Checking/savings account yielding >1% ?

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madbrain
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Checking/savings account yielding >1% ?

Post by madbrain »

I currently have most of my cash in a savings account at my credit union earning 0.50%.
It looks like T-mobile money offers 1% (and 4% on the first $3k).
Is there any FDIC insured account that's competitive with that ?
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JoMoney
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Re: Checking/savings account yielding >1% ?

Post by JoMoney »

I opened a "Performance Checking" account with First Bank. They're a brick and mortar bank in Missouri, Illinois, & California. I don't know if they offer "online only" / nation-wide accounts, I suspect maybe not... But the account currently is earning 3% on up to $25,000
They're currently running a promotion with a $100 bonus to open the account online:
https://www.first.bank/Personal/Spend/C ... onus-Offer
The account does have an $11.95 monthly fee that's waived if you do direct deposit, online statements, and make at least 15 debit card purchases each month.

... if you don't have a branch anywhere around you though, I'm not sure how well suited they are for "online only". I did read in their paperwork that to close the account you have to do so in a branch or mail in a notarized request. When I opened my account I did it at a branch, I asked about opening online and they said "sometimes it requires coming in to verify details anyway" so encouraged me to open it at the branch... at the time they weren't offering the $100 bonus to open online ( I just missed it :annoyed )
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
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madbrain
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Re: Checking/savings account yielding >1% ?

Post by madbrain »

JoMoney wrote: Thu Jan 14, 2021 9:23 pm I opened a "Performance Checking" account with First Bank. They're a brick and mortar bank in Missouri, Illinois, & California. I don't know if they offer "online only" / nation-wide accounts, I suspect maybe not... But the account currently is earning 3% on up to $25,000
They're currently running a promotion with a $100 bonus to open the account online:
https://www.first.bank/Personal/Spend/C ... onus-Offer
The account does have an $11.95 monthly fee that's waived if you do direct deposit, online statements, and make at least 15 debit card purchases each month.

... if you don't have a branch anywhere around you though, I'm not sure how well suited they are for "online only". I did read in their paperwork that to close the account you have to do so in a branch or mail in a notarized request. When I opened my account I did it at a branch, I asked about opening online and they said "sometimes it requires coming in to verify details anyway" so encouraged me to open it at the branch... at the time they weren't offering the $100 bonus to open online ( I just missed it :annoyed )
Thanks. The $25k limit is good. There is a branch near me. Unfortunately I just lost my job last week, and there may not be a direct deposit, except perhaps unemployment. Do you know if some ACH transfers might account ? I would have a very difficult time making the 15 debit card transactions. I'm not going outside much with COVID. And all my spending goes on rewards credit cards that I don't want to lose. Do you know if those debit card transactions can be online or do they have to be in person only ? And can they be automated ?
TravelGeek
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Re: Checking/savings account yielding >1% ?

Post by TravelGeek »

Not a lot of good choices, I think.

https://www.depositaccounts.com/savings/

Chase sent me an offer today for a $500 bonus if I open a savings account and fund it with $15k and a linked checking account. No fees if I keep at least $5k in the two accounts combined, and no direct deposit requirements (which are a problem for FIREd people like me). While the interest rates are probably minimal, the $500 might make it worth the hassle of opening a new set of accounts. Such bonus offers are probably the best way to get a higher return on your savings account funds.

Sorry to hear about your job loss.
Last edited by TravelGeek on Thu Jan 14, 2021 9:42 pm, edited 2 times in total.
dru808
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Re: Checking/savings account yielding >1% ?

Post by dru808 »

madbrain wrote: Thu Jan 14, 2021 9:11 pm I currently have most of my cash in a savings account at my credit union earning 0.50%.
It looks like T-mobile money offers 1% (and 4% on the first $3k).
Is there any FDIC insured account that's competitive with that ?
What is the rate for non t mobile customers? I see a non customer can sign up but the rate isn’t disclosed.

Edit: Nvm, 1% for all customers
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JoMoney
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Re: Checking/savings account yielding >1% ?

