ROCKY HILL, Conn.—The $368-million Nutmeg State FCU has launched a new checking account that pays 4.99% APY.
First Choice Checking delivers the rate—one of the highest checking rates in the country—on the first $10,000. Balances above $10,000 are paid 0.01%.
As of Oct. 29, MoneyRates.com listed the $604-million Consumers CU, Waukegan, Ill., at 5.09%, at the top of its survey and Pelican State Credit Union second at 4.01%.
First Choice Checking is available to both current and new credit union members, with only one account per member number permitted.
To receive the high rate, account holders must take e-statements, perform at least 12 debit card transactions and at least seven electronic transactions—ACH, e-pay, e-banking, direct deposit—per month.
Members must also choose any two of the following services: Visa credit card, consumer loan, mortgage, money market, IRA, share certificate or ID theft program.
First Choice Checking members also are eligible for an 0.25% APY increase on new and renewed certificates (minimum one-year), 0.50% APY discount on new consumer loans, and $25 for every successful member referral.