St. Paul FCU's (MN) Simply Checking Earns Up To 4.99%, $20k Max


Availability: Residents of the Twin Cities (St. Paul/Minneapolis) metro area; several SEGs, including many Federal Government agencies and Local Union No. 110 of the International Brotherhood of Electrical Workers.

For better or worse, financial institutions frequently market their Rewards Checking Accounts (RCA) with distinctively unique names. St. Paul Credit Union has proved to be the exception: according to CSR, “It's our standard checking account, (you) just need to qualify for it based on the simply checking requirements.” At first I thought CSR has mistyped, meaning simple rather than simply. He clarified that the Simply Checking is the name of the account, which has three different APYs that can be earned by simply meeting three levels of debit card purchases.

  • 2.99% APY on balances up to $10k with at least 20 debit card purchases per month.
  • 3.99% APY on balances up to $15k with at least 40 debit card purchases per month.
  • 4.99% APY on balances up to $20k with at least 60 debit card purchases per month.

The RCA also requires monthly eStatements, logging into eBanking at least once monthly, and a recurring Direct Deposit (no amount stated), but it has no minimum balance requirements or monthly fees.


Headquartered in Saint Paul, Minnesota, St. Paul Federal Credit Union field of membership (FOM) is both residency and employment based.

Residency: Individuals who live, work, worship, or do business in Saint Paul or downtown Minneapolis are eligible to join. Residents of the Twin Cities Underserved Area also qualify for membership.

Employment: Employees of several SEGs, including Local 110, International Brotherhood of Electrical Workers and some Federal Government agencies, are eligible for membership.

Family Relationship: Immediate family members of individuals who qualify for membership are eligible to join.

Complete membership details are available on St. Paul FCU’s Membership Requirements page.

Joining St. Paul FCU and/or opening a Simply Checking account can be done online, or at any of five Minnesota branches, all located in Saint Paul.

Credit Union Overview

St. Paul Credit Union (NCUA Charter # 24358) has an overall health grade of "A+" at, with a Texas ratio of 1.20% (excellent), based on September 30, 2016 data. In the past year, St. Paul FCU has increased its total deposits by $4.95 million, an excellent annual growth rate of 4.0%. Please refer to our financial overview of St. Paul Federal Credit Union for more details.

St. Paul Federal Credit Union’s history began in late 1952, when a group of St. Paul electricians obtained a charter to form a credit union for the benefits of members of the International Brotherhood of Electrical Workers, Local 110. The original charter was converted to a federal charter in 1987, allowing family members of the electricians to be included in the FOM. Seventeen years later, the charter was expanded to include the entire St. Paul community. Following a merger with Capital Trust Federal Credit Union in 2008, St. Paul FCU’s membership has grown to over 10,800 members, with assets in excess of $148 million.

How Simply Checking Compares

When compared to the 36 High Yield Reward Checking Accounts tracked by, which are available within the St. Paul-Minneapolis metropolitan area and have maximum qualifying balances of at least $20k, St. Paul Federal Credit Union’s Simply Checking APY currently ranks first.

The above rates are accurate as of 12/8/2016.

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 or our Rates Map page.


5.01% Reward Checking Account at St. Paul FCU in MN - Local Only
St. Paul Federal Credit Union is offering a high-yield reward checking account with the following rates if certain monthly requirements are met:
  • 5.01% APY on balances up to $10,000
  • For portion of balance over $10,000, the rate is the default current rate of the respective checking account
  • If requirements are not met, account will earn the default current rate of the respective checking account
The monthly requirements include:
  • 15 debit card purchases
  • 1 direct deposit
  • Receive e-statements
Membership is open to those who live, work, worship, or attend school in the cities of Saint Paul or Minneapolis and...

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