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 Mastercard or World Mastercard.

Account Features for R2 Checking

Open an Account Online in Minutes

How it works.

R2 Checking is a free checking account that earns a premium yield when you use a UICCU credit card for your qualifying transactions. We recommend our Platinum Rewards or World Mastercard that earn you points with every purchase.

All you need to do each month is:

  • Have an ACH direct deposit or ACH withdrawal of at least $100
  • Have 15 or more UICCU credit card transactions post and clear your account averaging at least $10

...and you will unlock all the rewards.

  • 2.50 % APY 1 on balances up to $20,000
  • 0.15% APY on balances over $20,000

If you don't meet the qualifications:

No worries! R2 Checking is a free checking account. There's no service fee even if you don't get the rewards and you'll still accrue points on your Platinum Rewards or World Mastercard purchases.


What are the rewards of R2 Checking?

  • 2.50 % APY 1 on balances up to $20,000
  • 0.15% APY on balances over $20,000

When you choose a Platinum Rewards or World Mastercard you will also earn points on every purchase equivalent to 1% cash back. Those points are yours to keep even if you don't meet the other requirements to earn the premium yield.

What are the monthly qualifications to receive the rewards on this account?

  1. 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). Transactions posted on the last day of the month will be applied to the next month's totals.
  2. 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 can still accrue points on your credt card, but you will not earn the premium yield on your checking account balance 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 Mastercard, which also pays rewards (minimum household income of $100,000 required for the World Mastercard).

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. Your online banking dashboard also comes equiped with a widget that counts your transactions and lets you know once you've met the requirments. In the mobile app you can find the same widget when you press the "More" button on the home screen.

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.

Rates as of March 1, 2019

Average Daily Balance Rate
$0 - $19,999.99 2.50 % APY 1
$20,000 and up 0.15% APY
If qualifications aren't met 0.01% APY
- Personal accounts only.
- Credit card must be listed under the same account as the R2 Checking to qualify.
- Limit one account per individual. Individuals may choose either a Rewards Checking or R2 Checking, but are not permitted to have both account types.
- 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.
1 - APY is Annual Percentage Yield as of March 1, 2019. 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. May choose between e-Statements (free) or paper statements ($2.50 per month). Fees could reduce earnings.
3 - UICCU does not charge for the Mobile App, however your cell phone carrier may charge for text and data usage.