Most people are looking for ways to make their money grow. Who wouldn't want a little extra in their account at the end of every month? While certificate of deposits, or CDs, are a great way to do that, they can feel a bit restrictive in that your money is "locked" in for a certain term. And if you decide to retrieve your money, you will likely have to pay a penalty for withdrawing early.
Another way to grow your money is a high interest or high yield checking account which gives you a higher annual percentage yield (APY) without keeping your money locked in. It works like a regular checking account with a debit card and/or paper check writing plus all the other free benefits of a regular checking account.
Here are some ways our Cash Checking account (our high interest checking account) can give back to you as a member!
Benefits of a High Interest Checking Account
It grows your money easily. As long as you have money in the account and meet the monthly qualifications, you earn 0.75% APY on balances up to $10,000 and 0.75% to 0.16% APY on balances over $10,000*. That's quite a bit more than the national average of 0.06% APY on checking accounts. So if you have $10,000 in your checking account and qualified each month, you'd make $75 a year just for having a checking account!
It has no monthly fees or minimum balance. Not only are you earning money, you're not paying to have an account! As a non-profit organization, this is one of the ways we return any profit we make back to you in the form of no monthly fees. You also do not pay a penalty for going under a minimum balance like you may a money market or other high yield accounts. You can easily add to or use the money in a high interest checking account.
ATM fees are refunded. If you use an ATM that is out of our Co-op or MoneyPass network, we reimburse your fees up to $4.99 per transaction, up to $25 total a month! This can make finding an ATM much easier when you're on the go!
Allows easy access to your money. Like we said before your money isn't "locked" in for a certain amount of time. It's yours to use without paying any penalties. Plus, you can add more money anytime you want!
Protection for your money. High yield or high interest checking accounts at East River FCU are insured by the National Credit Union Association for up to $250,000 per account. We work hard to ensure all of our members have their accounts structured in a way that keeps them covered. In fact, this is a common practice with credit unions: over 90% of credit union deposits are insured in the U.S. while only 50% of banks are.
Do you want to make your money work for you?
All you have to do to get our high interest rate checking is to open a Cash Checking Account and meet the monthly qualifications including:
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12 debit card swipes each month
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At least one automatic payment or direct deposit
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Be enrolled in and agree to receive eStatements
And the great thing is, even if you don't qualify, you still get a free checking account that earns 0.05% APY* and you can try again next month!
And our Cash checking account gives you all the free features of a regular checking account including online banking, our mobile app with mobile check deposit, bill pay, direct deposit, unlimited check writing and more.