Post by JoMoney »

madbrain wrote: Thu Jan 14, 2021 9:33 pm
JoMoney wrote: Thu Jan 14, 2021 9:23 pm I opened a "Performance Checking" account with First Bank. They're a brick and mortar bank in Missouri, Illinois, & California. I don't know if they offer "online only" / nation-wide accounts, I suspect maybe not... But the account currently is earning 3% on up to $25,000
They're currently running a promotion with a $100 bonus to open the account online:
https://www.first.bank/Personal/Spend/C ... onus-Offer
The account does have an $11.95 monthly fee that's waived if you do direct deposit, online statements, and make at least 15 debit card purchases each month.

... if you don't have a branch anywhere around you though, I'm not sure how well suited they are for "online only". I did read in their paperwork that to close the account you have to do so in a branch or mail in a notarized request. When I opened my account I did it at a branch, I asked about opening online and they said "sometimes it requires coming in to verify details anyway" so encouraged me to open it at the branch... at the time they weren't offering the $100 bonus to open online ( I just missed it :annoyed )
Thanks. The $25k limit is good. There is a branch near me. Unfortunately I just lost my job last week, and there may not be a direct deposit, except perhaps unemployment. Do you know if some ACH transfers might account ? I would have a very difficult time making the 15 debit card transactions. I'm not going outside much with COVID. And all my spending goes on rewards credit cards that I don't want to lose. Do you know if those debit card transactions can be online or do they have to be in person only ? And can they be automated ?
Sorry, I don't know the answers. Direct Deposit wasn't an issue for me so I didn't ask, and I just took to using the debit card for purchases <$10 (mostly my regular lunch) and figured that would hit the 15 pretty easy. They didn't disclose any kind of minimum purchase $ amounts on the 15 debit transactions. I will note though, that the direct deposit/15 transactions is a requirement to waive the $11.95/mo fee not a requirement for the 3% interest rate, even if I just paid the fee every month it's a pretty good interest rate if I was maxing it out to the $25k
($25,000 * 3% = $750) - ( $11.95 x12 = $143.40 ) = $606.60 (or 2.4% on $25k) ... the .10% rate on amounts >$25k is actually better than most banks too
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
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madbrain
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Re: Checking/savings account yielding >1% ?

Post by madbrain »

TravelGeek wrote: Thu Jan 14, 2021 9:40 pm Not a lot of good choices, I think.

https://www.depositaccounts.com/savings/

Chase sent me an offer today for a $500 bonus if I open a savings account and fund it with $15k and a linked checking account. No fees if I keep at least $5k in the two accounts combined, and no direct deposit requirements (which are a problem for FIREd people like me). While the interest rates are probably minimal, the $500 might make it worth the hassle of opening a new set of accounts. Such bonus offers are probably the best way to get a higher return on your savings account funds.

Sorry to hear about your job loss.
Thanks. I did a Chase offer last year. My husband could open an account as he last did one in 2018, but I haven't seen a good Chase checking and/or savings offer recently. Looks like there is a $200 bonus for a Chase checking with no fee and a $1500 balance, and $150 bonus for savings with $10,000 balance for 90 days. These are smaller offers than Chase usually offers. Might still do it since this $350 / $11,500 is 3.04 %.

The First Bank account mentioned above might be an option too. Looks like the 3% on $25k still applies without the direct deposit and debit card purchases. Only the $11.95/month fee isn't waived. That's probably OK given the the interest and $100 bonus more than cover it.

I have about $100k in cash to optimize, so I'm still looking for more accounts.
TravelGeek
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Re: Checking/savings account yielding >1% ?

Post by TravelGeek »

madbrain wrote: Thu Jan 14, 2021 9:53 pm Looks like there is a $200 bonus for a Chase checking with no fee and a $1500 balance, and $150 bonus for savings with $10,000 balance for 90 days. These are smaller offers than Chase usually offers. Might still do it since this $350 / $11,500 is 3.04 %.
Yeah, my presumably targeted offer is $200 for checking, $200 for savings, and a $100 bonus if you do both. I am usually too lazy to chase after these bonuses, but since the requirements here are simple and I have enough cash sitting around doing nothing while waiting to be used for 2021 expenses, I will probably go for it.
surfstar
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Re: Checking/savings account yielding >1% ?

