Credit Union Accounts Checking High Yield Checking

High Yield Checking: Rewards for Savers

Keep a higher balance? This one's for you.

Why TruWest

YOUR MONEY EARNS MORE MONEY

High Yield Checking

Savings, meet checking. Your High Yield Checking Account¹ gives you the best of both worlds with a monthly high rate Reward.

Earn 4.00% APY² on balances of $ 0.01 - $10,000³
Earn one free box of checks per calendar year²
No minimum checking balance or monthly service fee
30,000 free ATMs⁴
Mobile Card Manager for your debit card

How to earn your High Yield Reward

Each month, if you meet both Rewards requirements³, you’ll earn 4.00% APY on your checking balance (up to $10,000) for that month:

$500 in qualifying direct deposits into your Rewards checking account
15 or more qualifying TruWest Rewards debit or credit card transactions

No penalties, no pressure

Each month is a new chance to earn! Even if you don’t reach your Rewards goals this month, you can still enjoy these convenient benefits:

No monthly service fee. We aren’t going to make you jump through hoops to avoid a monthly fee. That would be uncool.
30,000 free ATMs. Find free ATMs in places you already shop and even at other credit unions! Click here to find an ATM near you.
Mobile Card Manager for your debit card. Turn your card on/off, set restrictions and more with our Card Manager app. Click here to learn more.
Easy-to-use online and mobile banking. Our feature-rich online and mobile banking lets you deposit checks, pay your bills and even apply for new accounts and loans. Also remember, you can always Contact Us for anymore questions.

Benefits of High Yield Checking Accounts

Learn More

How Do High-Yield Checking Accounts Work?

High-yield checking accounts are designed to offer an APY, or annual percentage yield, above the average. While the average checking account at TruWest Credit Union offers interest, our high-yield checking accounts, on the other hand, generally provide a higher value for our clients. They work the same general way as standard checking accounts but pay out more over time.

The Benefits of a High-Yield Checking Account

Opening a high-yield checking account with TruWest Credit Union means you can draw more interest in your money over time. If you typically carry a relatively high balance in your checking account, it may be well worth your while to transfer that balance to a high-yield account so that your money can work for you. High-yield checking accounts offer many of the same benefits as high-yield savings accounts but allow you to access your money quickly.

High-Yield Checking Account vs. High-Yield Savings

High-yield savings accounts, like high-yield checking accounts, generally offer increased interest on the funds already in your account. Whereas high-yield savings accounts often limit how often you can withdraw from the account or how much money you have to keep in the account to qualify. Withdrawing too early or too frequently can lead to high fees, negating the benefit of that high-interest yield.

With high-yield checking accounts, on the other hand, you are expected to continue using the account normally, and you always have access to your money. You may need to meet specific debit card usage requirements to continue to reap those benefits. For example, at TruWest Credit Union, our Rewards requirements say an account would only need $500 in direct deposits and 15 or more qualifying TruWest Rewards debit or credit card transactions. Our high-yield checking accounts are designed to allow you to manage your daily transactions through the account.

Are High-Yield Checking Accounts Safe?

High-yield checking accounts are considered a very safe tool for protecting your money while still generating reasonable interest over time. These accounts are FDIC-insured, which means that even if the bank goes under, you won’t lose your money. Furthermore, unlike many high-interest-earning investment vehicles, high-yield checking accounts will allow you to continue to access your money when you need it, which means you are less likely to end up with expensive fees if an emergency comes up and you need to withdraw those funds. However, they may generate a different potential return on investment than other investment options.

TruWest Credit Union Can Help You With the Right High Interest Checking Account

Your financial needs are unique, and so are your account needs. At TruWest Credit Union, we aim to help our clients find the right financial solutions for their specific needs, including account solutions that will allow them to continue to make the most of their money. Contact us today to learn more about whether a high-interest checking account is the right solution for you, including how you can use your account to draw in more interest.

FAQs

Frequently Asked Questions

Can I have more than one High Yield Checking Account?

