3.01% Reward Checking Account at a California CU (Sacramento)


Update 3/07/09: The top yield has fallen to 3.01% APY. Refer to the bottom of the post for the rate history.

Sacramento Credit Union has started a Rewards Checking Account that pays 3.01% APY for balances up to $25,000 (1.01% for above) and free automatic ATM fee refunds (up to $4.99 per transaction and up to $25 per statement cycle) if the following monthly requirements are met: 1) 12 check card purchases, 2) direct deposit or auto payment, and 3) view account statements online. If you don't meet these requirements, the interest rate falls to 0.10% and there are no ATM fee refunds. There is no monthly service charge or minimum balance requirements regardless if the requirements are met.

The 12 debit card transactions a month is little more than the typical 10 that others require. I like how the credit union specifically mentions that the purchases can be for any amount. I haven't come across one of these reward checking accounts that has a minimum dollar amount on the debit card transactions. So those who have cash back credit cards can continue using them on their high dollar purchases and just use this debit card for the small purchases.

Field of membership includes all persons who live or regularly work in El Dorado, Placer, Sacramento, Solano, Sutter, Yolo and Yuba Counties, California. See the credit union's eligibility page for the full details. Membership requires a $5 one-time membership fee and a minimum deposit of $25 in a savings account.

Branches are located in Sacramento, Elk Grove and Fair Oaks. The credit union is federally insured by the NCUA (Charter # 62641). It has $321.8 million in assets and 28,175 members.

Thanks to Craig who mentioned this new reward checking account in the comments of the finding deals post.

For other reward checking accounts in other parts of the country (and some without balance caps), please see my reward checking account page and my best checking account post.

Rate History:
3/04/09: 3.01% APY
2/04/09: 3.51% APY
1/01/09: 3.76% APY
9/28/08: 4.26% APY
4/18/08: 4.51% APY
3/31/08: 5.01% APY
7/09/07: 6.01% APY
Related Pages: Sacramento Credit Union, Sacramento, checking account, reward checking account

Previous Comments
  |     |   Comment #1
Top yield has fallen to 4.01% as of 11/1/08.
  |     |   Comment #2
Effective 1/1/09 the top yield has fallen to 3.76% APY.
  |     |   Comment #3
The top rate has fallen to 3.51% APY. Other rates remain same.
  |     |   Comment #4
The top rate has fallen to 3.01% APY. Other rates remain same.
6.00% 13-Month CD at a California CU (Sacramento)
Sacramento Credit Union is offering a 6.00% APY 13-month certificate. The minimum deposit is $10K. Maximum allowed deposit is $250K. I found this advertised in the Sacramento Bee. The ad is available online here. The credit union's rate page does list a 6.00% APY CD for the Liquid CD Current Bump Rate. No other details are provided.

Looks like there's a lot of competition among credit unions around Sacramento. The Golden 1 Credit Union is still offering a 6% 12-month CD (see ">post). Also, Patelco Credit Union has a 5.75% 8-month...

Continue Reading

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.