Minnesota-based TruStone Financial Credit Union (TruStone Financial) has been offering its rewards checking account (RCA), TruRate Checking, for five years. The original rate and balance are still in effect today: 2.02% APY on qualifying balances between $2k and $20k, and 0.10% APY for balances over $20k and non-qualifying balances alike. TruStone Financial has made this RCA even more attractive by including the TruRate Checking in its current $150 checking bonus promotion.
|2.02*%||$2k||$20k||TruStone Financial Credit Union||TruRate Checking|
|OTHER TIERS: 0.10% → Any amount|
In addition to the rate and the balance cap remaining unchanged since 2015, the qualifying requirements are still the same.
- Must have active Visa credit and debit cards, with at least 12 monthly transactions.
- Be enrolled in eStatements.
- Maintain a minimum daily balance of $2k
Unlike a Kasasa Cash account that has no monthly service fee or any type of minimum balance requirement, the TruRate Checking account has both.
Monthly fee: $20, which is waived if you maintain a $2,000 balance.
There is a limit of one TruRate Checking account per household. The minimum opening deposit is $2k, and the first five ATM withdrawals at non-TruStone FInancial ATMs each month are free.
Headquartered in Plymouth, Minnesota, TruStone Financial Credit Union’s field of membership
is wide and varied, giving virtually any U.S. citizen or resident alien, 18 years or older, an opportunity to join has changed.
UPDATE 7/23/2020: Limited Easy Membership - A $10 donation to the TruStone Financial Foundation qualifies for membership for those individuals who live in the geographic footprint described below. Joining the Foundation can be done through the TruStone Financial’s online application.
Residency - Individuals who live, work, worship, attend school, or volunteer in any of the following also qualify for membership:
- Minnesota counties of Chippewa, Redwood, Renville, or Yellow Medicine;
- Minnesota cities of Minneapolis, St, Paul, or St. Cloud (Zip Code 56301);
- Wisconsin counties of Kenosha or Racine.
Individuals who live or work in Milwaukee County, Wisconsin also qualify for membership, as do the residents of Atwater, Minnesota.
Employment/Association - Employees and members of more than 40 businesses and organizations are eligible to join.
Educational Community - Members and employees of more than 20 educational organizations qualify for membership.
Relationship - Family members of current TruStone Financial members are also eligible to join.
Complete membership details can be found on the Become A Member page, or on the first page of the online application.
Joining TruStone Financial and/or opening a TruRate Checking account can be done online, or at any of eleven Minnesota branches located in Burnsville, Golden Valley, Maple Grove, Minneapolis (2), Oakdale, Plymouth, Rogers, Roseville, Saint Cloud, and Saint Paul, or four Wisconsin branches located in Cudahy, Kenosha (2), and Oak Creek. (TruStone Financial reopened all its branches at the end of May.)
A primary share account ($5 minimum deposit) is required
to become a TruStone Financial member and owner.
TruStone Financial participates in the CO-OP ATM network, but not in the Shared Branching network.
Credit Union Overview
TruStone Financial Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.29% (excellent), based on March 31, 2020 data. In the past year, TruStone Financial has increased its total non-brokered deposits by $163.37 million, an excellent annual growth rate of 14.81%. Please refer to our financial overview of TruStone Financial Credit Union (NCUA Charter #24354) for more details.
TruStone Financial Credit Union was established in 1939 as the Minneapolis Federation of Teachers Credit Union by eight teachers. After just a few months of opening its doors, the Credit Union had doubled its membership and held a total of $307 in assets. Now in its 82nd year of continuous operation, TruStone Financial is Minnesota’s third largest credit union, with more than 105,000 members and assets in excess of $1.5 billion.
How the TruRate Checking Compares
When compared to the nationally available High Yield Reward Checking Accounts tracked by DepositAccounts.com that have maximum qualifying balances of at least $20k, TruStone Financial Credit Union’s TruRate Checking APY currently ranks fourth.
|Interest Rate||Account Name||Credit Union/Bank|
|3.30% APY||Vertical Checking (up to $20k)||Evansville Teachers Federal Credit Union/td>|
|3.00% APY||Kasasa Cash (up to $25k)||The Bank of Denver|
|2.25% APY||Advantage Checking (up to $25k)||Presidential Bank|
|2.02% APY||TruRate Checking (up to $20k)||TruStone Financial Credit Union|
The above rates are accurate as of 7/16/2020.