It’s been more than two years since I last wrote about Orion Federal Credit Union’s (Orion FCU) Premier Checking account which is a high-yield reward checking account. At that time, qualifying balances up to $20k earned 3.00% APY. Orion FCU has raised the rate to 4.00% APY and increased the qualifying balance cap to $30k. Qualifying balances over $30k earn 0.05% APY, with non-qualifying balances earning no interest.
|4.00*%||-||$30k||Orion Federal Credit Union||Premium Checking|
|OTHER TIERS: 0.05% → $30k+|
Around the nation, reward checking rate hikes haven't been common, so it's nice to see this rate and balance cap increase. The Premier Checking account was added to the product line in November 2014, earning an unimpressive 1.00% APY. The rate increased to 2.00% APY four months later and to 3.00% APY in October 2016.
Monthly Qualification Requirements
- Minimum of $500 in monthly electronic deposits
- 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 to the DA reader who emailed me about Premier Checking’s new APY and qualifying cap.
Headquartered in Memphis, Tennessee, Orion Federal Credit Union’s field of membership (FOM) is primarily residency based, with individuals who live, work, or worship in any of seven “Mid South” counties eligible to join. Those counties include:
Tennessee: Fayette, Shelby, and Tipton
Mississippi: Desoto and Marshall
Arkansas: Crittendon and Mississippi
Family members of eligible or current Orion FCU members also qualify for membership.
Employees and members of more than 40 SEGs are also eligible to join.
Note: The FOM is only listed at the beginning of the “Account Tool.” You must enter your name, address, birthdate, SS number, and driver’s license number before the eligibility details are revealed.
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 available within the FOM and have maximum qualifying balances of at least $30k, Orion Federal Credit Union’s Premium Checking APY currently ranks first.
|Interest Rate||Account Name||Credit Union/Bank|
|4.00% APY||Premium Checking (up to $30k)||Orion Federal Credit|
|2.51% APY||Kasasa Cash (up to $50k)||First Security Ban & Trust|
|1.50% APY||AMP Checking (up to $75k)||Superior Choice Credit Union|
The above rates are accurate as of 12/26/2018.
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.