INOVA Federal Credit Union continues to push for their best reward checking account tagged as Ovation Checking. The high yield checking account earns 4.00% APY for balances through $20,000 given that account holders meet certain monthly requirements:

• Complete at least 15 purchases that are signature based using the debit card
• Set up a direct deposit of at least $200
• Opt for electronic statement
• Minimum balance of $1,500

The current interest rate is still listed on the upper right portion of the front page of the FCU’s website. You can see it as tab leading you to the information page about the Ovation Checking account. We can not find the interest rates for the deposits above $20,000 but according to the checking account page, it will be reverted back to whatever is the effective dividend rate for checking accounts.

Unlike other reward checking accounts, this one offered by INOVA does not mention anything about ATM fee refunds. You can use the ATM for fees via CO-OP network spread across the country or through Alliance One. Please take note that it will cost you $1 for using foreign ATMs and also when you make PIN-based purchases using your debit card.

Membership to the credit union is employment based or through affiliate organizations. You can check out their membership page to know more about the details on how you can sign up. You will also be able to click a link that says “Join Now” on the upper left portion of the web page. The link will bring you to an online application. This will also let you choose Ovations Checking account. The credit union will also require you to open a savings account for at least $5. If you want to know more about their products and services, you can contact them through 1800-826-5465.

INOVA FCU has several offices in Indiana particularly in Granger, Mishawaka, Michigan City, and Elkhart. They also have branches in several states like California (Berkeley), North Carolina (Clayton), New Jersey (Wayne and Morristown), Connecticut (Orange), and in New York (Tarrytown). They are also a member of the Credit Union Service Center which permits you to do transactions at offices of other credit unions across the country.

INOVA Federal Credit Union was instituted in 1942 and was originally created for the workers of Miles Laboratories. Miles was an independent firm until it transitioned to become a subsidiary of Bayer AG. It was eventually absorbed into the operations of the parent company.

The credit union received 2 stars from both Bankrate.com and BauerFinancial for its soundness and safety. INOVA FCU is covered by the NCUA through charter # 4968.