High Yield & Value Checking Accounts

Learn more about our checking account options.

Whether you prefer a high yield checking account with great rates and added benefits, or a value checking account with no fees or minimum balances - we’ve got you covered. Read on to discover the best checking account for you!

Open a Checking account

Learn about the benefits of these accounts:

High Yield Plus Checking  |  Value Plus Checking  |  Value Checking  |  High Yield Checking FAQ

Check Rates     Refer a friend

High Yield Plus Checking 

With our high interest checking account your balance earns dividends of 1.75% APY* on balances up to $10,000 and you are enrolled in the Member Plus Program, which offers extra benefits we know you'll enjoy!

  • $25 minimum opening deposit
  • Free online bill pay
  • E-Statements required
  • Direct Deposit required
  • Free debit cards
  • Must make 12 point of sale transactions a month totaling a minimum of $120
  • $6/month service fee
  • Amounts over $10,000 earn a lower dividend rate
  • 2 free foreign ATM** withdrawals per month

Back to Top     Check Rates     Open Account

*Annual Percentage Yield. Some restrictions apply including a minimum balance requirement.
** Foreign ATM transactions are any non-Cobalt ATM transactions. Does not include surcharge imposed by the owner of the ATM. 
Refer to account disclosure and rate sheet for details on fees and dividends, or contact us for details including eligibility, service description and associated charges.

Value Plus Checking

With our Value Plus checking account your balance earns dividends of 0.05% APY* and you are enrolled in the Member Plus Program, which offers extra benefits we know you'll enjoy!

  • $25 minimum opening deposit
  • Free online bill pay
  • E-Statements available
  • Direct Deposit available
  • Free debit cards
  • $6/month service fee
  • 2 free foreign ATM** withdrawals per month

Back to Top     Check Rates     Open Account

*Annual Percentage Yield. Some restrictions apply including a minimum balance requirement.
** Foreign ATM transactions are any non-Cobalt ATM transactions. Does not include surcharge imposed by the owner of the ATM. 
Refer to account disclosure and rate sheet for details on fees and dividends, or contact us for details including eligibility, service description and associated charges.

Member Plus:  Banking with Benefits

 

 

Member Plus accounts are not only dividend earning, but also enjoy many additional benefits including identity theft protection, mobile device coverage and mortgage closing discounts.

 Member Plus Plan Benefits

 

 

Value Checking

Our Value checking account is our free checking account with no monthly service fee.

  • $25 minimum opening deposit
  • Free online bill pay
  • E-Statements available
  • Direct Deposit available
  • Free debit cards
  • 2 free foreign ATM** withdrawals per month

Back to Top     Check Rates     Open Account

** Foreign ATM transactions are any non-Cobalt ATM transactions. Does not include surcharge imposed by the owner of the ATM. 
Refer to account disclosure  for details on fees, or contact us for details including eligibility, service description and associated charges.

Friends having coffee in a cafe.

  

Refer a friend and you both get $50!*

Refer your friends and family to Cobalt Credit Union and when they open a qualified* new checking account you'll both be rewarded!

Learn how to refer a friend 

 

*See offer details on the linked page or speak to a representative.

 

Get the most from your checking account

These bank account conveniences are available on all of our checking accounts.

Card Manager

The mobile application that allows you to control the use and expense limits of your debit card while traveling. Protect your debit cards through your mobile device by receiving alerts and defining when, where and how your payment cards are used.

Learn More about Card Manager

Frequently Asked Questions: High Yield Checking Account

Get all the details.

  • What is it?
  • What are the requirements?
  • What are the features and benefits?
  • How do you sign up? 
What does “high yield” mean?

The term “high yield” refers to the annual percentage yield (APY) being calculated as interest. High yield checking accounts accrue interest the same way as a CD (Certificate of Deposit), but you retain access to your money for everyday needs. The rate on a high yield account is greater than on a typical checking account which may earn low APY or may not earn interest at all! 

What is a high yield checking account?

