For many people — especially those juggling debt, family expenses, and long‑term goals — a checking account is simply where money comes in and goes out. But for Carlos1, a busy father of two working toward financial stability, Plus Checking2 became the quiet engine behind the start of smarter spending, lower costs, and meaningful savings.
Do checking accounts earn interest? Some of them do. Plus Checking is more than a basic account — it’s a high‑interest checking account designed to help Members earn more on the money they already use every day. If you’re building credit, managing debt, or planning for your family’s future, Carlos’ story might feel familiar. And it shows how the right account can make everyday life a little easier.
How Carlos Earned More with Plus Checking
Meet Carlos. He is 38 year-old parent who wants to provide for his family, reduce debt, and build long‑term stability. He’s tech‑savvy, uses digital wallets, and keeps a close eye on his budget as he hopes to buy a house soon.
After learning he could unlock perks that support his financial goals, Carlos upgraded to Plus Checking — an interest-earning checking account that pays 2.25% APY3 on the first $10,000. Over time, those benefits added up. Here’s how his Plus Checking journey unfolded, and what he saved along the way.
Earn More for Everyday Banking
The Perk — Bonus Dividends
- The Reality — Carlos keeps an average balance of $10,000 in his checking account. He also completes at least 20 eligible debit or credit card transactions each month. This helps him earn dividends while keeping his money accessible.4
- The Value — He earns about $18.75 per month, or $225 per year, in dividends. For Members like Carlos, Plus Checking functions like one of the best high‑yield checking account options available, offering strong earnings without locking up funds. It’s a simple example of how the best checking accounts can help you earn more interest without changing your routine.
The Perk — Waived Fees with Direct Deposit
- The Reality — Carlos sets up Direct Deposit for early payday and faster access to his income. His monthly deposits exceed $4,000,5 which qualifies him for waived fees.6
- The Value — He saves $10 per month, or $120 per year, in service fees.
Save Money on a New Auto Loan
The Perk — 0.25% Auto Loan Rate Discount
- The Reality — In April, Carlos replaces his aging SUV. Because he has Plus Checking, he qualifies for a 0.25% rate discount on his new auto loan.7 The discount lowers his monthly payment and total interest.
- The Value — On a $28,000 loan, he saves about $236 over the life of the loan.
This calculation was based on a credit score of 699 and an APR of 8.14% for 60 months (5 years). His initial monthly payment is $685.40. At the discounted rate of 7.89% APR, his monthly payment is reduced to $682.12. Those savings add up over the life of the loan.
Make Travel More Affordable
The Perk — Automatic Reimbursement of International Transaction Fees
- The Reality — Carlos travels with his family to Mexico each summer. Normally, international transaction fees add up quickly, but with Plus Checking, those fees are automatically reimbursed within 24 hours.8
- The Value — On a week‑long trip, he’s reimbursed about $75.
This calculation was based on a family of four traveling for a week with a budget of $3,000.
The Perk — Bonus Credit Card Rewards
- The Reality — Carlos uses his UFCU Cash Back Card for everyday purchases. He earns 2 points per $1 spent — and with Plus Checking, he earns 15% more points.9
- The Value — Over the summer, his bonus points totaled about $45 toward future travel.
This calculation is based on a total spending of $3,000 on his Cash Back card during the trip.
Save on a Home Loan
The Perk — $200 Mortgage Fee Credit
- The Reality —Carlos buys his first home. Because he has Plus Checking, he receives a $200 mortgage fee credit10 deposited directly into his account within 60 days of closing. Congrats, Carlos!
- The Value — A direct $200 savings during a major milestone.
The Bottom Line for Carlos
Carlos saved about $901 without changing his lifestyle. He simply used the perks built into Plus Checking.
| Perk | Estimated Value |
|---|---|
| Bonus Dividends (2.25% APY) | $225 |
| Waived Fees for Direct Deposit | $120 |
| Auto Loan Rate Discount | $236 |
| International Fee Reimbursement | $75 |
| 15% More Credit Card Rewards | $45 |
| Mortgage Fee Credit | $200 |
| Total Value | $901 |
Ready to Make Your Money Work Harder?
Plus Checking is designed to help you earn more, save more, and move toward your financial goals with confidence. Whether you’re building credit, managing debt, or planning for your family’s future, the right account can make a meaningful difference. As a high‑interest checking account with everyday perks, Plus Checking helps you keep more of what you earn while supporting your long‑term goals.
Choose from the best high yield checking accounts to earn more like Carlos did. Explore Plus Checking and see how much you could save.
1 This article depicts a fictional Member. Earnings examples are illustrative and assume stated account terms and conditions. Actual earnings depend on individual usage, balances, and current rates.
