Just a reminder that these new rules are now in effect.
Consumers Credit Union has sent out a letter to rewards checking account holders informing them of some negative changes to the account that will go into effect on October 1st. The maximum balance across all tiers is being reduced to $10,000 (previously second and third tiers were $15,000 and $20,000 respectively).There is also now a minimum spend requirement of $100 total for the 12 debit card transactions and $500 for the direct deposit/ACH credit. Bill pays have been removed as an option They are also increasing the APY on the two higher tiers. Full changes are below:
- 3.09% APY on balances up to $10,000Â and ATM refunds.
- Complete 12 debit/check card point-of-sale purchases with or without out a PIN totaling at least $100 or more (previously there was no spend requirement, just 12 transactions. But they required pinless transactions)
- Complete one of the following every calendar month:
- One direct deposit OR
- One ACH credit OR (previously debit work)
Pay one bill using CCU online bill pay(removed as an option)
Access online banking at least once(no longer required)- Receive eDocuments (enroll and accept the disclosure)
- 4.09% APY on balances up to $10,000Â and ATM refunds (APY increased to 4.09% from 3.59%, maximum balance decreased to $10,000 from $15,000)
- Complete all of the 3.09% requirements and
- Spend a minimum of $500 on CCU Visa credit card purchases
- 5.09% APY on balances up to $10,000Â and ATM refunds (APY increased to 5.09% from 4.59%, maximum balance decreased to $10,000 from $20,000)
- Complete all of the 3.09% requirements and
- Spend a minimum of $1,000 on CCU Visa credit card purchases
One of the main reasons this account was previously attractive was the fact that the maximum balance was so high. Now that it has been reduced to $10,000 I think some people will find it hard to justify the effort involved. They made negative changes decreasing the APY back in 2016 as well. As always a full list of all the best high yield savings accounts can be found here.
Hat tip to reader NP and @toonhound
