Posted by William Charles on November 25, 2019
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Published on November 25th, 2019 | by William Charles

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Fitness Bank 2.1% APY When You Have An Average Of 12,500+ Steps A Day

Update 3/9/20: Rate has decreased to 2.1% APY

Update 11/25/19: Rate will decrease to 2.3% APY on December 1st.

Update 11/7/19: Rate has been decreased to 2.6% APY

Update 8/31/19: Rate has been decreased to 2.75% APY from 3% APY.

Offer at a glance

The Offer

Direct link to offer

  • Fitness Bank offers a saving bank offering up to 2.75% APY. To receive this rate you need to be opted in for online banking and download the step tracker (this can be linked to Apple Health, Google Fit, Fitbit and Garmin). The rate you receive depends on the average daily steps:

The Fine Print

  • The interest rate on this account is based on the Average Daily Steps from the prior month.
  • Rate updates for average daily steps from the prior month are reviewed no later than the second Monday of the following month.
  • The initial APY will be 2.50% until the rate adjustment date following first full month that the account has been opened.
  • Rates are valid for accounts opened online and require a valid email address.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

This account has a $10 monthly fee, this is waived if you have a $100 daily balance.

Our Verdict

Never heard of fitness bank before, but it’s a division of Affinity Bank. This account is really only worth considering if you average 12,500+ steps a day, otherwise you’d be better off with another high yield savings account. I can also see this as a good motivator for people that want to improve their fitness. Will be interesting to see if it’s a hard or soft pull. If anybody has any experiences with this account please share them in the comments below. There is also a senior version of this account for those over 65 years of age with a slightly smaller step requirement.

Hat tip to reader Sasha & midas89

 



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Leapfrogger
Leapfrogger

What about a more fun version….eat one cheeseburger a day……

Gerald
Gerald

That would be Fatness Bank.

Pam
Pam

😂🤣😆

Jonathan
Jonathan

Interesting, I don’t know how many people opt-out of the leaderboard (which appears to be a manual process). But of those that don’t, they only pay 11 people the top interest rate.

I’m half-tempted to rig up a rube goldberg machine to increase the steps on my fitbit, but I’m not sure it’s worth the effort.

DH
DH

Lame gimmick

slowbrake
slowbrake

I’m going for it.

and for a mobile phone pedometer swing.

Celeste
Celeste

I always wondered what does a pedo-meter do?

Revil
Revil

Due to her accent, my mom always pronounces pedometer as pedo-meter. It always gives me a chuckle.

Nick
Nick

More efficient to fool google fit using a cheap android phone (or your primary phone if you don’t mind).

Hint: look up various methods for pokemon go.

Christian
Christian

As an Assistant Manager at Walmart I average almost 20k/daily i might, my average steps per week accounting for days off is roughly 15k, i think i might actually be able to move to a bank like this lol.

Ann
Ann

Oh, this is perfect for people working in large stores! Tell some coworkers about it too, I’m sure everybody except cashiers/customer service are getting in a lot of steps without trying to exercise!

bob
bob

or, tie your fitbit to your ceiling fan w/ some string, and put it on low. every revolution = 1 step. i rack up ~35K steps a day while working in a cubicle.

TJ
TJ

I live in NYC and walk a lot so this would be great for me. I’m hoping to see some DP around the HP/SP. By the way, when you click to open the account it says you can fund it via debit or credit.

Matt
Matt

hopefully they have a credit card maximum of $12,500 too

Vince
Vince

It looks like the initial funding only accepts $100, via bank, debit, or credit. How does one fund up to $2500 with a credit card?

Also if you ACH in/out from Fitness Bank, the limit is $2500/transaction.

Greg
Greg

Looking at the leaderboards not many people have joined up yet. There are a couple of life insurance companies I have seen that have reduced rates for runners, that business model makes sense, not sure how savings and walking/running are tied together. Any idea if there is an early termination or account closure fee?

Ann
Ann

“not sure how savings and walking/running are tied together”

This seems to be a very new program, but I’m guessing they plan to try to make some extra money by getting sponsorship deals with employers who want to encourage their employees to both exercise more and save more.

And of course a lot of people will end up falling short of their goals, so those getting the lower interest rates at least some months help ‘pay for’ the successful people getting the highest interest rate.

Nick
Nick

Yup, “A lot of people will end up falling short of their goals of 12500 steps a day” is exactly how savings and walking/running are tied together.

Ferris
Ferris

So I’m gonna ask the question everyone is thinking…how do you “automate” your steps?

Millennial Outrage

I think you mean Manufacture Steps (MS) 😉

Crazy Dog Lady
Crazy Dog Lady

Bahaha!

