Update 6/12/19: Rate has been increased from 3% to 3.5%.
Offer at a glance
- Interest Rate: Up to 3.50%
- Minimum Balance: $100
- Maximum Balance: $5,000 for 3% APY rate
- Availability: Must live, work, worship or attend school in one of the following counties: CA: Santa Clara, Alameda, Contra Costa, San Mateo, San Francisco AZ: Pima
- Direct deposit required: No
- Additional requirements: No
- Hard/soft pull: Mixed DP, make sure to opt out of overdraft
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: None
- Insured: NCUA
- Meriwest is offering 3.5% APY on balances up to $5,000 with no requirements on the Premier Savings account. The catch is that the account can only be opened in your first 30 days of membership. You still get an APY of 2% on balances up to $10,000 as well. Break down as follows:
- If you have say $6,000 in the account the first $5,000 earns at 3% and next $1,000 earns at 2% rather than the rate being blended.
The Fine Print
- Available only to new members during the first thirty (30) days from the date of opening a membership account.
- Minimum average daily balance of $100 required
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
This account has no monthly fees as far as I know
3.5% APY with no requirements is great, even the maximum balance of $5,000 isn’t bad. You can also sign up for the checking account to get $125 and then do this deal. Only downsides are the mixed data points on it being a hard/soft pull. If anybody tries it, let us know in the comments below. Will be adding this to our high yield saving account page.
Hat tip to Travel With Grant via e-mail