BANNOCKBURN, Ill. –Great Lakes Credit Union (GLCU), which has been among the most aggressive CUs in the country in offering higher-rate deposit accounts, said it is now paying as much as 5% APY on its free checking product if certain conditions are met.
“In a further boost to members' potential earnings, those who meet the required Free Checking criteria will be eligible to earn up to an additional 1.00% APY with a GLCU money market account,” the credit union said. “These substantial increases in free checking and money market rates are designed to make members’ money work harder and smarter.”
The rate is available on its free checking account on balances to $10,000.
Three Tiers
GLCU’s free checking comes in three tiers:
- Tier One: Accounts with 0-19 debit card transactions per month earn 0.05% APY. Tier 1 accounts are not eligible for ATM fee reimbursement.
- Tier Two. Accounts with 20-39 debit card transactions per month and enrolled in e-statements earn 2.75% APY on balances up to $10,000 and be eligible for up to $10/month in ATM fee reimbursements.
- Tier Three. Accounts with 40 or more transactions per month and enrolled in e-statements earn 5.00% APY on balances up to $10,000 and be eligible for up to $10/month in ATM fee reimbursements.
The credit union noted it also recently announced a 4.85% APY certificate, further exemplifying the credit union's “ongoing commitment to empowering its members to achieve financial success.”
‘Bold Steps’
"GLCU is thrilled to be taking these bold steps to provide our members with the opportunity to maximize their earnings," said Steve Bugg, president and CEO of Great Lakes Credit Union. "We believe our members deserve the best, and these increased rates certainly reflect that belief. This is another significant step towards rewarding members for their loyalty and financial activity."
The $1.3-billion Great Lakes CU has more than 80,000 members.
Get CUToday.info’s Industry Leading Morning Headlines Email, For Free!
The biggest, best and freshest news reporting in credit unions remains free in ’23! Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more.
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com.