Chesterfield, MO (February 29) - First Community Credit Union is offering a new product called First Rate Checking, a high interest checking account that earns an annual yield of 5.01 percent on qualifying balances up to $25,000.

First Rate Checking is a free account that provides a monthly refund on all nationwide ATM fees up to $25 per qualifying cycle. Accountholders must meet three qualifications for the product - one ACH or direct-deposit transaction each month, at least 12 debit-card transactions for each statement cycle, and receive monthly statements by e-mail.

In addition to the high interest rate, the account also includes no-fee Visa Gift Cards, free online bill pay, discounts on consumer loans and mortgage closing costs, and unlimited check writing privileges.

By contrast, Bankrate lists the national average for a 6-month CD at 3.09% annual percentage yield.

"We are excited to bring this product to our members," said Glenn Barks, President of First Community Credit Union. "Our First Rate Checking account will allow our members to earn more interest on their savings compared to most other financial institutions."

A $50 initial deposit in the First Rate Checking account is required, but there are no minimum balance requirements.