Answer:

Each member may only have one Rewards checking account (High Yield or Cash Back). Any additional checking accounts will default to our Simply Checking Account. Learn more here.
When can I expect to see my earnings added to my account?

Answer:

Bonus dividends are added every third business day of the month for the previous month’s earnings.
Why didn’t I get my high yield this month?
Answer:

Make sure all the requirements were met to earn the High Yield Reward³:
1. – $500 in qualifying direct deposits into your rewards checking account
2. – 15 or more qualifying TruWest rewards debit or credit card transactions
If all the requirements were met and you still haven’t seen the dividend added to your account, please contact us at 1 (855) 878-9378.

Next Steps

As easy as 1, 2, 3

Applying for a Checking Account

Before completing an account application, you’ll need to have the following information handy:

Personal information (name, address, ID number)
Employment and salary information
Social security number

1

Apply
Start the process by applying for an account.
2

SELECT APPLICATION OPTION
Select either the New Member or Existing Member application. Once you have completed an application, you may return at any time at select Check Status to review your application status.
3

CHOOSE ACCOUNTS
Complete the account application, including selecting your desired account(s).

¹Must be a TruWest member with a minimum $5 opening deposit and continuing balance. Accounts subject to approval. All Checking Rewards requirements must be met monthly (calendar month- “Cycle Month”) to receive program rewards. Eligibility requirements include having a monthly: 1) Qualifying Direct deposit; and 2) 15 TruWest debit/credit qualifying purchase transactions. Only one rewards checking account per primary member and only one rewards type (High Yield or Cash Back) available on an account at one time. Additional terms, conditions, and restrictions apply. Program, rates, rewards, terms and conditions subject to change without notice. Contact us at 1-855-878-9378 for full details.
²High Yield Program Rewards. APY = Annual Percentage Yield. If requirements are met: (a) balances up to and including $10,000 receive an APY of 4.00%; and balances over $10,000 earn 0.05% APY on the portion of the balance over $10,000, resulting in a tiered range from 4.00% to 0.05% APY. If requirements are not met, all balances earn 0.05% APY. Accounts are variable rate accounts and rates are subject to change at any time without notice. Fees could reduce earnings. APY is effective as of 4/1/2023.
³Monthly requirement cycle is based upon the calendar month (“Cycle Month”). To earn rewards all requirements must be met during the Cycle Month. Members may change their rewards election at any time by contacting TruWest Credit Union. Earned reward will be determined by designated account type as of the last business day of the Cycle Month. A qualifying direct deposit is a recurring electronic deposit, made through the Automated Clearing House (ACH) network, of at least $500 aggregate per month in payroll, pension, government benefits (such as Social Security) funds or other regular monthly income by a member’s employer, the government, or an outside agency. Credit card cash advance transfers, wire transfers, person to person transfers, transfers from one account to another or deposits made at a physical TruWest location or ATM are not qualifying direct deposits. At least one qualifying direct deposit must post and settle to your rewards account per Cycle Month. At least 15 qualifying debit card or credit card purchase transactions (or a combination) must post and settle to your rewards account during the Cycle Month. Automated teller machine (“ATM”) transactions do not qualify as a debit/credit purchase transactions; do not count toward Cycle Month requirements; or earn cash back rewards. Cash back reward only awarded on qualifying debit purchase transactions. Qualifying transactions must post and settle to your rewards account during the Cycle Month. They will not qualify if in a pending state. Transactions may take one or more business days from the date the transaction was made to post and settle to an account. Surcharge free ATMs limited to TruWest Credit Union ATMs and designated CO-OP Financial Services’^™ Network ATMs. ATM must be in CO-OP network at the time of transaction. Please contact TruWest for further information. If requirements are met, Dividends or earned cash back will be credited to your rewards account after the close of the Cycle Month. Speak to a credit union representative for complete details.
⁴ATM – automated teller machine. Number of ATMs as of June 2021 and subject to change. Surcharge-free ATMs limited to TruWest Credit Union ATMs and designated CO-OP Financial Services’™ Network ATMs. ATM must be in CO-OP network at the time of transaction. Visit www.coop.org/Shared-Branch-ATM for further details and locations.