4.09% Reward Checking Account at an Illinois CU - Easy Membership (Consumers) read and submit comments for this post

Update 1/12/09: Top yield has fallen to 4.09% APY. Please refer to the bottom of the post for the rate history.

Consumers Credit Union has started a reward checking account that pays 4.09% APY for balances up to $25k (1.51% over) and refunds ATM fees when the following monthly requirements are met: 1) 12 debit card transactions, 2) one direct deposit or ACH debit or one online bill payment, 3) enroll in Home banking, and 4) receive electronic statements. If these requirements are not met, the interest rate falls to 0.15%. There are no monthly fees regardless of meeting the above requirements.

It appears both membership and the reward checking application can be done online here. According to their about page, you can become eligible for membership by joining their sponsor, the Consumers Cooperative Association which requires a one-time fee of $5. Membership also requires a minimum $5 balance in your share savings account.

Branches are located north of Chicago in the cities of Waukegan, Mundelein, Round Lake Beach and Gurnee.

Update 10/01/08: The credit union has recently switched from ASI-only insurance to federal insurance with NCUA. It's now federally insured by the NCUA (Charter # 68588).

Other Reward Checking Accounts

For other reward checking accounts available nationally and in other parts of the country, please see my reward checking account page and my best checking account post.

Rate History:
07/08/09: 4.09% APY for up to $25K; 1.51% for above; 0.05% base
05/07/09: 4.09% APY for up to $25K; 1.51% for above
01/01/09: 4.09% APY for up to $25K; 2.01% for above; 0.15% if requirements are not met
02/02/08: 5.09% APY for up to $25K; 2.51% for above; 0.15% if requirements are not met
08/14/07: 6.01% APY for up to $25K; 3.01% for above; 0.25% if requirements are not met

Edit 1/05/09: Updated format of rate history and corrected base rate.