3.01% Reward Checking at a South Florida CU (Power Financial) read and submit comments for this post

Update 4/11/09: The top yield has fallen to 3.01% APY. Refer to the bottom of the post for the rate history.

Power Financial Credit Union has just started a reward checking account it calls Cash Back Checking. It pays 3.01% APY on balances up to $25K (0.50% over) and refunds ATM fees (up to $2/transaction and $20/cycle) if the following monthly requirements are met: 1) 12 debit card transactions, 2) 3 bill payments, and 3) receive eStatements. I can't find the rate if these requirements are not met so I would assume no interest is earned. Regardless of meeting these requirements, there are no minimum balance requirements or monthly fees. A minimum initial deposit of $25 is required.

Unlike the typical reward checking requirements, there's no mention of direct deposit. Instead it requires 3 bill payments. The direct deposit requirement can often be substituted with an automatic payment. With this Cash Back Checking, I don't see it mentioned that the bill payment has to be done using their online bill payment system. So it might include automatic payments like those made to your utility.

Membership is open to anyone who lives or works in several South Florida cities including Miami, Boynton Beach, Hollywood and North Palm Beach. You can also be eligible via Select Employee Groups and via immediate family. See their information center for the full list of cities and for other ways to qualify. Membership requires a $5 membership fee and a minimum deposit of $5 into the Primary savings account.

Branches are located in the South Florida cities of Miami, Florida City, Hialeah, Homestead, Pembroke Pines and Weston. The credit union is federally insured by the NCUA (Charter # 68445). It has $486.8 million in assets and 55,542 members.

Thanks to the reader MK who mentioned this new reward checking in the comments of the finding deals post.

Other Reward Checking Accounts

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

Rate History:
04/06/09: 3.01% APY
01/03/09: 3.51% APY
12/13/08: 4.01% APY
04/02/08: 5.01% APY
08/05/07: 6.01% APY (initial post)