Updated Review of Provident CU's Super Reward Checking Account


2.01*%-$25kProvident Credit Union (CA)Super Reward Checking
Accounts mentioned in this post. Rates as of August 30, 2016.

It has been almost 5 years since my first review of Provident Credit Union's reward checking account. Rates have gone down, but it has remained competitive. Also, the balance cap has stayed the same. The last time the rate has fallen was in January 2011. When Provident does cut rates, the cuts are usually small. Most rate cuts have been 25 or 50 basis points. As we have seen with some reward checking accounts at other institutions, rate cuts can often be a percentage point or more.

Below is the list rates and features of Provident's Super Reward Checking if certain monthly requirements are met (as of 4/30/2012):

  • 2.26% APY for up to $25,000
  • 0.31% APY for portion of balance over $25,000
  • Up to $2.50 rebate per transaction at any national ATM
  • 0.00% if requirements are not met

The following are the monthly requirements:

  • 10 debit card purchases
  • 1 ACH direct deposit or debit
  • Receive online e-statements

There is no monthly fee or minimum balance requirement. The minimum initial deposit is $25. The credit union now limits the number of Super Reward Checking accounts to no more than 3 per member.

Application and Eligibility

Another nice aspect of this checking account is that you can apply online, and membership in the credit union is open to all via an association membership. Provident's field of membership includes members of several associations. Some of the associations listed with national coverage include the American Cancer Society and the Sierra Club and Sierra Club Foundation. The Sierra Club has a membership page where you can become a member online. They are currently listing a special membership level that only costs $15. The lowest standard membership level is $25.

For those in California, you can be immediately eligible to join Provident if you live or work in Los Angeles or in one of many counties. Please refer to the Provident eligibility page for the full details.

Applying online has advantages over visiting a branch. A $10 membership fee is waived in the online application. Also, the first box of checks is free when you apply online. Membership requires a minimum balance of $5 in the membership savings account.

Provident Credit Union Overview

Most of Provident Credit Union branches are located in the San Francisco Bay Area.

It's a large credit union with $1.52 billion in assets. It has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 5.15% (excellent) based on December 2011 data. Please refer to our financial overview of Provident Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 66343).

Overview of Reward Checking

If you're new to reward checking, my blog post, 10 Common Traits of High-Yield Reward Checking, should be useful.

To find the highest reward checking rates in your area, please refer to our reward checking rate table. This can also be used to find accounts available nationwide. If you're new to these tables, my rate table guide should be useful.

Anonymous   |     |   Comment #1
THANKS AGAIN, Ken!  After the latest rate drops, I was inches from done with any more rca's. But you have a way of reviving the interest. ;)  Thankfully, the Provident CSR was VERY nice and helpful.  The online application process was more efficient than most, but I'll post a review after seeing how the process completes. Hopefully rate & cap hold up awhile on this one.

3.75% 15-Month CD at Provident Credit Union in California - Easy Membership

Update 1/10/09: The CD rate has fallen. As of today the APY is 3.10% (3.35% with checking) for the 15-month term.

Provident Credit Union is offering a special 15-month certificate with a yield of up to 3.75% APY. This requires that you have a Provident checking account (other accounts also qualify). Without the checking, the APY is 3.50%. Minimum deposit is $1,000 ($500 for IRAs). The promotion is listed on the credit union's home page and in this promotion page as of 1/06/09.

Provident Credit Union has a reward checking account that...

Continue Reading
4.00% 60-Month CD at a California CU - IRA/Easy Membership (Provident).

Update 3/15/08: The IRA CD rate has fallen. Please check the credit union's website for the latest rate.
Update 2/16/08: The IRA CD rate has fallen from 5.00% to 4.00% APY. The title has been modified to reflect this change. Please check with the credit union's website for the latest rates.

Provident Credit Union is offering a special IRA certificate with a yield of 5.00% APY for a 60-month term. To be eligible for this special yield requires that you either 1) transfer an IRA of $10K or more from another financial...

Continue Reading
5.30% 16-Month CD at a California CU - easy membership (Provident)

Provident Credit Union is offering a special 5.30% APY 16-month term share certificate. The minimum deposit is $1,000. It's also available as an IRA with a $500 minimum.

The 5.30% yield may seem low, but with today's rate environment, it's very competitive. The best 18-month CD yield that I listed in my weekly summary was 5.25%.

Provident also has a 6.01% reward checking account for balances under $25K. For more info, please refer to my Provident reward checking review.

Field of membership includes members of several associations. Some of the associations listed with...

Continue Reading
Reward Checking Account at a California CU (Provident)

Update 1/3/2011: The top yield has fallen to 2.26% APY. Refer to the bottom of the post for the rate history.

Provident Credit Union has just started a reward checking account it calls Super Reward Checking with a 2.26% APY on balances up to $25K (0.31% above $25K) and rebates of ATM fees (up to $2.50 per transaction) if the typical monthly reward checking requirements are met: 1) 10 Visa Check Card transactions, 2) 1 Direct Deposit or an automatic debit, and 3) receive e-statements. If these requirements are not met,...

Continue Reading