Lake Trust CU Expands Rewards Checking Pilot

Register now

PLYMOUTH, Mich. – Lake Trust CU has expanded its successful SoSMART personal checking account that rewards members with free checking, great interest and nationwide ATM fee refunds to include southeast Michigan and Livingston/Washtenaw areas.

Since the 2007 launch of SoSMART, the $1.6-billion credit union has put more than $5 million into its members’ pockets – $4.2 million in interest paid and nearly $900,000 in refunded ATM fees. Over the past three years, more than 16,000 members have opened a SoSMART Checking account.

Members earn an interest rate of 2.02% APY on balances up to $15,000 and 0.30% APY on the remaining portion of the balance over $15,000. And, they’ll receive nationwide ATM fee refunds up to $25 per cycle.

There are just three free and simple requirements Lake Trust asks of members for each cycle – receive e-statements, have one direct deposit or direct payment, and post 15 debit card purchases to their account.

 

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER