By opening a Rewards Checking account at Mutual 1st Federal Credit Union, residents in the Omaha, Neb., area can grab an interest rate above 3%, a rarity today.
The Rewards Checking account will earn you 3.40% APY on balances to $15,000.
You only need to make a $100 deposit to open the account, but there’s no minimum balance requirement to earn interest. The account has no monthly maintenance fees.
To earn the 3.40% APY, you need to fulfill typical rewards checking account requirements. That means making at least a dozen debit card purchases each month and receiving at least one direct deposit or making at least one automatic payment per month. You also need to sign up for eStatements.
Not only will you get the top rate by doing those things, you’ll also have up to $25 in ATM fees refunded each month.
If you don’t meet the monthly requirements, you’ll earn 0.10% APY on your account. And any balance in your Rewards Checking account that exceeds $15,000 will earn you 0.50% APY.
Mutual 1st also offers a certificate of deposit that rivals the top nationally available deals on our CD Rates Leaderboard. For a $1,000 minimum deposit, you can open a 39-month CD that pays 1.45% APY.
That compares to the 36-month CD offered by NexBank (www.nexbank.com), which pays 1.40% APY, and requires a minimum deposit of $10,000.
Membership in Mutual 1st Federal Credit Union is open to anyone who lives, works or attends school in the Omaha metro area, including the counties of Cass, Douglas, Sarpy and Washington in Nebraska, and Pottawattamie in Iowa.
To join the credit union, you first must open a Regular Share Savings account (www.mutualfirst.com). That requires a $100 minimum deposit, but you don’t need to keep a certain amount in your account to maintain your membership. Once you become a member, you can open a Rewards Checking account.
Mutual 1st allows you to open your accounts online and at the credit union’s two branches in Omaha.