Less than two months ago, Orion Federal Credit Union (Orion FCU) raised the rate and qualifying balance cap on its Premier Checking account (4.00% APY, up to $30k). As DA reader, timnok, posted in the Forum earlier this week, Orion FCU is now an easy membership requirement credit union, making the Premier Checking one of the top-rated nationally available rewards checking account.
|4.00*%||-||$30k||Orion Federal Credit Union||Premium Checking|
|OTHER TIERS: 0.05% → $30k+|
Monthly Qualification Requirements
- Minimum of $500 in monthly electronic deposits (includes direct deposit, mobile deposit, and electronic transfers from another institution).
- Minimum of eight signature-based debit card transactions.
The Premier Checking account has no minimum balance requirement or opening balance requirement, but there is a $5 monthly service fee if the monthly qualification requirements are not met. Up to $10 in ATM fees will be reimbursed per month, if the qualification requirements at met.
Thanks again to timnok for his Forum post about the Premier Checking’s national availability.
Headquartered in Memphis, Tennessee, Orion Federal Credit Union has a way for almost any US citizen or resident to join.
Easy membership requirement: The complete list of eligibility options is only listed on the online application. You must enter your name, address, birthdate, SS number, and driver’s license number before the eligibility details are revealed. The last option listed is “Other,” which reads:
Volunteers for Orion Gives Back organizations are eligible for membership in Orion. You can qualify as a volunteer fundraiser simply by choosing an organization and asking us to make a $10 donation.
There are five organizations to choose from: Habitat for Humanity Greater Memphis, Hope House, Porter-Leath, Ronald McDonald House, and Wolf River Conservancy.
Residency: Individuals who live, work, or worship in any of seven “Mid South” counties eligible to join. Those counties include,
Fayette, Shelby, and Tipton, Tennessee
Desoto and Marshall, Mississippi
Crittendon and Mississippi, Arkansas
Relationship: Family members of eligible or current Orion FCU members also qualify for membership.
Employment: Employees and members of more than 40 SEGs are also eligible to join.
Credit Union Overview
Orion Federal Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 2.92% (excellent) based on September 30, 2018 data. In the past year, Orion FCU increased its total non-brokered deposits by $59.81 million, an excellent annual growth rate of 10.02%. Please refer to our financial overview of Orion Federal Credit Union (NCUA Charter # 18297) for more details.
Established in 1957 as the Memphis Area Teachers Credit Union, Orion Federal Credit Union as grown to become Tennessee’s seventh largest credit union, with more than 77,200 members and assets in excess of $810 million. The Credit Union’s name wasn’t changed until 2011, following an FOM expansion. In September, Orion FCU was named Memphis’ Best Local Bank/Credit Union by The Memphis Flyer newspaper for the second year in a row.
Orion FCU has gained favor in the community through its customer-focused products and services, exceptional customer service, financial literacy, and a company-wide commitment to serving the Memphis community.
“We are honored to be chosen the Best of Memphis for the second year in a row. This is truly a reflection of Orion’s commitment to serve our members,” stated Daniel Weickenand, Orion CEO.
How the Premium Checking Compares
When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are nationally available and have maximum qualifying balances of at least $30k, Orion Federal Credit Union’s Premium Checking APY currently ranks first.
The above rates are accurate as of 2/14/2019.
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.