Capital Educators FCU offers 5.25% Rewards Checking
There is a little known bank called Capital Educators FCU in Idaho. This particular FCU (Federal Credit Union) has only 6 branches and to be honest their web site leaves much to be desired. However I have learned in life to not look on the outside, but rather what’s on the inside and this seems to be a case of the “Credit Union that could”.
This is a FREE checking account that pays 5.25% APY on balances no greater than $25,000 and any balance over $25,000 receives 1.00% APY. Capital Educators FCU will reimburse all of your ATM fees (up to $25 / month) as long as the account requirements are met. The requirements are rather simple:
- You must make 12 signature-based debt card purchases
- Opt to receives your statements electronically
- Sign up for direct deposit
Assuming you cannot complete the above requirements the account remains FREE and the rate will drop to 0.10%.
But before you drive all the way to Idaho to get your free checking account that pays 5.25% APY, consider that membership only open to students of schools and universities and employees who reside in certain counties in Idaho. Check their WHO CAN JOIN page for more details.