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Saturday, November 14, 2009

High Interest Checking Account

At the Retirement Advisor, we include a section in each of our newsletters that covers various ways our subscribers can earn more money on their cash. Whether it is certificates of deposits, Treasuries, or savings accounts, we research offerings available nationwide to enable our subscribers to earn more money but always with preserving principle in mind.

For people earning very little yield on their checking account, we recommend considering a move to one of the new offerings available. High yield checking accounts are a new development in the financial markets and are gaining popularity as people start to feel more comfortable banking online.


If you have some cash laying around, there is an opportunity to earn 4% on your cash through a high yield checking account being offered by South Division Credit Union called Freedom Green Checking. Membership to this credit union is open to Children (Kid’s Club), Student’s (Student’s First Checking and Savings), and Adults (Full line of products and services). This credit union is a nationwide family community that accepts members from any U.S. neighborhood of family and friends with a household United States Postal Service Zip code from 01000 – 99999.

This checking account will pay you 4.01% on balances up to $25,000 which covers most people’s checking accounts except if you are the DON. The checking account refunds ATM fees nationwide up to $25 per cycle. It does carry certain requirements such as:

1. You must make 12 VISA debit signature purchases.
2. At least one direct deposit or ACH into your account each month of $250 minimum.
3. One Matrix21 bill pay (online banking)
4. You must Receive electronic statements
5. There is a $50 minimum to open and $300 required after 6 mo or you are charged a small fee of $6.

This credit union’s rating for safety and soundness are very good with 4 starts (an “excellent” rating) from BauerFinancial and 4 stars (a “sound” rating) at These ratings are based on financial data as of the end of the second quarter. The credit union is privately insured by the ESI and federal insured by the National Credit Union Association (Charter #65550). You can review the NCUA rating at this url:

In today’s rate environment, getting 4.01% is rare. If you are interested, you can learn more about the Freedom Green Checking account at this url:

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