UT Federal Credit Union (TN) Offers Competitive Rewards Checking


Deal Summary: U Rewards High-Yield Checking, 2.05% APY on qualifying balances up to $25k.

Availability: Five eastern Tennessee counties.

UT Federal Credit Union’s (UTFCU) rewards checking account, U Rewards High-Yield Checking, has been part of the product line for three years. The initial 2.05% APY on qualifying balances up to $25k is still in effect. Qualifying balances >25k and non-qualifying balances both earn 0.05% APY.

The monthly qualification requirements include,

  • At least 10 POS debit card transactions
  • Have a direct deposit
  • Be enrolled in e-Statements
  • Log in to Online/Mobile Banking

The U Rewards Cash Checking account has no minimum balance requirement or monthly service fee, but does require a $25 minimum opening deposit. Unlimited nationwide ATM fees will be reimbursed up to $20 per month, if qualifying requirements are met. Unlimited checking writing is available and a free debit card will be issued following account opening. There is a limit of one account per Social Security number and a U Rewards Cash Checking account may not be used as a commercial account.

U Rewards Cash Back

UTFCU also offers the U Rewards Cash Back Checking account, which earns 1.00% cash back on up to $1k in monthly debit card purchases. If you are planning on maintaining a balance of less than $5,900, the U Rewards Cash Back Checking account would probably be a better deal than the U Rewards Cash Checking account, as the maximum annual earnings for the U Rewards Cash Back Checking account is $120 ($10 per month).


Headquartered in Knoxville, Tennessee, UT Federal Credit Union’s field of membership (FOM) is residency-based, with individuals who live, work, worship, regularly conduct business, attend school, or volunteer in the Tennessee counties of Anderson, Blount, Knox, Loundon, or Union, eligible to join.

Family members of current UTFCU members also qualify for membership.

Joining UTFCU and/or opening a U Rewards Checking account can be done online, or at any of seven full-service Tennessee branches located in Knoxville (5), Martin, and Memphis. UTFCU also has an in-school branch at Knoxville’s West High School, with access limited to the school’s faculty, staff, and students.

You may become a member of UT Federal Credit Union by opening a Primary
Savings Account. A minimum balance of $5 is needed to open a savings account.

UTFCU participates in both the CO-OP Shared Branch and ATM networks.

Conveniently make deposits and withdrawals, transfer funds, or make loan
payments to your UTFCU accounts at more than 5,000 locations nationwide.

Credit Union Overview

UT Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.32% (excellent) based on March 31, 2021 data. In the past year, UTFCU has increased its total non-brokered deposits by $62.94 million, an excellent annual growth rate of 20.92%. Please refer to our financial overview of UT Federal Credit Union (NCUA Charter # 19448) for more details.

Established in 1969, UT Federal Credit Union’s founding FOM was exclusive to University of Tennessee faculty, staff, and students. UTFCU’s original branch was located on the UT campus for more than twenty years, with a move to an off-campus building occurring in the early 1990s. UT Federal Credit Union is currently Tennessee’s 17th largest credit union, with nearly 25,000 members and assets in excess of $404 million.

How the U Rewards High-Yield Checking Compares

When compared to the High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available within the FOM and have maximum qualifying balances of at least $25k, UT Federal Credit Union’s U Rewards High-Yield Checking APY currently ranks second.

The above information and rates are accurate as of 8/13/2021.

To search for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.

Related Pages: Knoxville checking accounts, Paducah checking accounts, Memphis checking accounts, reward checking accounts

UT Federal Credit Union (TN) Has 9-Month Leap Day CD Special
Deal Summary: 9-month Leap Day CD Special, 2.29% APY, $1k minimum, new money, available through 2/29/2020.

Availability: Five eastern Tennessee counties.

Now through February 29, 2020, UT Federal Credit Union (UTFCU) is offering a 9-month Leap Day CD Special, earning 2.29% APY. The minimum opening deposit is $1k of new money, which is defined as funds not currently on deposit with UTFCU.

According to CSR, the Early Withdrawal Penalty is 90 days of interest on the amount being withdrawn.


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