bank rates

Rewards Checking Leader Guarantees Rate

Consumers Credit Union says it will pay 4.09% until June 30, 2012“Guaranteed” might be the newest buzzword in banking.

Consumers Credit Union, the longtime leader in nationally available rewards checking accounts, is now guaranteeing to keep its rate of 4.09% APY in place until June 30, 2012.

The Waukegan, Ill.,-based credit union is paying that top rate on balances up to $10,000. Balances between $10,000 and $25,000 earn 0.56% APY, and those above $25,000 earn 0.35% APY.

Consumers cut its rates on balances above $10,000 earlier this month, making this account far less attractive.

Like a typical rewards checking account, you need to make at least a dozen debit card purchases per month; make a direct deposit, ACH debit or use online bill pay; access online banking; and receive eStatements to earn the rewards checking rates.

In addition, there’s no fee to have a rewards checking account and you don’t pay debit card or ATM fees or have to meet a minimum balance requirement.

Consumers (www.myconsumers.org) isn’t a typical credit union in that there aren’t geographic restrictions or employment restrictions on membership. Anyone around the country can join who pays a $5 membership fee and keeps $5 in a savings account.

And the rate paid by Consumers far exceeds the best nationally available savings and money market accounts.

The best nationally available savings rate is being offered by UFB Direct (www.ufbdirect.com) with its Airline Rewards Savings Account.

The account pays 1.30% APY on all balances in your account. You also earn 500 airline miles after you’ve had the account open for 90 days, and another 500 miles if you keep the account open for a year.

It takes a $100 minimum deposit to open an account at UFB, which is a division of San Diego-based Bank of Internet USA.

On the money market front, Incredible Bank (www.incrediblebank.com) now leads the packing, paying 1.18% APY for balances between $2,500 and $249,999. A $2,500 deposit is required to open an account. Balances of $250,000 and above earn 0.80% APY.

Incredible Bank is the online division of River Valley Bank of Rothschild, Wis., with 16 locations in Wisconsin and Michigan.

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Comments (2)
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  1. steve swinehart said:
    on October 31st at 04:19 pm

    if you need a referral please email me

    pdx2iah@aol.com

  2. steve swinehart said:
    on October 31st at 04:21 pm

    BTW —- anyone can join and they will pay a $50.00 bonus (with a referral) to open an account — see thier website for details.