Ideal Credit Union – 4% APY On Balances Up To $20,000 (Until 6/30/20 With Requirements, Then Drops To 2%)

Offer at a glance

• Interest Rate: 4% APY when requirements are met (until 6/30/20)
• Minimum Balance: None
• Maximum Balance: $20,000
• Availability: Can join via $5 donation, otherwise must live, work, worship, attend school or volunteer in Anoka, Chisago, Dakota, Hennepin, Ramsey or Washington counties
• Direct deposit required: Yes, $750+
• Additional requirements: eStatements
• Hard/soft pull: Soft
• ChexSystems: Unknown
• Credit card funding: Up to $500, all credit cards accepted
• Monthly fees: None
• Insured: NCUA

The Offer

Direct link to offer

• Ideal Credit Union offers a high yield checking account. Through 6/30/20 it’s offering a 4% APY on balances up to $20,000 when the following requirements are met:
  • Have a minimum monthly qualified direct deposit of $750
  • Make 20 debit card purchases (minimum $3)
  • Enroll in estatements

The Fine Print

•  Qualified direct deposit of your salary, pension, Social Security or other regular income electronically deposited through the Automated Clearing House (ACH) network to this checking account by your employer or an outside agency.
• 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

I’m not sure if having the rate guaranteed until 6/30 and then knowing it will drop for certain is better or worse than other accounts currently offering high rates that have no end dates, I suspect those will drop in time as well. Might make more sense to stick with a savings bonus instead such as the Ally savings bonus for example. Certainly a lot less requirements for that one.