First New England Credit Union – 5.15% Interest Checking Account

February 16, 2009 3 Comments »

First New England Federal Credit Union of Vernon, Connecticut has two impressive checking account products available to it’s customers as of the 1st of this month. The first is a high interest rate reward checking account yielding an APY of 5.15% APY!

First New England Federal Credit Union is fairly exclusive as far as new members go. If you live outside of Connecticut than they say you must either have a family member banking with them, become a friend of Lucky Robbins Welles Library (?) or contact their business development representative. Visit their website for more info.

High Interest Checking Account details…

  • No minimum deposit
  • Earn 5.15% APY on all balances up to $25,000
  • Earn 2.50% APY on all balances above $25k
  • ATM refunds up to $25.00 per cycle
  • Rates are subject to change without notice so be sure to sign up for E-Statements

Their second checking account is equally impressive and is ideal for customers looking to maintain higher checking account balances. First New England Federal Credit Union is offering a “Platinum Rewards Checking Account” yielding an APY of 4.01% on all balances of between $40,000 and $50,000. If your balance exceeds $50k then you will earn an APY of 2.0%. However, if you think your balance may drop below $40k then I would opt for the first high interest checking account as you will only receive 0.10% interest on balances below $40k with this one.

Our take:

This is one of the most exceptional rewards checking rates for those looking to invest larger sums of money. Why do we say this? First, the APY on your first $50k is almost unbeatable – it’s one of the top yields nationally. Second, even the sum above this mark still earns a respectable 2 percent. With most rewards checking accounts a staggering APY will be applied to the first $10k to $25k followed by a pathetic rate of usually less than 1 percent on anything exceeding this amount. With First New England Credit Union’s offer this is not the case. Even with a sum of $100,000 in the account an annual interest of just over 3 percent will be garnered when averaged out over the entire sum.

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  • Erik

    Check out the best rates on short term deposits at select community banks from CheckingFinder.com. All of the community banks listed below accept applications nationwide. Community banks continue to offer higher yields on short term deposits to serve as economic engines.

    Bank of Ripley – Ripley, TN 5.26
    Keystone Bank – Auburn, AL 5.15
    Connexus Credit Union – Wausau, WI 5.15
    Altra Federal Credit Union 5.05
    Community Bank of Pleasant Hill – Pleasant Hill, MO 5.01
    Olmsted National Bank – Rochester, MN 5.01
    Malvern Federal Savings Bank – Paoli, PA 5.01
    Community Bank of Raymore – Raymore, MO 5.01
    Royal Banks of Missouri – St. Louis, MO 4.78
    Focus Bank – Charleston, MO 4.51
    Liberty Bank – Alton, IL 4.5
    First Arkansas Bank & Trust – Jacksonville, AR 4.44
    First Arkansas Bank & Trust – Jacksonville, AR 4.44
    Jeff Davis Bank & Trust – Lake Charles, LA 4.33

    Courtesy of BancVue.

  • Type 0

    These are now 3.65 and 2.51 respectively.

  • http://smartypig.com newman

    10/15/09 – rate has dropped to 2.01% APY