bank rates

We Love This Alabama Checking Account

We really like the rewards checking account from New Horizons Credit Union in Mobile, Ala.

The Ultimate Checking rewards account pays 2.02% APY for balances up to $25,000. That’s not the highest rate we’ve seen, but the top yield isn’t why we like this account so much.

We like this account because of what happens after you hit that $25,000 cap.

Any portion of your deposit above $25,000 earns 1.01% APY, which is just as high as you can find with the best nationally available savings account.

It’s a big difference from most rewards checking accounts, which pay a premium rate for the first $10,000 or $15,000 you have in your account and then limit the earnings on higher balances to well below 0.50% APY.

Like typical rewards checking accounts, you need to meet requirements each month to earn the best rate.

New Horizons requires you to make a dozen debit card transactions, receive one direct deposit or make one automatic payment, and receive eStatements.

You don’t need to deposit a certain amount to open your account or keep a certain amount in your account to earn interest, and the account has no monthly maintenance fees.

If you meet the monthly requirements, you’ll get up to $25 in ATM fees reimbursed.

The account pays just 0.10% APY if you don’t meet the requirements in a certain month.

To join New Horizons Credit Union, based in Mobile, you must live, work or go to school in Mobile, Baldwin, Washington, Clarke, Monroe or Escambia counties in Alabama. Employees of dozens of companies also can join the credit union.

You’ll need to stop by a branch to open an Ultimate Checking account. The credit union has nine locations in southwest Alabama.

For more information, visit or call 800-824-3610.

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