bank rates

Earn 2% APY With Ohio Relationship Deal

We’ve seen a number of banks and credit unions offering interesting incentives to get customers to open multiple deposit accounts.

One of the more unusual offerings we’ve seen recently comes from CME Federal Credit Union in Columbus, Ohio.

It offers competitive relationship rates when you combine one of its checking accounts with an account that works much like a 12-month CD — only it pays significantly better than the best nationally available certificates of deposit.

Here’s what you’ll earn:

  • 1.01% APY on its Capital Checking account.
  • 2.00% APY on its Great2Save Account.

You’ll have to meet some requirements to earn these yields, but it’s nothing too cumbersome.

The first step is to link your Capital Checking account to a Great2Save account.

The $10 monthly checking account fee is waived if you keep an average balance of at least $1,000 or your household has at least a $10,000 relationship with CME.

Next, you’ll need to transfer between $15 and $1,000 each month for a year from your checking account to your Great2Save account.

Once the 12 months is up, the balance in your Great2Save account is automatically transferred to your Advantage Share savings account.

The rate you earn on your Advantage Share account depends on your balance. Anything below $1,000 pays 0.05% APY, and ranges up to 0.30% APY on balances of $100,000.

Like a regular CD, you can’t withdraw any money from the Great2Save account. If you do, the account will be closed and the funds transferred to your Advantage Share account.

But if you can afford to set money aside on a regular basis for the year, the certificate rate is impressive.

The best nationally available 12-month CD rates pay 1.15% APY.

You must join CME Federal Credit Union (www.cmefcu.org) to open these accounts. Anyone who lives, works or attends school in Franklin County, Ohio, is eligible to join with a $5 deposit in a savings account.

You can apply for membership online or at one of the five branches in the Columbus area.

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Comments (4)
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4 Existing Comments
  1. Kathy at Bankaholic said:
    on January 15th at 10:32 am

    This deal is still available.

  2. Kathy at Bankaholic said:
    on January 22nd at 09:28 am

    These rates are still available.

  3. Kathy at Bankaholic said:
    on February 5th at 01:21 pm

    CME Federal’s rates are still being offered.

  4. Kathy at Bankaholic said:
    on March 8th at 10:31 am

    This deal is still being offered.