Altra Federal Credit Union's High Interest Checking Account

May 14, 2009 1 Comment »

altra federal a plus checkingUpdate 2012: Altra Federal Credit Union’s rewards checking account (called the “A plus checking account”) is no longer available. Visit our rundown of the top rewards checking accounts of 2012 to see what current rates, terms and conditions are for these particular products.

We wouldn’t recommend putting too much focus on interest rates – even with rewards checking accounts – in today’s environment. The FED has made it clear rates wont rise anytime soon, so focusing on account features and mobile capabilities when selecting a new checking account might be a better approach to take. Eventually interest rates will rise again, but in the meantime find a reliable bank with low fees and favorable account features that meet your daily needs.

- Offer from Archive -

Altra Federal Credit Union has done an excellent job at keeping the interest on their “A + Checking Account” fairly high, even while most other banks and credit unions continued to lower their rates. Currently, if you meet all of Altra Federal Credit Union’s requirements you are eligible to receive an APY of 4.0%.

Altra Federal Credit Union “A + Checking” Account Features:

(as seen on their website)

  • No minimum balance
  • No monthly fee
  • No charges from Altra for ATM withdrawals at any U.S. ATM
  • Free inbound and outbound Online Standard Funds Transfer upon request
  • Free ID Theft 911 protection and resolution service

Requirements to receive the advertised interest rate:

  • Receive your eStatement and A+ Checking Report card at a valid email address
  • Sign on to Altra’s Free Online Banking
  • Make a Direct Deposit into your A+ Checking account ($50 minimum required)
  • Make 10 Altra Check Card purchases/transactions (ATM withdrawals do not qualify)

Terms and Conditions:

If you do not meet the four account requirements, your account is considered non-qualifying and will earn 0.25% APY on your entire account balance for that cycle. To qualify for the next cycle, simply complete the four A+ Checking account requirements.

A+ Checking available for personal accounts only. Qualifying accounts earn currently posted Annual Percentage Yield (APY) on balances up to $25,000; Portion of balance over $25,000 earn 1.00% APY. Rates subject to change monthly.

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  • Rayle Shonie

    Customers definitely want to meet the 4 criteria each cycle. That is quite a drop in the rate earned if they fail to do so.