Update 3/12/23: Maximum rate now 6.17%
Update 9/28/22: Maximum rate has been increased to 5% from 4.07%
Update 10/18/19: Rate has been decreased from 4.59% to 4.07% for the maximum rate.
Offer at a glance
- Interest Rate: Up to 4.07% APY
- Minimum Balance: None
- Maximum Balance: Up to $30,000
- Availability: Must live, work or worship in one of the following counties:
- TX: Collin, Dallas, Denton
- NV: Enterprise, Henderson, Las Vegas, N Las Vegas, Paradise, Spring Valley, Summerline South, Sunrise Manor, Whitney, Winchester
- MI: Oakland
- Direct deposit required: No
- Additional requirements: Debit card purchases, see below
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: $9, avoidable
- Insured: NCUA
The Offer
- InTouch Credit Union offers a high yield checking account offering up to 4.59% APY on balances up to $30,000. The interest rate you receive will depend on how much you spend on your debit card monthly.
- Tier 1: $500.01 – $749.99 (0.25% APY)
- Tier 2: $750.00 – $1,499.99 (0.75% APY)
- Tier 3: $1,500.00 – $2,499.99 (1.75% APY)
- Tier 4: $2,500.00+ (5% APY)
Avoiding Fees
This account has a $9 monthly fee, this is waived if you complete at least $500 in debit card transactions.
Our Verdict
The only tier that is worth considering is tier 4 and that requires $2,500 in debit card purchases. If you put that $2,500 debit card spend on a credit card earning 2% cash back you’d earn $50 monthly. If you had the full $30,000 deposited and compare to another high yield account earning 2.5% you’d earn $52.25 so you very slightly come ahead but in reality most people would be putting that $2,500 in spend towards minimum spend requirements/category bonuses. I guess this account could still be interesting if you have a lot of spend that could be put on a debit card, but not on a credit card but that’s a fairly niche use.
Hat tip to reader Spartan24
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