Update 5/19: Rate reduced to 1.75% from 3%
Update 4/23/20: Rate has increased to 3.5% from 3%. Hat tip to reader Eric
Offer at a glance
- Interest Rate: Up to 3.5%
- Minimum Balance: None
- Maximum Balance: $10,000
- Availability: Nationwide, see below
- Direct deposit required: No
- Additional requirements: See below
- Hard/soft pull: Hard pull
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: $5, avoidable
- Insured: NCUA
The Offer
- Partner Colorado Credit Union is offering a 3% APY high interest checking account on balances up to $10,000 when you meet the following requirements:
- Complete 20 signature based debit card transactions, $5 minimum per transaction
- Sign up to receive eStatements
- Use online or mobile banking
The Fine Print
- 3.00% Annual Percentage Yield (APY) displayed is paid on average daily balances up to $10,000, .50% APY between $10,001-$25,000 and .10% APY on remaining balance and/or non-qualifying accounts.
- Rate is valid as of 02/01/14, rates are subject to change without giving notice.
- Non-qualifying High Interest Checking accounts will be assessed a monthly fee, see fee schedule for applicable fees.
Avoiding Fees
According to the fee schedule there is a $5 monthly fee if the requirements are not met.
Eligibility
Must live or work in the Denver area, or you can join nationwide by first joining the Consumers United Association ($5 fee)
Our Verdict
This isn’t worth considering due to the fact you need to make $100 in debit card transactions monthly, there are much better high interest saving account options out there and it being a hard pull doesn’t help either.
Big thanks to reader, Curmudgeon who let us know. Learn how to find bonuses and contribute to the site here.
Rate is now 1.75% not 3%
DP 5.6.2020 – the link now advertises the account at 1.75% APR.
Is online debit – a la plastiq – counted as a signature purchase?
Completely automated 3.5% on 10k for a $1 monthly cost sounds like a trade I’d make.
If you ignore the requirements and just pay the monthly fee – you’ll still make 2.3% on $10,000.
Did you take into account the tax IRS will take on the original interest rate, before the fees ?
I think if you ignore the requirements then the account only earn 0.10% interest.
With the 20 transactions at $5 each,it’ll never accumulate.
William Charles,
The rate for this account is now 3.5% (I have no idea when it changed). The link you have does not work. Below is the correct link.
I emailed them some questions and they informed me that only Colorado residents are allowed to open an account. Have you heard differently?
https://www.partnercoloradocu.org/bank/checking/high-interest-checking
It’s a hardpull.
https://twitter.com/PartnerColorado/status/857276577536724996
It’d be a cool offer if not for hardpull and not for the fee when not meeting the requirements (which, BTW, appears to be $5/mo as per https://www.partnercoloradocu.org/Documents/Fee-Schedule_website.aspx, not $10/mo as you mention; IMHO, at $10/mo, it’s be way too much of a liability for not meeting the reqs).
Thanks, updated post.
I was told a SP on EX by them, but haven’t given it a try yet.
Thanks, if you do then please let us know.
Alliant Credit union has branches in Chicago and Denver. They offer a 1% APY savings account that has no maximum and requires doing nothing. I’d check that out if you have more than $10,000.
One Percent. That’s crazy to tie up your money for 1%. I’d rather keep in my mattress.