PA Central Federal Credit Union’s (PA Central) rewards checking account, High Dividend Checking, currently earns 2.02% APY on qualifying balances between $500 and $75k. Non-qualifying balances and qualifying balances below $500 and above $75k do not earn any interest. While 2.02% APY is low for a rewards checking account, the $75k balance cap is unusually high.
The qualifying requirements include:
- At least 12 signature debit card transactions per month.
- Minimum $250 direct deposit per month.
- Enroll in Virtual Branch Online Banking.
The High Dividend Checking has no monthly service fee or minimum opening deposit requirement. Five nationwide ATM fees will be reimbursed each month, if the three qualifying requirements are met. Online statements are free; paper statements are available at a cost of $2 each.
Headquartered in the Pennsylvania state capital city of Harrisburg, PA Central Federal Credit Union’s field of membership (FOM) includes individuals who live, work, worship, attend school, or conduct business in the Pennsylvania counties of Cumberland, Dauphin, or Lebanon.
Immediate family members of current PA Central members are also eligible to join.
Joining PA Central can be done by phone (800.356.3875) or in person at any of three Pennsylvania branches located in Harrisburg (2) and Palmyra. A very basic “Membership Application” is available as a download that can be returned by snail-mail. A “Sign-Up Packet” is also available by sending a request to [email protected]
Opening a High Dividend Checking account can be done at any of the above mentioned branch locations.
A minimum $5 deposit into a share savings account is required to establish a new membership.
PA Central participates in the CO-OP ATM network, but not the Shared Branch network.
Credit Union Overview
PA Central Federal Credit Union has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 4.37% (excellent) based on September 30, 2019 data. PA Central has an above average capitalization level (10.20%), the result of holding $67.02 million in assets with $6.84 million in equity. Please refer to our financial overview of PA Central Federal Credit Union (NCUA Charter # 2625) for more details.
PA Central Federal Credit Union was founded in 1938 and was originally a multiple group credit union. In 2004, PA Central converted to a community charter, expanding its FOM to include three central Pennsylvania counties, with an emphasis on underserved areas.
How the High Dividend Checking Compares
There are very few rewards checking accounts that have maximum qualifying balances of at least $75k. Rather than making a comparison based on APYs/maximum qualifying balances, the following table uses the potential earnings on a maximum $75k balance. When compared to the High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available within the FOM, PA Central Federal Credit Union’s High Dividend Checking account offers the third highest potential annual earnings.
|Earnings on $75k||Interest Rate||Account Name||Credit Union/Bank|
|$2,062||4.00% APY||Kasasa Cash ($50k max)||TAB Bank|
|$1,656||3.00% APY||Premium Checking ($30k max)||Orion Credit Union|
|$1,515||2.02% APY||High Dividend Checking ($500 min/$75k max)||PA Central Federal Credit Union|
|$1,500||2.00% APY||Amplify Interest Checking ($1m max)||Quontic Bank|
The above rates are accurate as of 1/3/2020.
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.