Weekly Rate Deal - Consumers Credit Union Offers 4.09% APY Rewards Checking Account - Nationally Available

Happy New Year to all BestCashCow readers! We're going to start the 2012 weekly rate deals with a rewards checking account from Consumers Cooperative Credit Union that pays 4.09% APY. Unlike many credit unions, anyone can easily join Consumers Credit Union, and because the bank has online banking and an online application, the account is available nationally.

The 4.09% is available on balances up to $10,000 and the rate drops to 0.56% APY on balances up to $25,000. Balances over $25,000 receive 0.35% APY. Like all reward checking accounts, you must meet some requirements in order to receive these rates.

The requirements are:

• Complete at least 12 Debit/Check Card Point-of-Sale purchases (transactions must be made without using your Personal Identification Number, or PIN, to count towards the minimum of 12 and must post and clear your account on or before the last day of the calendar month) Each calendar month, one direct deposit OR one ACH debit OR pay one bill when using Consumers Credit Union’s free online bill payment system, must post and clear your account on or before the last day of the calendar month
• Access Online Banking at least once each calendar month
• Receive eStatements (enroll and accept the disclosure)

If you don't meet these requirements, the rate drops to 0.01% APY.

The rewards checking account is free (a bonus itself). Other features of the rewards checking account include:

• No minimum balance required
• No ATM fees
• Free VISA Debit Card
• Free mobile banking
• Free online banking and bill payment
• Free eStatements
• Unlimited check-writing privileges

Joining Consumers Credit Union

While most credit unions require you to work for a certain organization or live in a certain area before you can join, the only requirements for CCU is that you pay a one-time, non-refundable $5 fee to the Consumers Cooperative Association (the sponsor of CCU), and then deposit and maintain a minimum $5 in your Membership Share/Savings Account. Anyone from any state can do this.

About Consumers Credit Union

Consumers Credit Union is an NCUA insured institution located in Waukegan, IL. It was founded in 1930 and has approximately $553.29 millions in assets. The credit union has six branches in the Waukegan area, which is outside Chicago. Financially, the credit union has a Texas Ratio of 14.36% versus the national credit union average of 10.34%. A Texas Ratio above 100% is generally considered a concern.

If you're looking for a high yield rewards savings account and also want to take the credit union plunge, then this account might be for you. It offers all of the features of an online checking account but with a much higher rate.

• Learn about the differences between a bank and a credit union.

New - Email Rate Updates for BestCashCow Readers

I also wanted to announce this week that we have added a new feature to the site. Users can now register to receive the best bank rates via email every Monday. You can choose to either receive the best rates for banks across the country, or you can receive the best rates for your state. You can cancel delivery at any time and also login to change which product rates you receive for which state. This email service is free. You can register for the service here.

I hope to eventually also have the weekly rate updates go out via this email service.

Previous Weekly Rate Deals

• December 29, 2011 - Aflac Federal Credit Union Offering 2.41% APY Savings Account
• December 19, 2011 - CIT Bank and Its 1.15% APY 12-Month Achiever CD
• December 12, 2011 - Citizens State Bank of TX Offering 2.85% IRA CD
• December 5, 2011 - Digital Federal Credit Union Offering 2.86% APY CD - Nationally Available
• November 29, 2011 - Community First Bank Offering 2.78% APY 60-Month CD
• November 21, 2011 - Premier Federal Credit Union Offering 2% APY on 24-Month CD
• November 14, 2011 - Institution for Savings of Newburyport Offering 3 Year CD at 2.50% APY
• November 7, 2011 - State Savings Bank of Rake, IA Offering 3.82% APY FIRA
• October 31, 2011 - First Choice Bank Offering 2.80% APY 5-Year CD
• October 24, 2011 - First National Bank of St. Ignace Offering 12-Month Flex CD at 1.51% APY
• Oct 17, 2011 - Weekly Rate Deal - Navy Federal Credit Union Offering 3% APY 12-Month CD
• Oct 7, 2011 - Farmers & Traders Bank Takes Weekly Rate Deal for 3% APY 60-Month CD

Check back next Monday for a new bank deal. Email any deals you know about to ratedeal (at) bestcashcow.com. Feel free to also share them below. If you're a bank and have a great deal not listed on BestCashCow, register for access and add the deal to the site.

Remember, to receive FREE weekly emails updates with the best bank rates for your state, click here to register.