K
K

Sigh. Love this community but there’s a difference between using the rules to your advantage and breaking them…I wish the line wasn’t so blurry around here. This business seems to be trying something innovative that might actually help people with their fitness goals or put more money in the pocket of those who already meet the criteria. Why try and defraud the program for a few bucks a month and harm not only the business but the people who legitimately qualify for this offer?

Mike
Mike

With banks – even smaller ones like this – you have to assume that we’re not operating in a zero sum game. That you can manufacture steps and receive the higher rate, and that you’re not at all infringing on those who wish to use the program as a motivational tool.

Now, when 3.33% is so easy to obtain through a bank like Heritage, I’m not sure why anybody would NEED to manufacture steps for 3%. But I don’t see the harm in people wanting to.

Electroman

No need, but Heritage requires direct deposit, and this doesn’t.

Emerson
Emerson

Heritage only requires an ACH transfer, no payroll direct deposit requirement

arihalli
arihalli

it does require an ACH direct deposit monthly. Doesn’t have to be a payroll deposit, you are right about that.

More Info
More Info

Are you sure about that?

AD
AD

ACH=/=DD.

AD
AD

No it doesn’t, just a small monthly ACH.

Jenny
Jenny

Looks like Heritage caps deposits at 30K.
No limit at Fitness. Yay!

dean
dean

I think if you work at Home Depot mixing paint, there’s a device you might be familiar with to strap your fitbit onto!

Flea
Flea

I remember a review of one Fitbit model where someone said that they had (1) run it (mistakenly) through the clothes dryer with no apparent ill effects; and (2) gained 163 steps by it.

I also remember seeing it move when I jounced around on a bus, from which I got the idea it’s tracking vibration of your ups and downs.

However, once I went up a huge non-moving escalator by my office and it didn’t credit me with a single stair, perhaps because my hand was hovering level with the banister, lol.

AJ
AJ

You can connect to a small fan and let it work itself. My work gives healthcare discounts for certain steps a day and a lot of people do that. I’ve only tried it once and worked without any issues.

Gerald
Gerald

Google Fitbit cheating. Some of the options are a dog, an electric drill, or a clothes dryer (on the no heat setting).

SamL
SamL

How about 12,500 AmznGC reloads per century?

Ann
Ann

There are already a lot of rewards checking accounts that let you earn the higher interest rate by making a certain amount of debit card transactions. It is nice to see a bank try something different.

SamL
SamL

Hence my comparison.

Ann
Ann

The point is a lot of people find debit transaction requirements to be too much hassle for them, while other people love those accounts. This will be a more convenient option for people who already get the necessary amount of steps on a regular basis, while being too much hassle for other people too.

Frito Pendejo
Frito Pendejo

If there is no max this is amazing.

AKJohnny
AKJohnny

I’ll just stick with m 4% Orion and Origin and only need to do a few Amazon reloads per month and deposit cash.

Emerson
Emerson

Not worth the battery drain and wear and tear on phone.

Ram

Non-US citizen have to open in branch

Sa
Sa

Super easy. No need to resort to technology to meet the requirement. If they increase the rate a bit more, I can just strap the stepmeter to my kid, who will not stay put no mater what I do. He can do half of those steps while kicking on his sleep.

Emporio
Emporio

I read their Privacy Policy and it makes no specific mention of what the bank does or does not do with the fitness tracker data. I used to work for an insurance company and know how much we’d pay or spend developing Apps to get that kind of activity level personal data on our policyholders. I am curious what they do with this data. Also I’ve never used a step counter but 12,500 steps is something like 6 miles unless you have a very long stride. That seems like an average daily step count only avid runners would meet.

Ann
Ann

“That seems like an average daily step count only avid runners would meet.”

And people who work in large retail stores and warehouses, and people who use public transit with lots of walking in between stops.

Celia
Celia

I work at home and average 10K a day without a problem (just under 5 miles with my stride). 2.5K more wouldn’t be much harder to achieve. I make sure to move around a lot because it’s a desk job and I run errands daily. Just walking normally is about 100 steps per minute for me.

Flea
Flea

I myself have been walking both ways to work for a few weeks (NYC), and it takes me a little over 2 miles one way. When added to an average amount of white-collar office-walking, I’ve been averaging 17,000-18,000 steps/workday, and I’m a 5′ 7″ female with legs of only average length, so I’m not quite sure that’s true. I grant that most people don’t want to walk five miles/day and would prefer to get the selfsame amount of exercise by a 20-minute run; but I find the walking relaxes me.

