bank rates

Few Offer Above 3% On Rewards Checking

Pickings are slim if you’re looking for a nationally available rewards checking account that pays more than 3%.

Consumers Credit Union in Illlinois offers the top nationally available rewards checkingIn recent weeks, many of our leaders either restricted their accounts to specific geographic regions or pulled the plug altogether, putting Consumers Credit Union of Waukegan, Ill., in the top spot, with a rate of 4.09% APY.

Its rate is more than 1 percentage point better than its closest competitor.

Normally, credit unions have too many membership restrictions or charge too much to join to be eligible for our rankings. But Consumers isn’t a typical credit union in that it allows anyone to join who pays a $5 membership fee and then maintains $5 in a savings account.

You can earn Consumer Credit Union’s top rate on balances up to $10,000. Balances between $10,000 and $25,000 earn 1.59% APY. Any money above that amount earns 0.76% APY if you meet the minimum monthly requirements.

To earn top rates, you must make 12 debit card transactions each month, make one direct deposit into the account, enroll in online banking and sign up for eStatements. If you don’t, you’ll earn 0.05% APY for that month.

If you’d prefer a bank to a credit union, there are three with nationally available rates above 3% APY. You can get:

3.03% APY from Coulee Bank of LaCrosse, Wis. The rate is good on balances up to $25,000.

3.01% APY from Danversbank, with 30 branches in the Boston area. The offer applies to balances up to $25,000.

3.01% APY from Atlantic Coast Bank of Waycross, Ga., which operates 11 branches in southeast Georgia and northeast Florida. You can earn that rate on balances up to $15,000.

While those rewards checking rates won’t knock your socks off, they are still far higher than the best nationally available savings, money market and 12-month CD rates.

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  1. Kathy at Bankaholic said:
    on May 25th at 07:04 am

    These deals are still available as of May 25, 2011.