Rewards Checking - 1.75% APY on balances up to $20,000 and free ATMs nationwide

This account is our way of rewarding members for having their primary checking account with us, and for using the electronic services that save the cooperative money. We start with a free checking account, give it a tremendous yield, and then we add free ATM transactions nationwide (including reimbursements for ATM fees that other banks charge) 1 . It doesn't stop there. Look below to see why UICCU Rewards Checking is the best account you'll find.

Account Features for Rewards Checking

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How it works.

Rewards checking is a free checking account that earns a premium yield and ATM fee refunds each month when you meet basic activity requirements by using your UICCU debit card and setting up an ACH direct deposit or payment.

All you need to do each month is:

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

...and you will unlock all the rewards.

  • 1.75 % 1 Annual Percentage Yield (APY) on balances up to $20,000
  • Up to $7 in ATM fee refunds other banks charge

If you don't meet the qualifications:

No worries! Rewards Checking is a free checking account. There's no service fee even if you don't get the rewards.


What are the rewards of Rewards Checking?

  • 1.75 % APY 1 on balances up to $20,000
  • 0.15% APY on balances over $20,000
  • ATM fees nationwide are automatically refunded at the end of your statement cycle (up to $7 each month)*

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

  1. Make 15 debit card purchases per monthly statement cycle (purchases must be posted, not pending ). These 15 or more transactions must average at least $10.00 and must post to the account before month-end.
  2. Have an ACH direct deposit or ACH withdrawal of at least $100

What happens if I do not meet the qualifications for Rewards Checking?

Your checking is still free and you can start over next month to earn the rewards. Interest will be paid at the base rate of 0.01% APY on your balance and ATM fees will not be refunded including UICCU usage fee. 

Are there any monthly service fees?


Can the APY change on my Rewards Checking account?

Yes, all rates on Rewards Checking may change at University of Iowa Community Credit Union's discretion.

How is the interest calculated?

The average daily balance for the month.

If I meet the qualifications, when will I receive my rewards?

Interest and ATM fee refunds are posted on the last day of 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 account activity and confirm that you have met the minimum account qualifications at anytime.

Which ATM fees are refunded?

The $1.75 usage fee that is charged for using a non-UICCU owned machine or terminal as well as the surcharge fees that are charged by other institutions for using their ATMs. This refund is capped at $7 per month.

What if I do not use my debit card that much?

If you struggle to meet the minimum of 15 debit card transactions per month, then this account may not be the right fit for you. Each time a debit card is used, the cooperative makes a percentage of the transaction from the retailer. That fee income is what helps to pay those high dividends back to you. But don't worry, if you use your debit card for all typical transactions (groceries, gas, restaurants, etc), you won't have a problem, In fact, the average UICCU Rewards Checking holder actually uses their debit card over 30 times a month!

Will Rewards 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. 

What is the monthly statement cycle for Rewards Checking?

The statement cycle begins the first day of the month and ends the last day of the month.

What is a "settled transaction?"

A settled transaction is one that has posted to your account. When you use your debit card, the merchant places a memo hold on your account in the amount of your purchase. It can take up to three business days before the transaction posts or clears.

What if I change my e-mail address?

You must notify the credit union when your e-mail address changes especially if you receive eStatements so that we can deliver the notification of your statement availability. 

Is there a minimum balance requirement in order to receive my rewards?


Is there a limit on the amount of ATM refunds that I can receive during a statement cycle?

Up to $7.00 per month.

Will I be able to use my existing debit card and checking account number with my Rewards Checking account?

Yes, if your account is already a University of Iowa Community Credit Union account, everything will remain the same.

How do I convert my current checking account to a Rewards Checking account?

To convert an account, the quickest way is to call us at 339-1000 or 800-397-3790. Otherwise, you can stop by any office location.

Can I open a new Rewards Checking account over the phone?

We prefer for you to come in to a branch or apply online for a new account. (Conversions can be done over the phone.)

Can I open multiple Rewards Checking accounts?

No. There is a limit of one account per person. The primary account holder must be 18.

Can a business open an account?

No. This is for individuals only.

Rates as of March 1, 2019

Average Daily Balance Rate
$0 - $19,999.99 1.75 % APY 1
$20,000 and up 0.15% APY
If qualifications aren't met 0.01% APY
- Personal accounts only.
- 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. 1.75 % APY paid on balances up to $20,000, and all ATM surcharges assessed by other institutions and UICCU usage fees will be refunded (up to $7) provided the following qualifiers are met each monthly qualification cycle: 1) Fifteen or more debit card purchases must post and clear the account and must average at least $10; 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 and ATM surcharge and usage fees will not be refunded for that cycle. 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.