Provident CU: Super Rewards Checking

Provident Credit Union offers high interest on their super rewards checking account. Currently 2.51% APY on the first $25,000. There are several hoops to jump through, though.

1. Direct deposit. I arranged for an automatic deposit from savings at another financial institution, since we have no regular paychecks or pensions at this time.
2. 10 check card transactions per month. Not ATM transactions. We like the new Oakland parking kiosks because they take our cards! This is the hardest one because you have to meet it every month. If you don’t, the interest rate drops to 0.100%
3. Electronic statements. I really resisted this, but I’m getting used to it.

There are many ATMs that are free for Provident CU members (all 7-11 stores have them), but if there is a charge, Provident will rebate up to $2.50. There is no minimum balance and there is no monthly charge. They will take overdrafts out of the Provident account that you specify at no charge if you have enough money there. You can make deposits and get checks at PatelCo branches, which is important since the only Oakland Provident CU branch is the one on Edgewater Drive.

There is a credit card rewards program for the check card, but I didn’t think it was worth signing up for. They have e-bill pay, but it failed spectacularly the only time I used it. I’m going to have to try it again some time.

Provident also offers a 3% APY Health Savings checking account for those with High Deductible Health Plans.

Their certificate rates are a little lower than PatelCo’s.

If you don’t live in Oakland, there are a lot of ways to be eligible to join Provident CU. Check the “Join Provident” button and the “Association Membership” category.

Previous in this series: Patelco CU

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