Emporio
Emporio

Out of curiosity I reached out to the bank’s VP of Deposit Operations to inquire why their Privacy Policy makes no reference to how fitness data collected on the FitnessBank Step Tracker is utilized by the bank as well as how FitnessBank benefits from its deposit customers having a high step count. I received this response:

“We feel (fitness tracker data) falls under personally identifiable data mentioned in the privacy policy. The bank does not really benefit from you receiving 12,500 steps a day. It is a way for us to differentiate ourselves among other banks and create a product that is fun and provides value…. Also, not every person can make the top tier so our blended rate will be a little lower and therefore; if you are active, it is a great way to earn an interest rate which is at the top of the spectrum.”

Nick
Nick

No max amount limit on the APY?

I’m sure people will come up with “creative ways” to help them get 12500+ steps a day registered on a tracker;)

midas89
midas89

I agree with William Charles in that this account is only worth considering if you already average 12,500+ steps a day, otherwise you’d be better off with a regular 2.5% account, or one of those 4% Rewards accounts. It might be too risky otherwise. And by risky I mean: What if you get sick for a few days? Or injured? What if there’s a technical glitch with your tracker, or it breaks? What if you wanna travel far for a time? What if you live in winter weather areas where there might be total shutdowns due to storms? You’d always be worried every month if you can make the steps requirement.

And keep in mind the 1/2% gain in interest over 2.5% isn’t all that much per month, relatively speaking, of course.

RE: Gaming the System: I saw a video of someone who told CBS Miami he put his Fitbit inside a sock in his dryer. Ran it for an hour and a half (no heat setting), got 11,000 steps. Other people have attached their Fitbits to electric mixers and ceiling fans. I have no idea if this would be successful specifically with Fitness Bank, but even if it was, is it even worth doing all that daily for most savers?

More Info
More Info

CC max $2,500 (although it says 250,000 – which got me moving on this in the first place). This is a young platform and they clearly haven’t gone through all their design cleanup and setup yet. The details of fees threaten an early termination fee but never state what the fee or timeline may be. There does not appear to be a maximum of funds to receive the 3.00% APY, although without one they will likely reduce the rate soon enough, unless it’s difficult to obtain 12,500 steps for their average user, which is likely is.

No hard pull reported yet.

Frank

Is amex included in CC funding?

More Info
More Info

Not sure, I tried Visa and had no trouble, once I found the max was $2,500. Alliant CC treated it as regular purchase, as always.

slowbrake
slowbrake

I started trying 5k CC funding with a USAA Visa and a 5 digit credit limit. Kept getting errors until I hit $600.

Steve
Steve

Is the credit card funding counted as a purchase or a cash advance/balance transfer? If it’s just a purchase, that would be great to use with my Citi Double Cash credit card for the 2% cashback.

Grasshopper
Grasshopper

A perfect fit for Post Office letter carriers!

Mr Tang
Mr Tang

Can I put my apple watch on my dog to achieve the goal?

park dan il
park dan il

$2,500 with a credit card sounds tasty. Just wonder if it’ll code in a profitable manner.

Frank

For everyone thinking of “gaming” the step counter: wouldn’t it be easier to do 10 debit card transactions per month than to simulate thousands of steps everyday? Seems like a hell of a hassle to put on yourself when buying 10 GC on amazon takes < 5 minutes manually (and only needs to be done once per month).

Obviously could be a good deal for those who legitimately walk this much daily.

More Info
More Info

Heritage and those 10-debit transaction accounts typically limit the earnings power to <$30,000, while Fitnessbank has no ceiling. So I agree with you, max out the small accounts first if you've got the time.

Grandma
Grandma

Any idea if this will code as a cash advance or purchase for CC funding?

JB
JB

Just opened / funded with Visa CC. Limited to $2k (well below CC limit).

AL_PF
AL_PF

Looks like the initial, pre-calculation APY has been raised up to 3.00%.

Where was this when I worked at Target years ago and could easily walk eight miles during a shift?

Nat
Nat

Wear your Fitbit on your dominant bank and change the sensitivity. This should do the trick!

Firefly
Firefly

“Application Pending”. I funded $2000 with Chase Ink. It’s showing up as a pending charge, credit limit set to $100. I would’ve tried a higher amount, but I’m nearing my credit limit.

Dinarte
Dinarte

What’s the verdict?

Firefly
Firefly

They emailed me asking for a picture of my drivers license and opened my account the following day.

Firefly
Firefly

Amex doesn’t work for funding. It did let me input my account # and displayed the Amex symbol. But I received an error message each time I tried to submit. I tried $4000, $2500, $2000, $1000, and $999.

Erik Chou
Erik Chou

What’s the cheapest fitness device that can connect to iphone I can use?

ycx
ycx

Mi Band is probably the cheapest one I know of. $20-30 depending on the variant.

