How, why 1 CU has priced its checking account

In a move to bring in new members and deepen relationships with existing account holders, one credit union is paying 5% APY on checking.

But to get that very attractive rate, consumers have to use their debit and credit card, a unique twist to high-rate checking products.

The decision by the $754-million Vibrant Credit Union runs counter to many CU high-rate checking programs today that are simply tied to debit swipes.

While the new Moneymaker Checking requires members to make 12 debit swipes per month—a typical transaction amount to receive the high rate—it also requires account-holders to spend more than $1,000 on their credit Vibrant card monthly to get the 5%.

 

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