EDWARDSVILLE, Ill.—Scott Credit Union here has introduced a new checking account that pays a high 4.05% APY on balances up to $25,000–but it also requires members to be robust debit card users.
The “EPIC Checking Account” has no minimum balance and no fees, according to Scott Credit Union Chief Operating Officer Linda Fedrick.
“Plus, the account refunds up to $10 each month in ATM fees when our members use other financial institution’s ATMs,” Fedrick said.
According to the credit union, EPIC Checking is designed to reward members for using their account, specifically their debit card. To receive the highest rate and the ATM rebates, account holders must receive their statement electronically and make debit card purchases of $1,500 or more each month.
‘All Our Members Need’
“That’s all our members need to do, and they earn the 4.05% APY, and will receive the ATM rebates,” Fedrick added.
“Another great feature is that every time one of our members uses their debit card, we will donate a portion to our Scott Credit Union Community Foundation to give back to the community,” said Fedrick in a statement. “And that will happen at no cost to the account holder.”
Members can earn 3.05% APY when they receive their monthly statement electronically and use their debit card for purchases between $750 and $1,499.
Scott Credit Union is paying.25% APY on any balances above $25,000 when members meet the qualifications.
Other Options
“Another great thing about EPIC Checking is that if our members don’t receive their statement electronically, or they don’t make purchases of at least $750 with their debit card, they will still earn .25% interest on their entire balance with no monthly fee,” said Fedrick. “There is never a minimum balance and never any fees. If they don’t earn the high rate in a month, they just start over the next month with the same opportunity to receive the high rate.”
The $1.2-billion Scott Credit Union has approximately 144,500 members.