2 Subject to eligibility requirements. Rates are variable and subject to change after an account is opened. Certain restrictions apply. See full Plus Checking Terms & Conditions.
3 APY=Annual Percentage Yield
4 Bonus Dividends on Plus Checking. As of October 1, 2024, a Bonus Dividend of 2.25% APY will be paid on balances up to $10,000 in a Plus Checking share. Balances more than $10,000 will earn dividends at the current available rate. Rate is variable and subject to change after account is open. Fees could reduce earnings.
Dividends are credited monthly. To receive this benefit, the following qualifications apply:
- Have at least twenty (20) eligible card transactions a month – the 20 eligible transactions can be a combination of debit card transactions on the Plus Checking share and credit card transactions on the same account in which the Plus Checking share resides. The eligible transactions must fully post within the month (i.e. pending transactions that have not fully posted are not counted).
- Eligible card transactions include purchases or spend transactions (exclude transactions such as cash withdrawals, transfers, cash advances or balance transfers).
- There must be a balance greater than the par value of one share to earn Bonus Dividends on a Plus Checking Share.
5 Your $10 monthly service fee will be waived if your combined month-end balances are $10,000 or more, or if your monthly qualifying electronic deposits are $4,000 or more. A qualifying electronic deposit is a deposit of funds, such as your salary, government benefit payment, or other income, that has been posted to your account and is made through the Automated Clearing House (ACH) network. Transfers from one account to another, mobile deposits, instant payments processed through the RTP® network (real-time payment system) or FedNow® Service, an electronic credit from a third-party service that facilitates payments to your debit card using the Visa® or Mastercard® network, or deposits made at a branch or ATM are not considered a qualifying electronic deposit.
6 Savings, Checking, Money Market, Certificate of Deposit, and IRA accounts combined under one account number.
7 Auto Loan Rate Discount. A Plus Checking account can receive a 0.25% discount on a consumer auto loan (excluding internal refinances). The discount would take a quarter of a point (0.25% or 25 Bps) off the standard auto loan rate the Member qualified for. The 0.25% auto loan discount for Plus Checking members is not applicable to rates of 4.99% APR with terms of 1-48 months. The Plus Checking member discount is available on all other rates and terms. For more details, please speak with a loan officer.
To receive the Auto Loan Rate discount, the following apply:
- A Plus Checking share must be open on the same account (i.e. the same UFCU share account number) in which the consumer auto loan resides at the time of loan origination.
- The discount can only be applied to a consumer auto loan opened after 12:01 AM on 10/1/2024.
- The discount only applies to a new-to-UFCU consumer auto loan, which includes the following loan types:
- Purchase (purchase of an auto)
- External Refinance (purchased with dealer and Member refinances with UFCU)
- The discount is not available on:
- Existing auto loans funded prior to opening the Plus Checking share
- Loans already financed with UFCU (e.g. an internally refinanced auto loan)
- Any other loan balance at UFCU
- Commercial or Business auto loans
- The Member must qualify for the auto loan to receive the discount.
- Having a Plus Checking account does not guarantee loan approval.
All the standard qualifications for obtaining the loan must be met. This example is for illustrative purposes only. Actual rates, terms, and savings will vary based on creditworthiness and loan details.
8 Reimbursed International Transaction Fees. International Transaction Fees that are incurred on a Plus Checking debit card will be reimbursed within twenty-four (24) hours on the actual balance of the associated Plus Checking share. Unless otherwise indicated, no other assessed fees will be automatically reimbursed in this manner. To receive the “Reimbursed International Transaction Fees” said International Transaction Fee must have been assessed on a Plus Checking debit card linked to the applicable Plus Checking Share on or after 12:01 AM on 06/01/2024.
International Transaction Fees assessed on other checking account types or credit card accounts are not eligible for reimbursed international transaction fees.
9 Bonus Credit Card Rewards. Plus Checking Members can earn up to 15% more credit card reward points (“Bonus Reward Points”) when using a UFCU Rewards Card. Bonus Reward Points are issued periodically and are based on points already earned. Reward earnings vary based on card type, spending behavior, and program terms.
- To receive the Bonus Reward Points, there must be a Plus Checking share open on the same account (i.e. the same UFCU share account number) in which the UFCU Rewards Card resides at time of bonus point issuance. The Bonus Reward Points cannot be issued before the Plus Checking share is open.
- Bonus Reward Points are earned by purchasing/spending dollars and not by performing cash advances or balance transfers, and are issued periodically based on regular points earned during a specific period. Visit UFCU.org/PlusChecking for more information.
- Having a Plus Checking share does not guarantee approval for a UFCU Rewards Card nor an extension of credit.
10 Mortgage loans are subject to credit eligibility. Certain restrictions apply. Rates and program availability are based on market conditions and may change without notice. UFCU is an equal housing lender.