Update 10/01/2011: The top rate has fallen from 3.01% to 1.51% APY.
Endura Financial FCU has a reward checking account called eLife checking. It pays 1.51% APY on balances up to $25,000 (0.15% for above) and refunds up to $15 of ATM fees per month if the following monthly requirements are met:
- 12 debit card purchases
- one direct deposit (see 8/3/10 update below)
- Online banking enrollment and receiving e-statements
If these are not met, the rate falls to 0.15%. Minimum initial deposit is $25. There are no monthly fees and no minimum balance requirements.
Update 8/3/2010: The credit union added a new direct deposit requirement in order to qualify for the $25K balance cap. The direct deposit must be at least $2.5K (up from $1K on 6/29/11). Smaller direct deposits result in smaller balance caps.
The credit union also has a nice refer-a-friend bonus of $50 for both the person joining and the member who made the referral.
Membership is open to anyone who lives, works, worships or attends school in any of the of the following Minnesota cities: Brooklyn Center, Crystal, Golden Valley, Hopkins, Minneapolis, New Hope, Robbinsdale and St. Louis Park. It also includes those in Jackson County, Missouri. You can also join via Select Employer Groups and family. Please refer to the credit union's Who Can Join page for more details. Membership requires a $5 deposit into a share savings account.
Branches are located in Minneapolis, Brooklyn Center, and Golden Valley, MN and in Kansas City, MO. The credit union is federally insured by the NCUA (Charter # 24446).
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.
- 10/01/11: 1.51% APY up to $25K (with $2.5K+ DD)
- 06/29/11: 3.01% APY up to $25K (with $2.5K+ DD); 0.15% over; 0.15% base
- 08/03/10: 4.01% APY up to $25K (with $1K+ DD)
- 11/08/09: Debit card usage requirement only met by debit card purchases. Enrollment in Online Banking is also required.
- 12/19/08: 4.50% APY up to $25K; 0.25% over; 0.25% base; Debit card usage requirement can be met by online banking, bill pay, debit card purchases, or ACH withdrawals requirements include