Update 2/1/2011: The top rate has fallen to 2.30% APY.
Connexus Credit Union has a reward checking called Xtraordinary Checking that pays 2.30% APY on balances up to $25,000 (0.50% for above) and refunds ATM fees of up to $25 per month if the following monthly requirements are met:
- 15 signature-based check card purchases
- one automatic deposit
- one third party online bill payment
- receive electronic statements
If these are not met, the rate falls to 0.25%. There are no minimum balance requirements and no monthly service charges.
I was told by the credit union that anyone can apply through CheckingFinder. This credit union shows up on CheckingFinder when you search with any zip code. Here's the CheckingFinder page with the details about this Xtraordinary Checking Account. Update 1/26/09: The credit union now has the Xtraordinary Checking Account listed on its website with an online application.
Since it is a credit union, you have to qualify for membership. Here are the instructions at CheckingFinder regarding the membership requirements and the initial deposits:
$50 deposit of which $5.00 will be deposited in your savings account and $5.00 will be a donation made to the Connexus Association with the remaining $40 in your checking.
I first reported on Connexus Credit Union's reward checking account in April of 2007. At that time, the top yield was 6.01% APY. In the last year this has fallen. The rate is currently 2.00% APY as listed at the Connexus website as of 2/1/2011. The account is called MyRewards Checking. The only advantage this has over the Xtraordinary Checking is a lower debit card usage requirement (10 rather than 15) and no online bill pay requirement.
The credit union is based in Wausau, Wisconsin. It is federally insured by the NCUA (Charter # 66538).
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 1/26/09: Updated post based on credit union's new page for the Xtraordinary Checking with new online bill pay requirement.
- 12/01/10: 2.30% APY up to $25K (Xtraordinary) / 2.00% up to $25K (MyRewards)
- 08/12/10: 2.55% APY up to $25K (Xtraordinary) / 2.25% up to $25K (MyRewards)
- 04/01/10: 3.05% APY up to $25K (Xtraordinary) / 2.65% up to $25K (MyRewards)
- 11/01/09: 3.25% APY up to $25K (Xtraordinary)
- 09/05/09: 3.65% APY up to $25K (Xtraordinary) / 3.00% APY up to $25K; 0.50% over; 0.25% base (MyRewards)
- 05/01/09: 4.15% APY up to $25K; 0.50% over; 0.25% base
- 08/13/08: 5.15% APY up to $25K; 0.75% over; 0.50% base
Edit 7/11/09: Updated MyRewards Checking info and URL: 3.21% APY up to $25K
Edit 6/14/09: Updated checking URL