St. Paul Federal Credit Union's (St. Paul Federal) reward checking account, Simply Checking, has maintained its three APYs (determined by monthly debit card usage) since the account was added to the product line in 2016.
In addition to the monthly debit card transaction (average $5 per transaction), the following requirements must be met to qualify for the stated APYs.
- At least two direct deposits of at least $500 each from a qualified payroll or pension provider
- Sign up for eStatements
- Log into eBanking at least once a month
If the qualifying requirements are not met, the Simply Checking account does not earn any interest.
The Simply Checking account has no minimum balance requirement, monthly service fee, or minimum opening deposit requirement. Unlimited check writing is available and a free Visa debit card will be issued following account opening. There is a limit of one Simply Checking account per Social Security number.
Headquartered in Saint Paul, Minnesota, the aptly-named St. Paul Federal Credit Union has a field of membership (FOM) that 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 Federal’s Membership Requirements page.
With a minimum deposit of $5, you can start saving today by
opening a St. Paul Federal Credit Union Capital Savings Account.
St. Paul Federal participates in the CO-OP Shared Branch network.
By using a CO-OP Shared Branch, your membership and accounts remain at St. Paul Federal Credit Union, but you can access your accounts and conduct business with St. Paul Federal through any of the convenient CO-OP Shared Branch Locations.
Credit Union Overview
St. Paul Federal Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.05% (excellent) based on December 31, 2020 data. In the past year, St. Paul Federal has increased its total non-brokered deposits by $45.93 million, an excellent annual growth rate of 28.76%. Please refer to our financial overview of St. Paul Federal Credit Union (NCUA Charter # 24358) for more details.
In 1953, 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; soon thereafter, St. Paul Federal Credit Union opened its doors for business. 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 nearly 13,000 members, with assets in excess of $232 million.
How Simply Checking Compares
When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com, 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.
When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available within the St. Paul-Minneapolis metropolitan area and have maximum qualifying balances of at least $15k, St. Paul Federal Credit Union’s Simply Checking APY currently ranks first.
The above information and rates are accurate as of 4/17/2021.
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.