FOM) has expanded and now includes an easy membership requirement for all U.S. citizens and residents (18-years or older) who have a valid Social Security number.
The last option on the first page of the online membership application reads, “If one of the above options [listed below] do not apply, you are eligible by making a $5 donation to the OnPath Foundation.”
Residency: Individuals who live, work, worship, volunteer, or attend school in the Louisiana communities of Abita Springs, Avondale, Bridge City, Covington, Folsum, Gretna, Harvey, Kenner, Marrero, Thibodaux, Ville Platte, Waggaman, or Westwego, or the Louisiana parishes of Orleans, St. Benedict’s, or St. Charles qualify for membership. The residents of Lafourche Parish, St. Tammany Parish, and New Orleans East are also eligible to join.
Employment: Employees and retirees of more than 600 SEGs are also qualify for membership.
Relationship: Immediate family members (spouse, parent, grandparent, sibling, child through blood, marriage, or adoption) of someone eligible to join are welcome to apply.
Account Opening
Joining OnPath and/or opening a Rewards High-Yield Checking account can be done online or at any of ten full-service Louisiana branches, located in Covington, Harahan, Harvey, Mandeville, New Orleans (3), Sildell, Thibodaux, and Westwego.
Opening a Primary Share Account with a minimum $5 deposit is required to establish a membership. Interest is earned on balances greater than $200.
OnPath participates in the CO-OP Shared Branch network and ATM Network.
Credit Union Overview
OnPath Federal Credit Union has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 6.29% (excellent) based on June 30, 2023 data. In the past year, OnPath’s total non-brokered deposits decreased by -$31.53 million, a below average annual growth rate of -7.17%. Please refer to our financial overview of OnPath Federal Credit Union (NCUA Charter # 14692) for more details.
Established in 1961 as the ASI Federal Credit Union (ASI), the original FOM included the blue-collar workers of Avondale Shipyards, Inc. The OnPath Federal Credit Union rebrand occurred in 2019. Currently the ninth largest credit union headquartered in Louisiana, OnPath has more than 53,000 members and assets in excess of $620 million.
How the Rewards High-Yield Checking Compares
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 $10k, no bank or credit union has a higher APY than currently offered on the OnPath Federal Credit Union Rewards High-Yield Checking account.
The above rates are accurate as of 12/9/2023.
To look for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.