bank rates

Erie Deal: 5.11% On Rewards Checking

Erie General Electric Federal Credit Union in Erie, Pa., is offering a rewards checking account that beats the best nationally available deal by a full percentage point.

Erie General Electric Federal Credit Union Offers 5.12% APY

The credit union’s High-Dividend Checking account offers a rate of 5.11% APY. The best nationally available deal is 4.11% APY for balances up to $10,000 at Liberty National Bank of Lawton, Okla.

To get the Erie rate, you need to have a minimum average daily balance of $500, and the rate is only good for balances up to $25,000.

You also need to have at least 12 debit card transactions per month, make at least one electronic deposit and sign up for online banking and eStatements.

Credit union membership is open to people who live or work in Erie or Crawford County in northwestern Pennsylvania.

During the recession, high-yield checking accounts were a bright spot for savers as banks offered as much as 5.0% APY on balances of $35,000 to $50,000.

Now the rates and limits on even the best high-yield accounts have fallen so much that we suspect many savers don’t think they’re worth the hassle.

Liberty National is the only bank that pays more than 4% on nationally available high-yield checking accounts.

If you’re unfamiliar with how these accounts work, “The ABCs of High-Yield Checking Accounts” will explain all the rules.

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Comments (3)
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3 Existing Comments
  1. wyle said:
    on January 31st at 09:06 am

    Why do you say its “nationally available” when its only open to people who work or live in the local area?

  2. wyle said:
    on January 31st at 09:09 am

    oh, my mix up with bank names. sorry.

  3. Mike Cetera said:
    on February 23rd at 02:42 pm

    This deal is still good as of Feb. 23, 2011.