Post by surfstar »

Capiltal One 360 is offering $400 checking bonus with easy to meet qualifications
https://www.capitalone.com/bonus400/
MJS
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Re: Checking/savings account yielding >1% ?

Post by MJS »

madbrain wrote: Thu Jan 14, 2021 9:33 pm
Thanks. The $25k limit is good. ... I would have a very difficult time making the 15 debit card transactions. I'm not going outside much with COVID.
Another Boglehead said they use their debit card to buy fifteen $1 Amazon gift credits each month. That shouldn't take a big chunk out of your rewards credit cards.
soobaerodude
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Re: Checking/savings account yielding >1% ?

Post by soobaerodude »

Poppy Bank offers 1.00% on a new money market account for 6 months on balances over 10K. Only at select California branches, see the ad
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Re: Checking/savings account yielding >1% ?

Post by Super Hans »

MJS wrote: Fri Jan 15, 2021 12:14 pm
madbrain wrote: Thu Jan 14, 2021 9:33 pm
Thanks. The $25k limit is good. ... I would have a very difficult time making the 15 debit card transactions. I'm not going outside much with COVID.
Another Boglehead said they use their debit card to buy fifteen $1 Amazon gift credits each month. That shouldn't take a big chunk out of your rewards credit cards.
But they're leaving on the table rewards on $7.50! You can buy 50-cent AMZN gift cards.
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Re: Checking/savings account yielding >1% ?

Post by MJS »

Super Hans wrote: Fri Jan 15, 2021 12:58 pm
MJS wrote: Fri Jan 15, 2021 12:14 pm
madbrain wrote: Thu Jan 14, 2021 9:33 pm
Thanks. The $25k limit is good. ... I would have a very difficult time making the 15 debit card transactions. I'm not going outside much with COVID.
Another Boglehead said they use their debit card to buy fifteen $1 Amazon gift credits each month. That shouldn't take a big chunk out of your rewards credit cards.
But they're leaving on the table rewards on $7.50! You can buy 50-cent AMZN gift cards.
Thank you, Super Hans! 🍾 MadBrain, my apologies for misleading you. I'm still a beginning Boglehead, but do know that finding the lowest cost investment in its class is a major tenet!
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Ice-9
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Re: Checking/savings account yielding >1% ?

Post by Ice-9 »

I use Presidential Bank's Advantage Checking account. For only a few mild hoops to jump through you currently get 2.25% on the first $25k and then 0.65% on balances above that. It switched last month after several months at 2.25% on first $25k and then 1.25% on higher balances.
Hoops:
* direct deposit
* at least 7 electronic withdrawals each month
* cannot exceed three paper checks each month

Someone on another forum pointed me to banks that participate in the Kasasa brand of accounts, which usually have similar super-checking-with-hoops offerings. They appear to vary by area, and none in my area beat Presidential, so I stopped looking, but YMMV.
https://www.depositaccounts.com/kasasa/

Also, this personal finance blog does a "best places for cash" post once a month. Here is the review for January:
https://www.mymoneyblog.com/best-intere ... -2021.html
TravelGeek
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Re: Checking/savings account yielding >1% ?

Post by TravelGeek »

MJS wrote: Fri Jan 15, 2021 1:16 pm
Super Hans wrote: Fri Jan 15, 2021 12:58 pm
MJS wrote: Fri Jan 15, 2021 12:14 pm
madbrain wrote: Thu Jan 14, 2021 9:33 pm
Thanks. The $25k limit is good. ... I would have a very difficult time making the 15 debit card transactions. I'm not going outside much with COVID.
Another Boglehead said they use their debit card to buy fifteen $1 Amazon gift credits each month. That shouldn't take a big chunk out of your rewards credit cards.
But they're leaving on the table rewards on $7.50! You can buy 50-cent AMZN gift cards.
Thank you, Super Hans! 🍾 MadBrain, my apologies for misleading you. I'm still a beginning Boglehead, but do know that finding the lowest cost investment in its class is a major tenet!
Amazon doesn’t seem to be a fan of that strategy.

https://www.doctorofcredit.com/amazon-c ... 0-reloads/

(and I seem to recall that at least one bank wasn’t fond of it either, but I don’t recall details and Google search fails me)
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madbrain
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Re: Checking/savings account yielding >1% ?

