Update 9/9/2010: The top rate has fallen to 2.02% APY, and it is closed to new accounts.
Texans Credit Union is offering a reward checking account called High Rate Checking. It pays 2.02% APY on balances up to $25,000 (0.10% for above) if the following monthly requirements are met:
- 15 debit card purchases
- one direct deposit or automatic ACH withdrawal
If these requirements are not met, the rate falls to 0.10%. Minimum initial deposit is $50. There are no minimum balance requirements and no monthly fees.
One thing to note is there is no e-statement requirement. However, if you choose paper statements, the cost is $2 per statement. Also note that there doesn't seem to be any refunds of ATM fees. But like most credit unions, they have a large network of surcharge-free ATMs. One of the perks offered by this account is free checks.
Membership is open to those who live, work or attend school in Dallas, Collin, Rockwall, Grayson, Travis and Williamson counties, and parts of Denton County. Please refer to the credit union's Membership Page for the full details. Membership requires a minimum $25 balance in a share savings account.
Branches are located in the Dallas area, in Austin and in Stafford, Texas (a suburb of Houston). The credit union is federally insured by the NCUA (Charter # 60806).
$25 Refer-a-Friend Bonus
A reader who has this account emailed me news that Texans Credit Union has a $25 refer-a-friend bonus for this account. If you're going to open this account and want $25, please email me at bankdeals at gmail dot com, and I'll forward your email to the reader and he can provide instructions for the $25.
Other Reward Checking Accounts
To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.
Edit 2/04/09: Added Stafford to the branch list.
- ??/??/10: 2.02% APY up to $25K; 0.10% over; 0.10% base (closed to new accounts)
- 07/01/09: 3.90% APY up to $25K
- 02/04/09: 4.25% APY up to $25K; 0.25% over; 0.25% base