Cash Rewards are Here

Membership at Centra Credit Union means something. And what’s more meaningful than cash? The all-cash Member Loyalty Rewards are simple. The more banking you do with Centra, the more opportunities you have to earn cash. To start earning rewards, you just have to open a consumer checking account with Centra!

Why Member Loyalty Rewards?

Wild innovation. Progressive collaboration. A futuristic focus.

Those probably aren’t phrases that come to mind when you think of banking or the financial services industry. But those were the main drivers behind the development of Centra’s Member Loyalty Rewards.

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Innovative leaders from across the company looked at the value, or lack thereof, our Members were getting from our old rewards system. More than 85% of Members who were surveyed weren’t even sure Centra had a rewards program. Our rewards program lacked a WOW factor.

Over 18 months, Centra’s brainstormed, researched, and tested ideas to WOW our Members. We focused on what our Members wanted and needed, and that was something simple and flexible. Something that rewarded them for helping our Credit Union succeed.

While Centra’s finance team panicked in the background, the team added more and more ideas for rewarding our Members in a way we knew they’d value – in cash. Finally, we paired the cash we wanted to give Members with the savings and earnings they could give the Credit Union by using tools like eStatements, direct deposit, and debit cards.

As a final test, we asked Members to volunteer to try out the new Member Loyalty Rewards program. They used their new accounts and features for a couple months and reported back to us on what they thought. Based on what our Members were telling us, the project was a success.

We found a balance and a way to show our Members how a credit union works. Each person who banks with Centra is a Member. Each Member can contribute to Centra’s success, and each Member can get rewarded for their contribution. Credit Unions are cooperatives. We’re about “People Helping People.” That’s how we work.

After a year and a half of exploring new ideas and breaking the mold on banking rewards, we stuck with our roots. That’s giving back to our Members for what they do for us.  That’s the credit union difference. That’s what makes Centra Centered Around You.

Rewards quote from Allyson

Member Loyalty Account

When you open a checking account with Centra, you get a Member Loyalty Account (MLA) to go with it. That’s where all your cash rewards are deposited, in one place, so you can watch your balance grow. Your MLA is another reward in itself. That’s because it offers an interest rate of 4.50% APY* which is higher than any other savings account at Centra. You can transfer or withdraw your cash rewards at any time, or you can choose to let your balance grow and save it for a rainy day.

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Maximize Your Cash Rewards

Because the interest rate on the MLA is so high, you can only add money to this account through Centra’s Member Loyalty Rewards. There are six ways you can earn cash rewards.


Cashback Checking

Cashback Checking lets you earn unlimited cash rewards based on how much you use your account! With this free account, you can earn cash each time you use your debit card.

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Round Up

Debit Card Round Up lets you “round up” the change on each debit card purchase to the nearest dollar. For example, if you purchase a tank of gas for $32.50, then $0.50 will be automatically transferred from your checking account to your MLA.

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Foreign ATM Fee Refunds

With Cashback Checking, you can also earn a limited amount of foreign ATM fee refunds, depending on how you use your account. That means you can get the cash you need without stressing about fees from other financial institutions for using their ATMs.

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Certificate Interest

Saving with Centra is simple when you get great rates on certificates. You can make your savings a little sweeter by choosing to deposit your certificate interest into your MLA.

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Member Loyalty Bonus

A Member Loyalty Bonus is a unique benefit of a Centra Membership. With the Member Loyalty Bonus, you could earn surprise extra deposits to your MLA based on how much of your banking you do with Centra, how well our Credit Union is performing, and a handful of other factors including the economy.


Specials & Promotions

Centra routinely gives back to Members with specials and promotions, sometimes around holidays or with the launch of a new product or service. Be sure you have the most up-to-date email address on file with Centra so you’ll be the first to know about special opportunities to earn more cash rewards!


*Annual Percentage Yield. Subject to change at anytime.