Post by madbrain »

soobaerodude wrote: Fri Jan 15, 2021 12:55 pm Poppy Bank offers 1.00% on a new money market account for 6 months on balances over 10K. Only at select California branches, see the ad
Thanks. The T-mobile money is still better, with 1% on balances over $3k.
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madbrain
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Re: Checking/savings account yielding >1% ?

Post by madbrain »

surfstar wrote: Thu Jan 14, 2021 10:39 pm Capiltal One 360 is offering $400 checking bonus with easy to meet qualifications
https://www.capitalone.com/bonus400/
Thanks. I did this one late last year, waiting for my bonus to post.
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Re: Checking/savings account yielding >1% ?

Post by Mudpuppy »

Whether you're looking for higher interest rates or chasing bonuses, I've found Doctor of Credit to have a fairly well-updated list of offers: https://www.doctorofcredit.com/bank-accounts/
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Re: Checking/savings account yielding >1% ?

Post by lakpr »

Lake Michigan Credit Union's Max-Rewards checking account offers 3% on balances up to $15k per Social Security Number.
Requirements are:
- Electronic Statements Only
- Minimum 4 logins per month
- Minimum 10 debit card purchases per month, each debit card transaction must be at least $1
- Minimum $50 direct deposit per month (and ACH deposits do count!)

I meet the logins and debit card purchases requirement by logging in on a Sunday evening, repeat login+logout four times. Then I head over to Xfinity site, and pay my bill using the debit card stored on their site in amounts of $1.00, $1.05, $1.10 .... Any excess over 10 transactions is pushed to a 2% cashback card.
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madbrain
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Re: Checking/savings account yielding >1% ?

Post by madbrain »

Mudpuppy wrote: Fri Jan 15, 2021 9:14 pm Whether you're looking for higher interest rates or chasing bonuses, I've found Doctor of Credit to have a fairly well-updated list of offers: https://www.doctorofcredit.com/bank-accounts/
Yes, I have used them for years. A lot of the bonuses are no longer applicable because they require a direct deposit. I'm not sure if my California EDD (unemployment) will qualify as direct deposit. I should finally be approved for benefits today.

I opened an account at First Bank (https://www.first.bank/), which was offering 3% on the first $25K 2 weeks ago. They closed my account last week. I spoke to them today and they said it was their security department. I asked if it had anything to do with my employment status, and they said no. I can only guess as to why they would do that - maybe I have opened too many bank accounts in the last year. Either way, it sucks.

I have been doing $6000 deposits per day at T-mobile money - $3k by check, $3k by ACH pull. A few issues with Tmobile :
1) one of the checks I deposited (on 1/18) never posted to the account. I have the check image from my credit union and am having Bankmobile research it.
2) Bank of America will not allow payment from the Tmobile money account. They have apparently blacklisted the routing number for Bankmobile / Customers bank in their payment system. That means it's not possible to autopay my BofA cards from the Tmobile account.
3) No Quicken download of transactions whatsoever. Have to enter everything manually.
I guess it's still worth it for the 1% interest rate since my credit union only offers 0.5% interest rate in the money market. On a 6 figure balance, it adds up.
BlackcatCA
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Re: Checking/savings account yielding >1% ?

Post by BlackcatCA »

Porte Bank: 3% for max 15k.

One ACH transfer with Ally satisfied as the “direct deposit” requirement and unlocked the saving account. Read DoC reviews if you want more info. App only access and being Fintech makes some people nervous. I’ve had this account since September and have no issues. Rate probably wont last, but will keep it for as long as the rate is good.
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JoMoney
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Re: Checking/savings account yielding >1% ?

