2014 high-yield checking: Great Lakes Credit Union
Great Lakes Credit Union in north Chicago offers Ultimate Checking, with an above-average annual percentage yield, but it requires 10 debit purchases and receiving an e-statement per month. Bankrate's 2014 High-Yield Checking Survey breaks down the returns you can get with each account, and the hoops you'll have to jump through to get them.
Great Lakes Credit Union
Location: North Chicago
|Nationally offered? Y||APY: 3%||APY if conditions not met: 0.05%||Monthly debit transactions required: 10*||Bill pay or automatic withdrawal required? Y||Direct deposit required? Y||Balance cap: $10,000|
- Ultimate Checking: Available nationally.
- For 3% APY: 10 debit card purchases per month totaling $100 or more (signature purchases only, no returns, PIN or ATM). $500 direct deposit, 10 debit card purchases and e-statements are required monthly. Pay one bill per month through Bill Pay or log in to mobile banking once per month.
- $500 direct deposit or 5 debit card purchases in a statement cycle; account holder gets no interest, monthly fee or minimum balance requirement.
- Monthly fee: $5, if none of the above requirements are met. No minimum to open a checking account; $5 for membership/savings account and no fee for joining the United Buyers Services Club.
- Balance above $15,000 yields 0.05%, if qualifications are met.
- ATM refund: $5 max per statement cycle if requirements are met.
*See notes section for more details.
Bankrate.com canvassed banks, thrifts and credit unions March 10-13 and reports data on 56 high-yield checking accounts offered by 54 institutions.