Offer at a glance
- Interest Rate: 6%
- Minimum Balance: None
- Maximum Balance: $25,000
- Availability: Open to anyone by joining the Credit Union of New Jersey Foundation for $5 or be a member of the American Consumer Council (ACC).
- Direct deposit required: No, optional
- Hard/soft pull: Hard pull
- ChexSystems: Unknown Possibly ChexSystems sensitive online/out of state?
- Credit card funding: Unknown
- Monthly fees: None
- Insured: NCUA
The Offer
- Credit Union of New Jersey is offering 6% APY on balances up to $25,000 when you meet the following requirements each month:
- At least 1 direct deposit, ACH credit, ACH payment or Bill Pay transaction(s)
- At least 12 PIN-based / signature-based debit card purchases
- Be enrolled in and have agreed to receive e-statements rather than paper statements
The Fine Print
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
This account has no monthly fees to worry about.
Our Verdict
Rare to see accounts offering such a high APY and deposit maximum. I’d advise caution for a few reasons:
- Getting approved out of state/online seems difficult
- It’s a hard pull
- I expect rates to fall dramatically if they get a flood of applications (it has been 6% since at least 2023)
Fortune favors the bold though and we will add it to our best high interest savings accounts.
Hat tip to readers Looney Tunes & Redd