Post by JoMoney »

TravelGeek wrote: Thu Jan 14, 2021 10:05 pm
madbrain wrote: Thu Jan 14, 2021 9:53 pm Looks like there is a $200 bonus for a Chase checking with no fee and a $1500 balance, and $150 bonus for savings with $10,000 balance for 90 days. These are smaller offers than Chase usually offers. Might still do it since this $350 / $11,500 is 3.04 %.
Yeah, my presumably targeted offer is $200 for checking, $200 for savings, and a $100 bonus if you do both. I am usually too lazy to chase after these bonuses, but since the requirements here are simple and I have enough cash sitting around doing nothing while waiting to be used for 2021 expenses, I will probably go for it.
FYI, you don't need to keep $1,500 in the Chase Total checking to avoid the fee without direct deposit if you also:
"keep an average beginning day balance of $5,000.00 or more in qualifying linked deposits"
If you have $10,000 in the savings account that will cover the the checking.
You do have to keep these accounts open for 6 months to keep them from clawing back the bonus money, but you can reduce the amounts in the savings to $300 to avoid the fee and $1,500 in the checking... or $5k in the savings, to avoid the fees after the first 90 days required to get the bonus.
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
snowman
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Re: Checking/savings account yielding >1% ?

Post by snowman »

lakpr wrote: Sat Jan 16, 2021 4:05 am Lake Michigan Credit Union's Max-Rewards checking account offers 3% on balances up to $15k per Social Security Number.
Requirements are:
- Electronic Statements Only
- Minimum 4 logins per month
- Minimum 10 debit card purchases per month, each debit card transaction must be at least $1
- Minimum $50 direct deposit per month (and ACH deposits do count!)

I meet the logins and debit card purchases requirement by logging in on a Sunday evening, repeat login+logout four times. Then I head over to Xfinity site, and pay my bill using the debit card stored on their site in amounts of $1.00, $1.05, $1.10 .... Any excess over 10 transactions is pushed to a 2% cashback card.
I was just going to suggest LMCU since we use it ourselves. It's actually easier than you described: there is no minimum $50 DD that I know of, and the same goes for debit card purchases. What I do is ACH $5 from another bank account (counts as DD), and also do 10 Amazon reloads at 50 cents each. In a way, you buy yourself $5 Amazon GC every month. Another great thing compared to other HYS accounts is that big orange button that tells you whether all 4 criteria have been met for the month to collect 3% APY. No monthly fee either.
snowman
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Re: Checking/savings account yielding >1% ?

Post by snowman »

madbrain wrote: Fri Jan 29, 2021 6:05 pm Yes, I have used them for years. A lot of the bonuses are no longer applicable because they require a direct deposit. I'm not sure if my California EDD (unemployment) will qualify as direct deposit. I should finally be approved for benefits today.
I do bonuses all the time and I have not had "real" DD for many years. Just read the comments section under every write up you are interested in pursuing. Banks are catching on, but for the most part you can still ACH vs. DD. I keep several accounts open just for that purpose, in case the default one doesn't trigger bonus.

Since you are familiar with Chase bonus game, I would wait for another round of $600 of free money. It always comes back. You get $300 right away, another $300 in 3 months, keep minimum balances another 3 months, close. Rinse and repeat.
brian91480
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Re: Checking/savings account yielding >1% ?

Post by brian91480 »

How long has the 3% been in place? My fear is that I deposit money... and the rate keeps falling.... that's what happened to me with Marcus / Goldman Sachs
nalor511
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Re: Checking/savings account yielding >1% ?

Post by nalor511 »

snowman wrote: Fri Jan 29, 2021 7:52 pm
lakpr wrote: Sat Jan 16, 2021 4:05 am Lake Michigan Credit Union's Max-Rewards checking account offers 3% on balances up to $15k per Social Security Number.
Requirements are:
- Electronic Statements Only
- Minimum 4 logins per month
- Minimum 10 debit card purchases per month, each debit card transaction must be at least $1
- Minimum $50 direct deposit per month (and ACH deposits do count!)

I meet the logins and debit card purchases requirement by logging in on a Sunday evening, repeat login+logout four times. Then I head over to Xfinity site, and pay my bill using the debit card stored on their site in amounts of $1.00, $1.05, $1.10 .... Any excess over 10 transactions is pushed to a 2% cashback card.
I was just going to suggest LMCU since we use it ourselves. It's actually easier than you described: there is no minimum $50 DD that I know of, and the same goes for debit card purchases. What I do is ACH $5 from another bank account (counts as DD), and also do 10 Amazon reloads at 50 cents each. In a way, you buy yourself $5 Amazon GC every month. Another great thing compared to other HYS accounts is that big orange button that tells you whether all 4 criteria have been met for the month to collect 3% APY. No monthly fee either.
The website says:

Requirements
To earn the most on a 3.00% Max Checking account, follow these requirements.

