Southland Credit Union in Southern California is advertising that you can earn up to $175 with its Cash Rewards Checking. What’s interesting about this checking account bonus is that the qualifications look a lot like high-yield reward checking qualifications. Southland used to offer a high-yield reward checking account called Super Checking. Back in 2007 it had a 5.25% APY on all balances if monthly requirements were met. That account is no longer available. Existing customers who still have this account earn a qualifying rate of only 0.05%. This new Cash Rewards Checking is similar to the high-yield reward checking in that it requires debit card usage. Instead of a high interest rate, the reward is a cash bonus. Here are the details about what’s required to earn the full $175:
- $50 when you open a new Cash Rewards Checking account with direct deposit.
- $10 a month for one year for using your debit card, and receive up to $20 a month in ATM fee rebates.
- $5 every year by opting-out of paper statements and choosing eStatements
To qualify for the $10 a month and the $20 a month of ATM fee rebates requires direct deposit or use of ePay every month and a minimum of 10 debit card purchases per month.
Please refer to the credit union’s Cash Rewards Checking page for the full details.
A Different Kind of Reward Checking Account
As you can see this looks like a reward checking account with a cash bonus instead of a high interest rate. One downside is that the $10 bonus per month is only offered for one year. If the account had a 2% rate, you would earn $10 per month if you maintained a $6,000 balance. The downside with the cash bonus is that it rewards those with small balances the same as those with large balances. Someone with just a $1,000 balance will earn the same amount as someone with a $25,000 balance. That’s what’s nice about high-yield reward checking. Those with low balances help pay the interest for those with large balances (at least it’s nice for those with large balances).
Credit Union Membership
Credit union membership is open to those who who live, regularly work, attend school, or worship in Orange County, California and in several Southern California cities. Please refer to our Southland Credit Union overview section for more details.
Credit Union Overview
Southland Credit Union branches are located in Los Angeles, Downey, Garden Grove, Santa Monica and Los Alamitos.
The credit union has an overall health grade at DepositAccounts.com of an A+ with a Texas ratio of 6.08% (excellent) based on September 2013 data. Please refer to our financial overview of Southland Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 68415).