High-Yield Checking Accounts in Des Moines, IA | Premier Credit Union

Earn more when you open a high-yield checking account

Checking Educational Resources Published August 9, 2023

High-Yield Checking Accounts in Des Moines, IA | Premier Credit Union

Earn more when you open a high-yield checking account!

What is a high-yield checking account?

A high-yield checking account functions much like a standard checking account, only it offers a high-rate of return on the interest rate. At Premier Credit Union, there is no minimum opening balance, no maintenance fees, and deposits are insured up to $250,000 by the National Credit Union Association (NCUA). You can earn 6.00% APY* with our high-yield checking account, making this one of the best high-reward checking accounts in Central Iowa!

Are high-yield checking accounts worth it?

Absolutely! Just like a CD or Money Market account, you can earn money on the balance within the account, and on a quicker pace than a CD or Money Market account, with no penalties for withdrawals. You will often see the highest APY (Annual Percentage Yield) on a high-yield checking account, compared to other products and services a financial institution may offer.

Are high-yield checking accounts better than savings?

That can depend. The balance that your account will earn high-interest rates on is based on your average daily balance. If you typically have a lower balance, you won’t see as high of returns. Unlike savings accounts, your Premier high-yield checking account needs to have a direct deposit associated with it. In addition, you will need to post 15 signature-based debit card transactions each month to earn the best interest rate.

What is a signature-based transaction?

A signature-based transaction is a transaction where you select “Credit” instead of “Debit” at the selection screen.

Debit vs Credit Transactions:

  • Debit
    • You select DEBIT and enter your four-digit PIN to complete the purchase.
    • You can access a limit of $500 per day via a debit transaction.
    • Premier is given a SMALL amount of money for the transaction. (This is important for below)
  • Credit
    • You select CREDIT and sign your receipt (PEN) or the electronic pen pad.
    • You have a significantly higher purchase limit compared to a debit transaction.
    • You have far more consumer protection rights when used as a credit card!
    • Premier is given a LARGER amount of money for the transaction. After receiving this, Premier is able to give that money back to our members in the form of 6.00% high-yield checking accounts, or one of our other great products!
  • Credit sounds better – How do I make sure I’m selecting it?
    • On the kiosk, the default option will prompt you to enter your PIN. Sometimes on the screen, it will say to push a different button to bypass the PIN and process as a credit transaction.
    • Other times, there will be a specific button on the keypad that will say “process as a credit transaction,” or “process in a different method.”
    • When in doubt, ask! Even in self-service lines there are people available to assist, and make sure you are processing the transaction the way you want.

About us:

Premier Credit Union is a full-service financial institution serving Central Iowa, with branch offices in downtown Des Moines, Urbandale, West Des Moines and Ames. At Premier, our mission and reason for existing is to Make Life Better for you, our member!

*APY = Annual Percentage Yield. High Yield Checking dividends credit and compound monthly. APY is earned on balances up to $25,000. Valid email address, direct deposit and online banking required. Must post 15 signature-based debit card transactions per month to earn threshold for rewards. Maintenance or activity fees could reduce the earnings of this account. Rates subject to change after account opening and effective as of May 15, 2023. If you do not meet the requirements per month, your account will still function as a checking account. Available for personal consumer accounts only. See Credit Union for full details.

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