1. Direct deposit into your Max Checking account
2. Minimum of 10 posted debit card or credit card purchases per month
3. Minimum of 4 logins to home banking per month
4. Sign up to receive eStatements/eNotices
snowman
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Re: Checking/savings account yielding >1% ?

Post by snowman »

nalor511 wrote: Fri Jan 29, 2021 8:43 pm
snowman wrote: Fri Jan 29, 2021 7:52 pm
lakpr wrote: Sat Jan 16, 2021 4:05 am Lake Michigan Credit Union's Max-Rewards checking account offers 3% on balances up to $15k per Social Security Number.
Requirements are:
- Electronic Statements Only
- Minimum 4 logins per month
- Minimum 10 debit card purchases per month, each debit card transaction must be at least $1
- Minimum $50 direct deposit per month (and ACH deposits do count!)

I meet the logins and debit card purchases requirement by logging in on a Sunday evening, repeat login+logout four times. Then I head over to Xfinity site, and pay my bill using the debit card stored on their site in amounts of $1.00, $1.05, $1.10 .... Any excess over 10 transactions is pushed to a 2% cashback card.
I was just going to suggest LMCU since we use it ourselves. It's actually easier than you described: there is no minimum $50 DD that I know of, and the same goes for debit card purchases. What I do is ACH $5 from another bank account (counts as DD), and also do 10 Amazon reloads at 50 cents each. In a way, you buy yourself $5 Amazon GC every month. Another great thing compared to other HYS accounts is that big orange button that tells you whether all 4 criteria have been met for the month to collect 3% APY. No monthly fee either.
The website says:

Requirements
To earn the most on a 3.00% Max Checking account, follow these requirements.

1. Direct deposit into your Max Checking account
2. Minimum of 10 posted debit card or credit card purchases per month
3. Minimum of 4 logins to home banking per month
4. Sign up to receive eStatements/eNotices
That's correct. And as has been stated already, ACH counts as DD. Is there a question, or a point in here I am missing?
nalor511
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Re: Checking/savings account yielding >1% ?

Post by nalor511 »

snowman wrote: Sat Jan 30, 2021 12:42 pm
nalor511 wrote: Fri Jan 29, 2021 8:43 pm
snowman wrote: Fri Jan 29, 2021 7:52 pm
lakpr wrote: Sat Jan 16, 2021 4:05 am Lake Michigan Credit Union's Max-Rewards checking account offers 3% on balances up to $15k per Social Security Number.
Requirements are:
- Electronic Statements Only
- Minimum 4 logins per month
- Minimum 10 debit card purchases per month, each debit card transaction must be at least $1
- Minimum $50 direct deposit per month (and ACH deposits do count!)

I meet the logins and debit card purchases requirement by logging in on a Sunday evening, repeat login+logout four times. Then I head over to Xfinity site, and pay my bill using the debit card stored on their site in amounts of $1.00, $1.05, $1.10 .... Any excess over 10 transactions is pushed to a 2% cashback card.
I was just going to suggest LMCU since we use it ourselves. It's actually easier than you described: there is no minimum $50 DD that I know of, and the same goes for debit card purchases. What I do is ACH $5 from another bank account (counts as DD), and also do 10 Amazon reloads at 50 cents each. In a way, you buy yourself $5 Amazon GC every month. Another great thing compared to other HYS accounts is that big orange button that tells you whether all 4 criteria have been met for the month to collect 3% APY. No monthly fee either.
The website says:

Requirements
To earn the most on a 3.00% Max Checking account, follow these requirements.

1. Direct deposit into your Max Checking account
2. Minimum of 10 posted debit card or credit card purchases per month
3. Minimum of 4 logins to home banking per month
4. Sign up to receive eStatements/eNotices
That's correct. And as has been stated already, ACH counts as DD. Is there a question, or a point in here I am missing?
Oh, I thought you were saying there was no DD requirement, but now I realize you were saying there's no minimum $ amount on the DD requirement, my mistake.
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