bank rates

Enjoy 3.56% Returns On Erie FCU Checking

If you’re willing to do a bit of extra work, you can earn 3.56% APY with a rewards checking account at Erie Federal Credit Union.

I think it’s worth the effort.

Not only is the Dividend +Plus account paying far more than most rewards checking accounts these days, the rate applies to balances up to $25,000.

Most reward checking accounts limit their top interest rates to the first $10,000 or $15,000.

Anyone can join Erie Federal Credit Union who lives, works or attends school in Erie or Crawford counties in Pennsylvania or has a family member who belongs to the credit union.

To earn 3.56% APY, you’ll need to have an average daily balance of at least $500 in your Dividend +Plus Checking account and make at least 15 debit card transactions per month.

That’s the extra work I was talking about. Most reward checking accounts require only 10 transactions.

You’ll also have to sign up for online banking and eStatements and make at least one online bill pay each month.

While there’s no minimum balance required to open a rewards checking account, if you let the balance slip below $500 or fail to make the required debit card transactions, you’ll earn only 0.10% APY for the month.

That’s also the rate you’ll earn on balances above $25,000.

Failing to meet the requirements will also mean you’ll pay a $2 monthly fee for your account. Otherwise, the account is fee-free. You also are able to make free ATM transactions at CU$ Network and CO-OP ATMs.

Your first step is to join the credit union by opening a savings account with a $5 minimum deposit, and then you can open the Dividend +Plus Checking account. The accounts can be open online or at one of the credit union’s seven locations in Erie.

For more information, go to www.eriefcu.org or call 800-480-0494.

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