Join Early Retirement Today
Thread Tools Search this Thread Display Modes
6.01% APY Checking
Old 11-14-2009, 11:30 AM   #1
Recycles dryer sheets
Join Date: Nov 2007
Posts: 53
6.01% APY Checking

Anybody ever use United Federal Credit Union and their Interest Plus 6.01 Checking? Interest Plus 6.01 Checking - Welcome to United Federal Credit Union

I'm thinking about enrolling with them, even with the requirements for direct deposit, e-statements, and 10 debit card transactions per month. I'm currently with ING Direct at 1.30%. BUT, a little apprehensive about " 6.01% APY guaranteed until at least 2010!"

I'd hate to change all my banking info just for it to go to a terribly low rate.
  • Earn High Bonus Rate of 6.01% APY on balances up to $25,000
  • Earn High Bonus Rate of 0.25% APY on balances over $25,000
  • Earn Standard rate of 0.10% APY IF you donít meet qualifications
  • ATM fee refunds from other financial institutions nation-wide, up to $25.00 per month (does not include international ATMs)

LeBlanc is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 11-14-2009, 12:07 PM   #2
Recycles dryer sheets
Join Date: May 2007
Posts: 248
Thats even better than the ones I was looking at here.

But you know these are all teaser rates.

homestead is offline   Reply With Quote
Old 11-14-2009, 12:14 PM   #3
Alan's Avatar
Join Date: Jul 2005
Location: Eee Bah Gum
Posts: 18,905
I'd have difficulty making 10 debit card purchases a month.

NOTE: A debit card purchase using your PIN will not count as a Debit Card Swipe and Sign purchases. All direct deposit, ACH and Debit Card Swipe and Sign purchases must post to your account by 6:00pm (EST) on the last business day of the month to count towards that month.
The only time I've made Debit card purchases I've used my PIN. I didn't realize you could tell the grocery cashier "Debit card please but I need to sign rather than use my PIN" The transaction must go through a different process giving the bank a cut similar to a credit card purchase.

I read an article recently on these schemes (can't find it now of course ). From what I recall the writer of the article said that these rates would hold for as long as enough people failed to meet the requirements. If there is a big response to these deals and enough people sign up and continually meet all the criteria to get the 6% then the banks will lose money on these accounts.

I'm not tempted because I am a Penfed credit card holder with cash back (over $400 ytd) so switching from credit to debit is not worth it plus all the aggro of switching auto-payments to the new bank etc.
Retired in Jan, 2010 at 55
Now it's adventure before dementia
Alan is online now   Reply With Quote
Old 11-14-2009, 12:35 PM   #4
Recycles dryer sheets
JustNtime's Avatar
Join Date: Oct 2009
Posts: 150
Does seem a lil too good to be true or last... I don't seem to qualify for membership either... Sooo.... I guess I won't be in the 10 items or less isle at the grocery store - checking out my 10 items individually to meet the debit card requirement...
JustNtime is offline   Reply With Quote
Old 11-14-2009, 12:49 PM   #5
ziggy29's Avatar
Join Date: Oct 2005
Location: Texas
Posts: 15,419
6.01% APY guaranteed until at least 2010!"
A little more than six weeks away.
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
ziggy29 is offline   Reply With Quote
Old 11-14-2009, 08:49 PM   #6
Thinks s/he gets paid by the post
Join Date: May 2006
Location: Largo
Posts: 1,945
Our local credit union (Achieva) pays 3% APY on up to $25,000 if we use our debit card in credit mode for 12 transactions per month. We still use Penfed for fuel purchases but we earn more from the local CU than we can from Penfed on the 12 transactions.
Buckeye is offline   Reply With Quote
Old 11-14-2009, 09:14 PM   #7
Full time employment: Posting here.
Darryl's Avatar
Join Date: Mar 2007
Posts: 577
It is only good on $25,000 I've had an account with UFCU at 6.01% since April or May. Great Company!!! They guaranteed they would hold the rate through the end of 2009. I would not expect them to keep it in 2010 though I wouldn't be surprised to find their new rate to be very competitive. They are a very well run company.
I highjacked a rainbow and crashed into a pot of gold - Bon Jovi
Darryl is offline   Reply With Quote
Old 12-17-2009, 09:57 AM   #8
Recycles dryer sheets
Join Date: Nov 2007
Posts: 53
Here's the latest on their website:
- beginning January 1st our Interest Plus Checking will pay an above market rate of 3.65% APY
LeBlanc is offline   Reply With Quote
Old 12-17-2009, 07:20 PM   #9
Dryer sheet wannabe
Join Date: Jan 2007
Posts: 23
"I'd hate to change all my banking info just for it to go to a terribly low rate." That's the key issue: you don't. You just use it as a temporary savings account, keeping $20,000 plus in the account and meet the account requirements. When the interest rate drops substantially you switch your money elsewhere. For the Penfed guy, note that 6% interest is $1200/year for $20,000.
pasttense is offline   Reply With Quote
Old 12-19-2009, 06:07 PM   #10
Thinks s/he gets paid by the post
Join Date: Jan 2005
Posts: 2,410
I was receiving 5.01% through Fairmont Federal Credit Union. You had to do the debit card purchases and auto payments also. It recently lowered to 4.01%. It is still higher than what our bank pays and it has been nice getting the interest.

Dreamer is online now   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
7.01% APY on a checking account? Keyboard Ninja Other topics 7 07-29-2008 09:47 PM
Need 5% APY for 10 years with Liquidity Hydroman FIRE and Money 17 12-12-2006 04:29 AM
6% APY CD d FIRE and Money 23 09-28-2006 05:59 AM
EmigrantDirect now up to 4.25% APY MJ FIRE and Money 10 01-27-2006 02:44 PM
Just Bought a 5 Year CD for 5.75 APY ShokWaveRider FIRE and Money 30 01-12-2006 05:33 PM


All times are GMT -6. The time now is 08:19 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.