The University Credit Union headquartered in Maine offers their best reward checking account called rewardU Checking with interest rates as high as 4.01% APY for deposits up to $25K. Any balance that is over the set $25K ceiling gets 1.01% APY. There is also a base rate of 0.10% in case the account holder does not meet the monthly requirements of the best checking account.

You can enjoy the best interest rates for this checking account if you fulfill the following requirements on a monthly basis:

Make at least 12 debit card purchases using the issued debit card
Complete an ACH transaction or make a direct deposit
Use online banking
Opt for electronic statements

Interested consumers can open the rewardU Checking with an initial funding of $25 into a share savings with UCU. The credit union does not impose any monthly charges nor do they require any minimum balance. When monthly requirements are met, they refund ATM fees of up to $25 every month.

To know more about the details of this product you can checkout the disclosure on their website.

Membership to the University Credit Union is open to the students, employees, and alumni of the system of University of Maine. They operate offices in Portland, Bangor, Farmington, and Orono.

The credit union received mixed reviews. Bankrate.com issued 3 stars for soundness and safety of UCU. BauerFinancial gave 5 stars when they reviewed UCU’s performance using their June 2009 data.

The credit union is covered by the NCUA through charter number 63133.