[Expired] Grow Financial 2.75% APY Money Market Account, Guaranteed for 1 Year

Update 3/22/19: Reader John Doe reports that this offer ends tomorrow, March 23. (Update #2: may be valid through entire March). Update 3/25/19: offer seems to have expired.

Offer at a glance

  • Interest Rate: 2.75% APY
  • Minimum Balance: $1,000
  • Maximum Balance: None stated
  • Availability: Nationwide (see below)
  • Hard/Soft Pull: Soft pull
  • Chex Inquiry: Yes
  • Credit Card Funding: Yes, $500 Limit
  • Monthly Fees: None
  • Insured: NCUA

The Offer

Direct Link to offer

  • Grow Financial Credit Union is offering a money market account with 2.75% APY interest, guaranteed for 12 monthly statement cycles.

The credit union has branches in Florida and South Carolina, but it sounds from this comment like anyone can call in and open an account over the phone.

The Fine Print

  • The promotional APY quoted is effective for the twelve monthly statement cycles.
  • 0.00% APY on balances $0.00 to $999.99.
  • The promotional APY applies only to new funds deposited to the credit union.
  • Offer may expire at any time without notice.
  • After the promotional APY expires, the APY you receive will revert to the Money Market variable tiered rate as follows: 0.00% APY on balances less than $1,000, 0.30% APY on balances $1,000 to $9,999.99, 0.35% APY on balances $10,000 to $24,999.99, 0.55% APY on balances $25,000 to $49,999.99, 0.85% APY on balances $50,000 to $99,999.99 and 1.00% APY on balances over $100,000.
  • The APYs are accurate as of 02/01/2019 and may change without notice after the account is opened.
  • This is a tiered account. Variable Rate Account.
  • Fees could reduce earnings on the account.
  • There is a limit of six withdrawals per month in accordance with Federal Reserve Regulation D.

Membership Eligibility

Being a member of Costco or Sam’s Club makes you eligible, along with various other groups. Full details here (click through to see full list). See this comment for additional membership option with $5 donation.

When becoming a member, you’ll open a savings account to begin your membership. Even a $1 deposit is enough for that.

The credit union has branches in Florida and South Carolina, but I believe anyone can become a member, and it sounds from this comment like anyone can open up this money market account over the phone.

Our Verdict

2.75% is far significantly higher than all other available options on a no-strings-attached savings accounts. Rates haven’t been rising recently like they used, and locking in a year at 2.75% is quite good. Just keep in mind that the rate will presumably be reduced to their standard, non-promotional rates (between .3% and 1%) after the year is up.

Depending how much cash you have on hand to deposit and how much of hassle you find opening accounts can help you decide if it’s worth it. As an example, someone with $100,000 deposit will earn an extra $250 on the account over the course of a year when compared to a 2.50% APY account, and will earn an extra $750 on the account over the course of a year when compared to a 2% APY account.

Also nice that there’s $500 in credit card funding. Hard pull status is currently unknown, but sounds like there isn’t a hard pull since they mention clearly the Chex inquiry which is something of an indication that it’s the only thing they check.

Thanks to reader Matt K for sharing this bonus and arizonapv for additional information.

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Data Point
Data Point

Applied for Grow checking account online and was rejected due to Chex: 5/6m, 17/12m, 30+/3 years. Chex score 694.

Gadget 🕵️ Bank Bonus Geek

For those that signed up for this account, I contacted Grow this week to ask when the promo rate ends. Their SM response:

“The Money Market promo rates revert to the current rates on 4/1/2020.”

For me, just in time to dump the account into Ally for P1!!! And Chase $600, for P2.

FYI William Charles Svy arizonapv HarryTheFirstHarry Ritholtz

CreditHunter
CreditHunter

Anyone know how I can go about doing an ACH pull directly out of the Money Market Account from my external bank since it doesn’t really have its own account number? Would I have to first do an internal transfer of the funds from the money market to savings, and then pull out of the savings?

arizonapv
arizonapv

Since the MMK doesn’t have it’s own account number, it sounds like the best way to proceed is to transfer to the savings and then pull out of the savings. In order to do a pull, you have to have the account added as an external account. You could try to add the account by using the member number and see if the trial deposits go through.

Ritholtz
Ritholtz

MM has its own account number. You can setup to pull and push transfers directly from MM account. It has some extra digits at the beginning and one extra digit at the end to your saving a/c.
Is there any max balance limit to get interest?

newbie
newbie

interest posted today, check your apy, i had to call to fix APY

Mike Cia
Mike Cia

The offer expired. Now the best they have to offer is a 2.7% 25month CD…BOOOOOO

jeff
jeff

It is longer available effective 3/23/2019

lvla
lvla

I called and spoke with a CSR today and was told the promotion is good until end of March but she also said it could end anytime. Also an “account specialist” needs to open it and she said I should call back Monday to try again.

HarryTheFirstHarry
HarryTheFirstHarry

I got hit by 2x$35 non-sufficient funds fee for each of the trial deposits from 2xexternal banks that tried to deposit and pull out same day. Fortunately this fee appears to have been auto-reversed later in the day. So the moral of the story is to wait 2 to 3 days after opening deposit clears before linking an external bank account.

Gadget

I have had this happen at a couple banks/CU’s. What I suggest is not initiating trial deposits until the initial opening deposit is shown as available at any bank. At least they took care of the fees (I assume) before you contacted them. At least they didn’t reject the trial withdrawals, and that can cause fraud alert issues at the other bank.

HarryTheFirstHarry
HarryTheFirstHarry

yes, they took care of the fees, but unfortunately they rejected the trial withdrawal and currently with one of the other banks to resolve a suspended account.

Alex
Alex
John Doe
John Doe

Is there a way to see the 2.75% APY online in your online banking?

I see only “TIERED” listed under DIV% and Savings Account is listed as 0.10%.

Over the phone, the banker did confirm that it’s 2.75% but I logged in and it says “TIERED”. Just want to be 100% sure.

arizonapv
arizonapv

There isn’t a way to see the 2.75% online. Perhaps the interest rate will be on the statement when it posts.

Gadget

John Doe arizonapv

Shows in online banking now, on the monthly interest payment.

Mine says: DIVIDEND APY Earned 2.76% 03/09/19 to 03/31/19

John Doe
John Doe

Looks like it. I can see it too. Thanks for letting me know.

So they pay the Interest at the end of each month.

John Doe
John Doe

Gadget

EDITED: nevermind.

arizonapv
arizonapv

Thank you for the heads up. Mine shows
DIVIDEND APY Earned 2.75% 03/07/19 to 03/31/19
(Note: 2.75% instead of 2.76% that you are seeing over at your account)

Gadget

I thought that was odd too. I am too lazy to actually calculate it out as multiple deposits were made on different dates. Maybe I’m getting a military discount? Haha. The April statement will probably have a couple deposits as well, making it difficult for me to check their math.