GOBanking highlights top CU checking account rates
MANHATTAN BEACH, Calif. (6/30/15)--Local financial institutions trump their national counterparts when it comes to interest rates on checking accounts, and credit unions are the cream of the crop, according to a recent article from GOBankingRates.com.
The article looks at the best rates on checking accounts offered by local financial institutions, and credit unions make up the entire Top 10.
The top rate, offered by Landmark CU, New Berlin, Wis., comes in at 7.5% APY, far surpassing the highest nationally offered checking account rate of 1.4%.
Landmark’s Premium Checking product offers the 7.5% APY on all balances up to $500, allowing members to earn $37.50 annually on the first $500 deposited.
The checking account also carries no monthly fees, a common theme among credit unions, which offer free checking accounts at more than double the rate of banks.
GOBanking also found recently that interest rates on credit union savings accounts also often best other financial institutions.
Additional highlights from the article:
Seattle Metropolitan CU offers a Feel Good Checking account that carries 6.14% APY for the first $500. Further, the credit union donates $20 to a nonprofit partner of the member’s choice when the account is opened;
Gateway Metro FCU, Swansea, Ill., offers a checking account with a 6.02% APY that applies to the first $1,500 in the account, allowing members to earn up to $90.30 per year. The account also requires members to make 15 transactions with the credit union’s debit card to qualify for the rate;
Consumers CU, Gurnee, Ill., offers a rate of 5.09% APY on deposits up to $20,000. To earn this rate, which allows members to earn up to $1,018 in interest annually, members must use the credit union’s debit card 12 times or more per month; and
- Honor CU, St. Joseph, Mich., offers a tiered-rate checking product called Benefits Checking, though which members can earn $250 per year by maintaining a $5,000 balance, and an additional 1% APY on balances up to $10,000. The product also includes ATM surcharge reimbursements of up to $20 per month.