Jenny
Jenny

Check EBay. I paid $32 for a new FitBit Alta

Emporio
Emporio

When this deal was posted on July 7th FitnessBank was not listed on Mint.com. I rely on Mint.com to consolidate my bank account transactions into 1 downloadable
Excel file and avoid banks that aren’t connected to Mint. I submitted a request to Fitnessbank’s VP Deposit Operations to partner with Mint. As of 7/29, Fitnessbank is now listed on Mint.com as “Fitness Bank” (two words).

Emporio
Emporio

Does anyone know a Google Fit compatible fitness tracker I can strap to my cycling cleats so my pedal strokes are counted as steps (which technically they are)? I’m an avid cyclist but on days I do an 80- kilometer ride, I average less than 1,000 steps. Otherwise I only achieve 12,500 steps organically a few times a month.

Luke
Luke

I just tried to apply and CC funding has been lowered to a $100 maximum. I snooze, I lose 🙁

Josh
Josh

Can someone else confirm this?

Firefly
Firefly

Yup, only $100 now. Tried to open an account for my dad.

Firefly
Firefly

Unfortunately, cc funding is reduced to $100. William Charles

AlexH
AlexH

I just tried to open an acct w/ $1000 using the “move money from another bank” option and got the msg: “Maximum allowed funding amount is $100.00” However, it also says that there’s a $100 min. WTF? So, now I’m irritated and probably won’t proceed b/c it’s not worth it for a $100 acct. I may give them a call tomorrow for clarification/explanation.

Ambareesh Balaji

The initial interest rate for the first month is now the full 3%.

More Info
More Info

Max interest rate reduced to 2.75% from 3.00% – bummer

MoreSun
MoreSun

New reason to get a dog: need something to walk my Fitbit

MissMBA
MissMBA

What is the max we can deposit here? I do not see any information on the site about it.

RD
RD

+1 terrible website that focuses on the gimmick rather than the business they’re in

Jenny
Jenny

No Max. I asked Glenn there when I called.

S Nack
S Nack

12500 steps are a lot… I work in New York and walk a lot for my commute and only average 8000 steps during work days

Electroman

I walk about five miles most days, and my step count is also about 8k. I don’t think 7.5 miles per day is gonna work for me.

Frank
Frank

12,500 steps a day is a pretty extreme standard. I average about 10,000 steps a day to and from work (just under 2 miles each way) and that already probably puts me in only 1-2% of Americans.

channelz28
channelz28

Have you looked at the steps leaderboard on the website. If it’s to be believed, only 11 people are actually doing it.

AKJohnny
AKJohnny

I’d rather Orion or Origin and get 4% without any steps.

Jake N
Jake N

Looks like the CC funding is now limited to $100. Though it also says that the minimum is $100, so probably something funky going on.

Jenny
Jenny

Many thanks for listing this Bank! I love it! Never heard of it and I have been searching for top savings rates (with no maximum) since Purepoint dropped to 2.15%. This Bank never showed up.They are paying 2.75 for the first month.
I have always been active, but did not purchase a Fitbit until a few weeks ago, so perfect timing. The apps are colorful and motivating. I have every expectation of earning prizes on the leaderboard.
Nothing very exciting, but it’s the thought that counts.
They give out medals, gear and “step bank credit,” so I can rest on my laurels and not work out.

U S
U S

How many steps have you been averaging?

Jenny
Jenny

At least 25k a day.

Jenny
Jenny

But I have been pulling $$ from Fitness to Orion to get the 4% rate, may do 2 accounts at Orion

Shirley
Shirley

Orion only allows 1 account per person now.

Jenny
Jenny

Gonna get the second in my husband’s name

Aaron
Aaron

CC funding limited to $100. I’ll post on hard/soft pull once I find out.

U S
U S

Did you find out?

CX
CX

Regulation D withdrawal limits would apply since this is a savings account, right?

Al
Al

I had to laugh about the dog idea… But with all seriousness this is a gimmick. Sounds good for the 3% interest, but very hard to maintain anything close to it. I am an active person but this deal is a pass for me.

Aric
Aric

Cc funding def only $100. Chase hyatt. Posted as purchase I think (personal) my cash advance limit is minimum of $100.

It’s a soft inquiry as I got no alerts from my credit monitoring services and these alert me right away.

Erik Chou
Erik Chou

Top tier interest rate lowered to 2.6%

Superman
Superman

The rate has been decreased to 2.6% APY from 2.75% APY.

Lou
Lou

Put the tracker on my dog and let him run around

sunny
sunny

Update 11/25/19: Rate will increase to 2.3% APY on December 1st.
Update 11/7/19: Rate has been decreased to 2.6% APY

I think you meant decreased ? from 2.6 to 2.3?

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