HAUPPAUGUE, N.Y.–Teachers FCU has introduced “Smart Checking,” a high-yield checking account that it said, “benefits members’ evolving need for financial liquidity.”
Smart Checking provides qualified members a no-fee checking option with monthly ATM fee rebates up to $15, and a “competitive 0.65% APY, which is more than 9x higher than the national average,” Teachers FCU said.
To qualify for the 0.65% APY, members must meet at least one of the following set of requirements:
- An average monthly balance of $5,000 in their Smart Checking account
- Or direct deposits of $500 or more and complete 10 debit card purchases each month
- Or a total deposit relationship across Teachers’ checking, savings, money market, CD and IRA accounts of $20,000 or more
‘Peace of Mind’
“Throughout the course of the pandemic, we saw many members adjust their financial portfolios to focus on liquidity in order to have peace of mind that their money was safe, while also being easily accessible,” said President and CEO Brad Calhoun. “Our new Smart Checking account allows for just that. It’s a checking account for the modern world; featuring a high-yield interest rate, it acts like a savings account and allows our members to build wealth yet features the flexibility of a checking account. We are excited to welcome Smart Checking to our family of products and give members nationwide an account that will allow them to reach their financial goals.”
The $8.5-billion Teachers FCU has more than 355,000 members.