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1.20*%-$25kUnited Federal Credit UnionInterest Plus Checking
Accounts mentioned in this post. Rates as of April 29, 2016.

High-Yield Reward Checking Account at a MI/OH/AR Credit Union (United)


Update 7/15/10: The top rate has fallen to 3.00% APY. Refer to the bottom of the post for the rate history.

United FCU is offering a reward checking account called Interest Plus Checking that pays 3.00% APY on balances up to $25,000 (0.25% for above) and refunds ATM fees of up to $25 per month if the following monthly requirements are met:

  • 10 signature-based debit card transactions
  • one direct deposit or ACH
  • receive your statements electronically

If these are not met, the rate falls to 0.10%. There are no minimum balance requirements. One downside mentioned in the small print is that this account is not eligible for free checks.

Membership is open to those who live, work, worship, volunteer or attend school in parts of Southwest Michigan, Ohio, Eastern Oklahoma and Western Arkansas. You can also be eligible to join via Select Employer Groups and via immediate family. Refer to the credit union's membership page for the full details. Membership requires a minimum $5 deposit into the savings account.

Branches are located in Michigan, Ohio, Arkansas, North Dakota and North Carolina. The credit union is federally insured by the NCUA (Charter # 6288). It has $749.6 million in assets and 79,075 members as of May 2008.

Thanks to the reader Mike who mentioned this account in the finding-the-best-deals post.

For other high yield reward checking accounts and to learn more about these accounts, please refer to my High Yield Checking website.

Edit 6/14/09: Updated FOM to include parts of Eastern OK.

Rate History:

  • 07/15/10: 3.00% APY up to $25K
  • 01/01/10: 3.65% APY up to $25K
  • 04/01/09: 6.01% APY up to $25K; 0.25% over; 0.10% base
  • 05/04/08: 6.01% APY up to $25K; 0.50% over; 0.10% base

Related Pages: checking account, reward checking account

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Anonymous   |     |   Comment #1
How long these new banks hold 6.01%?
West Texas held it not even a full month.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #2
I first did my review of that 6.01% reward checking at West Texas National Bank in December, and it was probably being offered before that review. It did recently drop to 5.01%, and many others are dropping. But there are still many that have kept the rate at around 6% (see my High Yield Checking website).

I think accounts available nationwide will have a more difficult time holding on to high rates since these are likely to have a higher percentage of customers who'll max out the balances.

With the Fed funds rate now at 2% and most online savings accounts at around 3%, I'm sure we'll see more drops. My guess is that the best we can hope for over the long term is that the average reward checking yields will be about 1% higher than the average online savings account yields.
Stacey (anonymous)   |     |   Comment #3
United Federal Credit Union is guarantying the 6.01% until at least 2010. Great Deal!
Anonymous   |     |   Comment #4
Does anybody has any experience on how to meet any of the requirements if a person does not live close by the region served by the bank?