[Anchorage, AK] Northern Skies FCU – Peak Rewards Checking – 5% APY On Balances Up To $15,000

Offer at a glance

• Interest Rate: Up to 5% APY when requirements are met
• Minimum Balance: None
• Maximum Balance: $15,000 for 5% APY rate
• Availability: Must complete application at one of their branches. Both branches are in Anchorage, AK .
• Direct deposit required: Yes, must be at least $100
• Additional requirements: See below
• Hard/soft pull: Unknown
• ChexSystems: Unknown
• Credit card funding: Unknown
• Monthly fees: None
• Insured: NCUA

The Offer

Direct link to offer

• Northern Skies Federal Credit Union offers the peak rewards checking account. This account has an APY of 5% on balances up to $15,000 when the following requirements are met:
  • Have at least 1 direct deposit transaction post and settle (must be at least $100)
  • Have at least 12 debit card purchases post and settle (must be at least $5 each)
  • Be enrolled to receive eStatements and activate the email address for the account
  • Be enrolled in and log into online banking at least once per month
• If the requirements are not met a 0.01% APY applies.

The Fine Print

• To meet monthly qualifications:
  • members must be an active eNavigator OnlineBanking user and must log in at least one time per month,
  • receive a direct deposit/ACH credit of at least $100 per month,
  • enroll to receive eStatements and activate an email address for the account
  • complete twelve (12) non-pin (signature-based) debit card transactions of at least $5 that post to the account during the month.
• See our current Truth in Savings disclosure Opens a New Window. for full details. Peak Rewards Checking accounts are limited to one account per member.

Avoiding Fees

This account has no monthly fees to worry about. They also refund up to $10 in ATM fees monthly when the account requirements for 5% APY are met.

Our Verdict

5% APY is as high as high yield savings accounts get. In addition a $15,000 maximum deposit is much higher than most other accounts. This does have a few requirements to get that rate, but I do think this is seriously worth considering for anybody that is actually eligible.