It’s been a while since we reported on any spectacular high yield checking accounts mainly due to their tanking rates, however, we found one credit union still boasting a 4% APY checking deal (if you can meet the requirements).
Before you proceed with one of these accounts remember that interest checking accounts or “Rewards Checking Accounts” are not for every one. They come with fairly rigid monthly requirements which must me met or exceeded to earn the exceptional interest rate. Typically, you will be required to make a certain amount of debit transactions from the account (usually between 10 and 15) as well as set up at least one recurring transfer during the 30 day period and use their online banking system. The requirements vary with each banking institution, so make sure they can be met with ease on your part before opening one.
Lake Michigan Credit Union is offering a rewards checking account which they refer to as a “Max Checking Account.” It comes with an industry best 4.0% APY on balances up to $15,000.
- No fees, and no minimum balance requirements.
- It pays 4% APY* on balances up to $15,000
- Refunds up to $15 per month in surcharge ATM withdrawal fees at non-LMCU ATMs when you withdraw from your Max Checking account.
Requirements to earn 4% APY:
- Direct deposit into any LMCU account
- Minimum of 10 debit card purchases per month
- Minimum of 4 logins to home banking per month
- Be eligible for and sign up to receive eStatements/eNotices
As we mentioned above, these aren’t necessarily for everyone and unless you plan on using this as your primary checking account, you’re probably going to have a difficult time meeting the monthly requirements to earn the advertised APY.
You can lear more about our rewards checking accounts in our rundown of the best offers found here.
To learn more about Lake Michigan Credit Union’s offer, visit their Max Checking page for further details.