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
Contents
The 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-$249,999 | 0.099 | 0.10 |
| $250,000-$749,999 | 1.608 | 1.62 |
| $750,000-$999,999 | 1.755 | 1.77 |
| $1,000,000 & over | 2.001 | 2.02 |
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.
A+ Platinum checking also has 3.50% on balances up to 15K.
https://www.altra.org/700-bundle-offer
Great deal. BTW, A+ checking rates are now 2.75% APY effective 7/1/2019
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.
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.
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*
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.
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.
Added it to the to do list.
It’s a hard pull, so probably not worth considering to be honest.
Go buy stocks or bitcoins if you have 1 million
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.
They do also offer rewards checking – 2.25% up to 15K. https://www.altra.org/personal/checking/a-checking
That actually looks like a pretty good account, too bad its limited to $15k but looks easy to meet the requirements
“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? 😉
Love DoC’s candor on this blog!
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.
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
Where are you going to find better than this rate, let alone an institution offering 4+% on a large balance??
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
Dan is correct… If Steve “had a mil to throw in, Steve would know this.