Superior Choice Credit Union Adds Rate-Leading Reward Checking Account
Wisconsin-based Superior Choice Credit Union (SCCU) has unveiled its new reward checking account, Superior Checking, which earns 7.00% APY on qualifying balances between $5k and $25k. The minimum opening deposit is only $100, but any balance of less than $5k earns no interest.
The other rate tiers (as described on the landing page) are not that impressive.
Average daily balances of $25,000.01 – $50,000.00 earn 2.00% APY.
Average daily balances of $50,000.01 – $100,000 earn 1.00% APY.
Average daily balances over $100,000.01 earn 0.10% APY.
In addition to maintaining a minimum daily average balance of $5k and being enrolled in e-statements, at least one of the following qualifying requirements must be met to earn the stated APY:
- Have an active loan
- A business relationship
- At least $500 in monthly direct deposit.
What stands out about the Superior Checking qualifying requirements is what’s not there: debit card transactions. While the Superior Checking account comes with a free debit card, it plays no role in qualifying for the stated APY. If you have $500 in a monthly direct deposit, the Superior Checking account provides a simple path to 7.00% APY on a maximum $25k balance.
Availability
Headquartered in Superior, Wisconsin (on the Lake Superior shoreline), Superior Choice Credit Union’s field of membership (FOM) provides a way for almost any U.S. citizen or resident alien to join.
Easy membership – members of the American Consumer Council ($8 fee) or the Douglas County Historical Society ($30 one-year membership) are eligible to join SCCU, regardless of where they reside. Joining either organization must be done before a membership application is submitted.
Residency: – Individuals who live or work in the Wisconsin counties of Ashland, Barron, Bayfield, Burnett, Chippewa, Clark, Douglas, Dunn, Eau Claire, Iron, Rusk, Sawyer, Taylor, or Washburn are eligible to join.
Individuals who live or work in the Minnesota counties of Carlton, Itasca, or St. Louis also qualify for membership.
Account Opening
Joining SCCU and/or opening a Superior Checking account be done online, or at any of ten Wisconsin branches located in Ashland, Cable, Eau Clarie, Gilman, Hayward, Ladysmith, Mellen, Rice Lake, and Superior (2), or the three Minnesota branches located in Duluth, Grand Rapids, and Hermantown.
Become a member at Superior Choice Credit Union by opening a Membership Savings account. With a minimum balance of only $5, you can open a basic savings account to start building your savings and earning dividends to achieve your financial goals faster.
SCCU participates in both the CO-OP Shared Branch and ATM networks.
Credit Union Overview
Superior Choice Credit Union has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 18.47% (above average) based on June 30, 2023 data. In the past year, SCCU has increased its total non-brokered deposits by $135.2 million, an excellent annual growth rate of 25.9%. Please refer to our financial overview of Superior Choice Credit Union (NCUA Charter # 67173) for more details.
Established in 1932, the original Co-op Credit Union was housed in a grocery store, with 26 members and less than $100 in deposits. The first re-brand occurred in 1967, when the credit union became known as Superior Community Credit Union. In 1996 and 1998, mergers with Chequamegon Credit Union and Marathon-Ashland Credit Union were finalized, expanding the FOM and leading toward the Superior Choice Credit Union rebrand. In an unusual move, SCCU acquired Dairyland State Bank in 2018. The most recent acquisition was finalized this past January when Hayward Community Credit Union merged into SCCU. Currently the 18th largest credit union headquartered in Wisconsin, SCCU has more than 43,500 members and assets in excess of $792 million.
How the Superior Checking Compares
When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com, that are available nationwide and have maximum qualifying balances of at least $25k, no bank or credit union has a higher APY than currently offered on the Superior Choice Credit Union Superior Checking account.
The above rates are accurate as of 11/30/2023.
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.
