Posted byon September 15, 2011
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I’m on the hunt for a new checking account. Our primary checking account is currently at Schwab. But over time, the interest rate has dropped, and now that they abandoned the 2% credit card, the overall package is no longer competitive.
Time to go shopping for a new bank.
I’m considering Consumers Credit Union which offers a 4.09% APY on their rewards checking up to $10,000. There is no minimum balance, no fees, and they refund ATM withdrawals.
While I’ve never had a rewards checking account, I am considering it since the rate beats most high yield accounts right now. As with most of the rewards checking accounts, they do have the debit card purchase minimums and other monthly requirements:
But the good news is that if you don’t meet the minimums, you just get a lower interest rate (.05% APY) and no ATM refunds, but not any extra fees. So the months where we don’t keep much in our checking account, we can just skip the required transactions.
I’m considering giving it a try. And the good news is that there’s a $50 referral bonus. If anyone has an account at Consumers Credit Union and wants to send me your referral, I’ll use the first one I get.
Do you use a rewards checking account? If so, what strategies do you use to meet the minimum number of transactions?