Update – This account is now yielding 3.0% APY on balances up to $15,000 if all requirements are met. The monthly requirements have not changed since we originally covered this deal (see below for details), however, they have added a $15 monthly ATM reimbursement when withdrawing cash from ATMs outside of their network.
Interest rates as a whole are scheduled to remain at our current historically low levels until at least 2104 according to the FED’s latest statements. Despite the horrific APY’s most FDIC-insured savings accounts are dishing out, these “rewards checking accounts” have managed to keep their APY’s comparatively high. Check out the top offers from 2012 to compare the nations highest rates and sets of monthly requirements.
- Offer from Archive -
Here is another fairly nice high yield checking account, this time offered through Lake Michigan Federal Credit Union. Their “Max Checking Account” provides an interest rate of 4.0% APY on all deposits up to $15,000. And although they are located in Michigan, they open their doors to potential customers nationwide.
The requirements to earn the advertised interest rate are slightly less cumbersome then some of the other rewards checking accounts we’ve covered. You’ll need to make 10 debit card transactions per month that don’t include cash withdrawals. Most accounts require between 12-15, so LMFCU makes it slightly easier in this regard. Outside of the transactional requirements, you’ll just need to sign-up to receive e-statements, set up a monthly recurring direct deposit and sign into their online banking platform 4 times per month.
Every time we cover a noteworthy rewards checking account such as this one we like to stress that unless you’re completely willing to make this your primary checking account, its probably not going to be worth it as the monthly requirements are just too demanding.
Lake Michigan Federal Credit Union is a rather large institution – the second largest in Michigan and in the top 50 nationwide. They control roughly $2.0 billion in deposits and service roughly $1.6 billion in loans. Originally formed in 1933, they now serve roughly 190,000 members as well as employee almost 500 individuals in the economically troubled state of Michigan.
Visit LMCU.org or call (616) 242-9790 to learn more about their high yield checking account.