River Region Credit Union is offering a reward checking account which can probably be considered the best checking account in the market today. With a 4.00% APY, it’s pretty hard to beat. However, the balance cap seems a little steep. The top yield will only be applied to balances that reach $20,000. A base 0.10% APY will be rewarded for balances exceeding $20,000.

Aside from the cap balance which stops this from being the best reward checking account in the market, the debit requirements seem stringent. In a month, you need to make fifteen debit purchases which are non-PIN, make at least one direct deposit, log in to the CU’s homepage at least twice, and agree to receive electronic statements. If you don’t fulfill these requirements, your APY falls back to the base 0.10% APY.

However, as with most reward checking accounts, this one has no minimum balance requirement and no monthly service fees. According to the website, this account should have three ATM surcharge refunds or $7. It’s odd, though, that these refunds are not automatic. Holders still need to present ATM transaction receipts to the RRCU office every 12th business day.

Similar accounts from competitor credit unions and banks will also have a $25,000 balance cap for the top yield. This one’s a little less attractive, at $20,000. Instead of 15 debit purchases, most accounts would also only ask for 10. The only deal maker here, really, is the 4.00% APY. Most reward checking accounts only earn 3.00% APY or less as top yields.

To be eligible for this account, you need to work or live in these areas: Miller, Moniteau, Callaway, Osage, Cole, or Boone. These are all counties of Missouri. The rest of the membership requirements are posted on the CU’s webpage. It’s also required for holders to open a share savings account which should contain a minimum balance of $1.

These rates can change at any time, so make sure that you check the website for updates before opening an account. A branch visit is also necessary to apply for this checking account. Branches of the River Region Credit Union are located at Missouri, Columbia, and Jefferson City.

If you’re concerned about the financial institution’s safety and soundness, you’ll be glad to know that their ratings are both above average. Bankrate.com gave them three stars, while BauerFinancial rated them with four stars. The River Region Credit Union is insured by the NCUA under Charter #64283.

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