A New Option To
Earn Even More

Now Available! Similar to our popular Rewards Checking Account, the R2 Checking is a profit-sharing account designed to maximize cash back for members that have their primary checking relationship with us. We combine incredibly high yields on deposits up to $20,000 with the cash back benefits of our Platinum Rewards Credit Card. Here is how it works:

Your R2 account comes with a debit card and credit card. If you use the credit card at least 15 times (averaging at least $10 per transaction), and you have at least one ACH transaction of $100 or more each month into the account, you will earn 2.50% APY on your checking account for balances up to $20,000 .*

Open an Account

Here are the other features that come standard:

Access to 43,000 free ATMs nationwide.

Earn points on every credit card purchase, redeemable for cash (if you select the UICCU Platinum MasterCard or World Card). For complete features, click here.

The Best Rate Guarantee on CDs and IRAs**

A Free Debit Card with zero liability fraud protection

Free Online Banking with Bill Payer

Free Mobile Banking access with our UICCU app***

Free Mobile Remote Deposit Capture (deposits via your mobile device)

Free e-Statements 

Free e-Alerts that warn you when balances are low

Overdraft Privilege available

Award-winning LOCAL service

NCUA insurance up to $250,000

Rates as of February 1, 2019 

Average Daily Balance.........................Rate

$0 - $19,999.99.......................................2.50 % APY

$20,000 and up.......................................0.15% APY

If qualifications aren't met.......................0.01% APY

*APY is Annual Percentage Yield as of August 1, 2017. Rate is subject to change after the account is opened. 2.50% APY paid on balances up to $20,000. Requirements to earn premium yield 1) Fifteen or more UICCU credit card purchases averaging at least $10 must post to the card between the first day of the month and the second to last day of the month. Transactions posted on the last day of the month will be applied to the next month's totals. 2) An ACH/Direct Deposit or ACH withdrawal of at least $100 must post and clear the account (internal transfers excluded). If qualifiers are not met, 0.01% APY will be paid on all balances. Any points earned on the credit card will still accrue even if these requirements are not met. Limit one account per individual. Credit card must be listed under the same account as the R2 Checking to qualify. Individuals may choose either a Rewards Checking or R2 Checking account, but are not permitted to have both account types. Personal accounts only. Primary account holder must be at least 18 years of age. $50 initial deposit required. New checking account is subject to credit approval, employment status, and valid identification that is at least 90 days old. May choose between e-Statements (free) or paper statements ($2.50 per month). Fees could reduce earnings. 

**If you find a better advertised yield on a CD or IRA at a financial institution based in the counties we serve, the UICCU will beat it. Guarantee available for a limited time only. Applies only to CDs or IRAs with comparable terms and conditions. Does not apply in those cases where the credit union does not offer a comparable product. Not available to public organizations or other financial institutions. Maximums apply.

***UICCU does not charge for the Mobile App, however your cell phone carrier may charge for text and data usage.


What are the rewards of the R2 Account?

2.50% Annual Percentage Yield (APY) on balances up to $20,000

0.15% APY on balances over $20,000

Points on all UICCU credit card purchases equivalent to 1% cash back (if you opt for a Platinum Rewards or World credit card).

What are the requirements?

Use your UICCU credit card at least 15 times for an average of at least $10 per transaction. The 15 transactions must post and clear before the second to last business day of the month (to allow time for UICCU to process the transaction ) .

Have at least one ACH deposit or withdrawal of at least $100 per month into the R2 Checking account.

Do debit card transactions count if I choose "credit" at checkout?
No. This account is for credit card transactions. 

Will 15 credit card transactions be difficult?

Think about how often you use credit or debit cards each month. The average UICCU checking account holder uses their cards over 30 times a month, and averages $29 per transaction. Convert to R2 and start earning points for those purchases. 

What if I don't qualify in a month?
You still accrue the points on the card, but the dividend on the checking balance will not pay out that month.

How do I get my credit card so that I am ready to earn these benefits?

You can learn more and apply here. Any UICCU credit card will work, but we highly recommend the Platinum Rewards or World Card, which also pays rewards (minimum household income of $100,000 required for the World Card).

Why does the R2 Checking account pay more than Rewards Checking?

Both are profit sharing accounts. UICCU receives more income from credit card transactions (vs debit card). As such, we are able to share more.

How do I maximize my returns?

Instead of using your debit card, use your credit card for everyday purchases and pay it off within the 25-day grace period. This can be done via online banking with a simple transfer. Once you’ve accumulated over 5,000 points, you can cash in at any time and the funds will be applied to your card. Some examples (5,000 points = $50, 7,800 points = $78, 22,000 points = $220, etc).

Am I required to pay off my credit card each month?

No. But interest will accrue on card balances if you do not. 

I already have a checking at UICCU. Can I convert to this?

Yes, and we can keep your account numbers the same so that debit cards do not need to be reissued. Just call us at 319-339-1000 or stop by your local branch.

I already have a UICCU credit card. Do I have to apply for a new one?

No. Just call or stop in and we will link it to your new R2 Checking account.

Can I have an R2 Checking and a Rewards Checking?

No. One account per primary account holder.

Is there an Annual Fee on Platinum Rewards MasterCard?

No annual fee. It also carries a low non-variable rate. More information can be found here.

Is the first month free?

Yes. Since it may take 10 days to receive your new credit card, the first month in the new account will not have any requirements. You will simply earn the premium rate.

Are there any monthly service fees or minimum balance requirements in the checking account?

No and no.

Can the APY change on my R2 Checking account?

Yes, all rates on R2 Checking may change at University of Iowa Community Credit Union's discretion. Our intention is to always have this be our highest yielding checking account, and to be one of the highest yielding checking accounts in the country.

How is the interest calculated in the checking account?

The average daily balance for the month.

How will I know that I have qualified for my rewards at the end of the month?

You can log into online banking to review your credit card account activity and confirm that you have met the minimum account qualifications at any time. Soon we will launch a feature within online banking that will count these transactions for you.

Can I pay off my credit card each month to avoid paying interest?

Yes. This can all be done within online banking at any time you choose.

Will I still be issued a debit card?


Will R2 Checking members receive a 1099 at the end of the year reflecting interest earned?

Yes, if they have earned $10 or more in the previous tax year.