3.02% Reward Checking Account at a California CU (State Center)


Update 4/11/09: The top yield is scheduled to fall to 3.02% APY starting May 1, 2009.

State Center Credit Union has started offering a reward checking account called My Rewards Checking which pays 3.02% APY on balances up to $25,000 (0.50% for above) and refunds ATM fees (up to $30 per cycle) if the following monthly requirements are met: 1) 10 debit card transactions, 2) one direct deposit or one bill payment, 2) receive electronic statements, and 4) access online banking. If these are not met, the rate falls to 0.15%. The minimum opening balance is $25. There are no monthly service charges or minimum balance requirements regardless of meeting the above requirements.

Membership is open to individuals or families living or working in Fresno County, and all California State employees residing in Fresno, Kings, Madera, Mariposa, Merced, and Tulare Counties. Please refer to their Who-Can-Join page for the full details. Membership requires a minimum deposit of $20 in the regular share savings account.

Branches are located in Fresno and Clovis, California. It's federally insured by the NCUA (Charter # 63819) It has $84.3 million in assets and 9,560 members.

Other High Yield Reward Checking Accounts

Please see my reward checking overview for general information and a history of these reward checking accounts. For other reward checking accounts please see my list of reward checking accounts around the nation and the best checking account post.

Rate History:
05/01/09: 3.02% APY up to $25K; 0.50% over
01/01/09: 5.02% APY up to $25K
01/08/08: 6.02% APY up to $25K; 1.50% over; 0.15% base rate
Anonymous   |     |   Comment #1
Just got told via mail that the yield rate will be falling a point to 5.02, same terms/conditions, starting January 1, 2009.

Shame, but not unexpected.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #2
Thanks for the info. Sorry to see the cut, but at least they informed members in advance.
Anonymous   |     |   Comment #3
Was notified today via email that the rate will be dropping to 3.02% on the first 25k and .5 on balances above that as of May 1, 2009.