Consumer Credit Union offers users the opportunity to earn one of the highest annual percentage yields (APY) on a checking account. Depending on the tier requirements you fulfill, you can earn between 2.09 percent APY to 4.09 percent APY a month. The Consumer Credit Union checking account has three tiers you can try to reach each month and warn more APY.
To reach the first tier, you will need to sign up to receive eDocuments instead of paper statements, perform 12 debit card transactions and deposit at least $500 in your account in one month to receive the 2.09 percent APY rate.
To reach the second tier, you will need to fulfill all the requirements of tier one and also spend $500 in debit card purchases to earn 3.09 percent APY.
To reach the final tier, you will need to meet the requirements above and spend at least $1,000 in debit card purchases to earn 4.09 percent APY.
If you can reach the final tier, you can receive a whopping 4.09 percent APY, but of course it is no easy feat. Additionally, you will only be able to collect interest if your account is $10,000 or below.
If your account is higher than that, you will only be able to receive up to .20 percent APY.
To open a Consumer Credit Union checking account, you will need to pay a one-time fee of $5.
However, this is the only fee associated with opening an account, as there are no maintenance fees or account balance requirements, making this a very affordable card with great benefits.