Nassau Educators Federal Credit Union or NEFCU is widening the scope of New Yorkers who can take advantage of their 4.00% APY Reward Checking Account. While this can probably be considered the best checking account in the area, simply because its high yield was retained since it was introduction two years ago. Before, it was only offered to a select number of professionals in the city. Today, NEFCU opened the account to anyone working, living, studying, or worshiping in Nassau and Suffolk counties, New York.

One of the advantages of this reward checking account is that the cap balance for the top yield is $25,000. This sure beats similar top yields whose cap remains at $20,000. However, there were a few changes made to the account which might not make it the best reward checking account across the USA. For example, the base APY which covers balances exceeding $25,000 has fallen compared to the account’s introductory base rate.

Another inconvenience is the added debit requirement. Now, for holders to take advantage of the top yield, they need to pay their bills online at least once a month. This is aside from the twelve debit purchases they need to make in the same month using their card. With more competitive checking accounts introduced this month, this account’s competitiveness seems a bit shaky. There are now 4.75% APY reward checking accounts which also have cap balances of up to $25,000.

Right now, if you’re torn between a reward checking account which is offered nationwide and one that’s only being offered locally, it is advised for you to choose the local account. A smaller scope allows financial institutions to control rate chasers. This means that they’re able to make more profit. When this happens, they’re least likely to drop their accounts’ annual percentage yields.

The NEFCU has been around since 1938. They are federally insured under Charter #2760.