Legacy Community Federal Credit Union

gives 4.00% APY for their best checking account. The ceiling for this is set at $25K. Balances above the set max are given 0.05% APY.

Account holders can enjoy the highest interest rate as long as the monthly requirements are satisfied:

Use the debit card to make 12 purchases
Complete an automatic payment or direct deposit
Use online banking facility
Opt for electronic statements

The rates drop to 0.25% APY if the above conditions are not met. ATM fees are also refunded for as much as $20 per statement cycle.

This promo is still on the bank’s website but like other offers the interest rates may change or be adjusted any time. Call their customer service line or browse their site for any update.

According to a customer service representative, the credit union does not collect any service charge for the reward checking account. There is also no set minimum balance that you need to meet.

Individuals who wish to take advantage of the offer can sign up with the credit union. It is open for people who live, study, worship, and work within the metro areas of Birmingham-Hoover.

There is nothing to worry about the performance of the Legacy FCU. Bankrate.com gave 4 stars while BauerFinancial issued 5 stars when they reviewed its soundness and safety using their March 2009 data.

The credit union is listed with the NCUA and covered by charter number 65491.