Posted by William Charles on January 16, 2018
Savings Accounts

Published on January 16th, 2018 | by William Charles

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Altra Federal Credit Union – Up To 2.02% APY Indexed Money Market Account (Requires $1,000,000 Balance)

Offer at a glance

  • Interest Rate: Up To 2.02% APY
  • Minimum Balance: $1,000,000 for 2.02% APY
  • Maximum Balance: N/A
  • Availability: Nationwide
  • Hard/soft pull: Unknown
  • ChexSystems: Unknown
  • Credit card funding:
  • Monthly fees: None
  • Insured: NCUA

The Offer

Direct link to offer

  • Altra Federal Credit Union is offering a rate of up to 2.02% APY on their Indexed Money Market account. The tiers are as follows:
Minimum Balance
During the Month
Dividend % Rate Annual % Yield
$0-$249,9990.0990.10
$250,000-$749,9991.6081.62
$750,000-$999,9991.7551.77
$1,000,000 & over2.0012.02

If your daily balance falls below any of the thresholds, that’s what you’ll earn for that month (e.g if your balance is $0 one day and then $1,000,000 the next you’ll earn 0.10% APY for the full month).

Our Verdict

One of my predictions for 2018 was that savings accounts would hit 2%+ APY. Nice to get one out of the way early…Joking. I did say that would be for basic savings accounts with no action or balance requirements. I can’t see why anybody would really want $1,000,000 in cash in one account, as NCUA will only insure you up to $250,000. Plus there isn’t any big reason to be keeping quite that much money on hand unless you’re ultra wealthy and in that case I think you can find something better to do with your time than reading this blog. As always you can view the best savings account rates by clicking here.

 



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Troll
Troll

Lemme grab that extra mil I have under the mattress!

SkinnyElvis
SkinnyElvis

Peter, I know what I would do with a million dollars….

Ferris
Ferris

If you have a Joint owner and 2 beneficiaries, you can be insured up to $1 Million.

Andrew
Andrew

Thanks. Does this depend on whether Altra will offer POD / Revocable Trust accounts?

Steve
Steve

If I had 1,000,000 to throw in… I would likely:

1. Not investing with this institution
2. Would expect at least double this rate

Andrew
Andrew

Where are you going to find better than this rate, let alone an institution offering 4+% on a large balance??

Dan
Dan

The only way you’re getting anything close to double the rate is to expose at least a portion of it to risk.. risk-free at 2% with immediate access is exceptional

SavvySavvy
SavvySavvy

Dan is correct… If Steve “had a mil to throw in, Steve would know this.

Ryan
Ryan

HP on TU, they said they’d reuse for at least 30 days for credit products. Also uses Chex per CSR. You can join by joining the Altra Foundation.

Peter
Peter

“unless you’re ultra wealthy and in that case I think you can find something better to do with your time than reading this blog”

LOL! Maybe we do have ultra wealthy readers! Time for a survey? 😉

Chris
Chris

Love DoC’s candor on this blog!

Ryan
Ryan

They do also offer rewards checking – 2.25% up to 15K. https://www.altra.org/personal/checking/a-checking

Dan
Dan

That actually looks like a pretty good account, too bad its limited to $15k but looks easy to meet the requirements

Jason
Jason

Go buy stocks or bitcoins if you have 1 million

Ken
Ken

Stocks yes, BTC no as it’s much too volatile. have you been following crypto recently? I’ve taken a 55% haircut on my XRP and 35% on my BTC holdings in the past few days. Not going to sell, of course, so they’re only paper losses right now. At least many stocks pay a dividend, and they’re actual slices of a company you’re buying. Nothing backs most crypto.

Ben
Ben

Doc, can you do a right up on the Altra checking account? Seems the requirements (estatements, login 1/month, DD of $50 and 10 debit card transactions + the 2.25% rate would make this one of the better accounts to have.

Bill M
Bill M

Darn the account has a maximum of $10 million. lol

This product is likely targeted to business accounts and/or public deposit accounts.

The rate is actually variable, based on the FHLB Chicago’s 1-year Advance rate.

Ken
Ken

Altra replied and it’s a hard pull to open any account with them, and they pull TransUnion. They don’t seem to mind about the number of accounts, but they must all be in good standing.

SavvySavvy
SavvySavvy

Can someone explain to me the reasoning behind credit pulls on a bank account? I just don’t understand why a bank would care what my credit standing is just to hold my money…. *confused*

Curmudgeon
Curmudgeon

The A+ Platinum checking account now pays 3.5% on balances up to $15k.
Requirements:
– e-statements
– sign in once a month
– direct deposit >$250/mo
– 20 debits/mo

Might be worth a second look, but if it’s still a hard pull it’s probably a pass.

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