A high yield checking account works like a standard checking account by giving you access to your money whenever you need it, but with one significant difference - you can earn interest just by using your account! By keeping your money in a high yield checking account and using your debit card like normal, you can earn cash dividends from an annual percentage yield (APY).  

A high-yield checking account offers the ability to earn more on your account balance thanks to a higher annual percentage yield (APY). Compared to regular checking accounts, which usually offer low to no interest, a high-yield checking account is a way to make more on your current balance.  

What is the difference between a high yield and a value checking account?

Both accounts can be opened with a $25 minimum deposit and access to your money remains the same in both types of account. The balance of a Value Checking Account does not earn dividends, but the High Yield and High Yield Plus Accounts do earn dividends (interest).  

How does a high yield checking account work?

Our Cobalt Credit Union High Yield Checking Accounts offer cash dividends, paid out monthly, that offer an annual percentage yield (APY) interest rate on your average daily balance. If you use your debit card a minimum of 12 times a month with transactions totaling at least $120, your daily average checking balance will earn interest using our APY. This interest is then paid out at the end of the month on your average daily balance, up to $10,000*.   

*Amounts over $10,000 earn a lower dividend rate. 

Do all checking accounts pay interest?

Many standard checking accounts do not offer interest (dividends), and that is what makes a high yield checking account so unique. The interest is calculated using your average daily balance and is paid out at the end of the month if you meet all required qualifications. 

Is there a minimum balance for high yield checking accounts?

Minimum balance to open the account is $25, but there is no minimum balance required to maintain the account. 

What are the requirements to earn the advertised APY on a Cobalt High Yield Plus Checking Account?
  • Minimum balance to open the account is $25 
  • A $6 monthly service fee 
  • Direct Deposit is required  
  • Consent to e-statements is required 
  • At least 12 debit card point of sale transactions each month totaling a minimum of $120/month. There are no transaction limits for this account. 
What is considered a debit card transaction for High Yield Checking account?

Anytime you swipe your debit card or use it online! Online purchases like Amazon, eBay, etc., all count as point of sale (POS) purchases. 

Will I be notified if I am at risk of not meeting the monthly requirements for my High Yield Checking account?

Members will not be notified, but it is easy to track your purchase history and direct deposits using online banking. There is no penalty for not meeting the debit card usage requirement or not having direct deposit, the account just will not earn higher dividends that month. 

Another option is using our Card Manager app where you can set up transaction alerts  

What does a High Yield Checking account include?
  • Free online bill payment 
  • E-statements (required) 
  • Direct Deposit (required) 
  • Free Debit Cards 
  • Earn dividends on your account balance 
  • 2 free foreign ATM** withdrawals per month 

** Foreign ATM (Automated Teller Machines) transactions are any non-Cobalt ATM transactions. Does not include surcharge imposed by the owner of the ATM.  

What does the “Plus” mean in High Yield Plus Checking?

The “Plus” in High Yield Plus and Value Plus accounts refers to our Member Plus benefits program. This program includes identity theft monitoring and recovery services, exclusive discounts, and more.

Get all the Member Plus details here

How often are dividends paid on my High Yield Checking account?

Dividends on High Yield Checking Accounts are paid monthly. 

Will I get a debit card with my High Yield Checking account?

Yes! Free debit cards are included with all our checking accounts. 

Can I switch my current checking account to a High Yield Checking account?

Yes! To change your current Cobalt Value Checking or Value Checking Plus account to a High Yield Plus account simply contact a Cobalt representative in a branch or via video banking

Do I need to be a member of Cobalt CU to open a High Yield Checking Account?

Yes. To be a member and maintain accounts with us you must own one share in Cobalt Credit Union. The par value of a share in this credit union is $5.00. When you open a Share Savings Account with a minimum account balance of $5.00 you become a member and shareholder. See if you meet our membership eligibility qualifications

How do I open a High Yield Checking account?

Members can open a High Yield Checking account at a branch or via video banking. You can also open your account online

For more information refer to account disclosure  for details on fees, or contact us for details including eligibility, service description and associated charges.