Baxter Credit Union’s Savings Rates

June 9, 2009 2 Comments »

baxter credit union savings ratesMuch thanks to BankVibe reader Jefferey for submitting a few of Baxter Credit Union’s savings rates as their current offers are blowing the competition out of the water. Baxter Credit Union is based out of Illinois but have a few locations in southern California as well as many states throughout the mid-west. The rates we’ve compiled below are from their Los Angeles area locations. You can also conduct the majority (if not all) of your banking with Baxter CU online as well.

Baxter Credit Union’s “Rainy Day” Savings Account:

(as of June 9, 2009)

The first noteworthy rate comes with a product called the “Rainy Day Savings Account.” This product acts as a typical fixed rate deposit account with a rate change that kicks in after the first 12 months.

Currently, the first 12 month’s APY is set at 1.50% while the following rate after the initial year is set at 3.0% APY.

The second noteworthy rate comes in the form of an interest checking account. They call this product a “power checking account” and it yields an APY of 3.50% (this rate is only applied to balances up to $25,000, 1.0% APY applied to balances above $25k). Like most high interest checking accounts there a monthly requirements in which you must complete to earn the advertised interest rate.

Baxter Credit Union’s Power Checking Account Terms and Conditions:

(as seen in their fine print)

  • Must have direct deposit of at least $500 into your POWER CHECKING account
  • Enroll in Online statements with a valid E-mail address
  • Complete a minimum of ten (10) checking transactions that include any combination of the following transactions: online bill pay, ACH withdrawal, ACH deposit, debit signature based transaction, online credit union loan payment (all other transfers between credit union accounts do not apply). Bill pay is defined as an ACH withdrawal.
  • Accounts not meeting all monthly requirements will not earn interest and will be charged the applicable BCU ATM fee for each ATM transaction over five per month.
  • Transactions apply toward the monthly requirements in the month they post to your account.
  • You will not automatically be enrolled in online statements when opening this share type.
  • You can enroll in online statements via the internet. POWER CHECKING is only available as a personal account only.

Baxter Credit Union is the fourth largest credit union in the state of Illinois and is in the top 100 credit unions nationwide. They have over 150,000 members as well as roughly 350 employees. Since their inception in 1980 they have grown to control roughly $1.5 billion in deposits and $1.3 billion in loans. Baxter Credit Union typically offers rates well above the national average.

Visit or call (800) 388-7000 for today’s updated rates.

See today’s top 50 savings accounts nationwide from our database.

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  • Tessa

    the rainy day savings account looks good! but dont you think you will be able to find interest rates higher than 3% in one year? that is the question ;)

    they are probably banking on the average savings rate being around the 3 percent mark after the mandatory 12 months at 1.50% has expired

  • http://BankVibe Farmer Frank

    Their disclosure states that rates can vary. I guess that should be assumed with every savings account, as there’s no telling what market forces will do as time goes by. But I don’t know how to reconcile that with what appears to be a locked-in opening rate with a guaranteed doubling of the opening rate after 12 consecutive months. How can a bank vary rates on accounts that offer a fixed rate for a fixed term (12-months), then claim to double the opening rate (to a higher fixed rate) after 12 months if the rates can vary? I’m confused by all this poppycock! Think I’ll go plant some cabbage!