Update 4/7/20: Rate reduced to 4.01% from 5.01%
Offer at a glance
- Interest Rate: 5.01% when requirements are met
- Minimum Balance: $20 to open
- Maximum Balance: $5,000 for 5.01% rate, balances over $5,000 earn 0.10%
- Availability: Must open in branch, all locations in IL [Branch locator]
- Direct deposit required: No
- Additional requirements: 10 debit card transactions & eStatements
- Hard/soft pull: Soft
- ChexSystems: Yes
- Credit card funding: Unknown
- Monthly fees: None listed
- Insured: FDIC
- Expiration date: None listed
- Receive a 5.01% APY interest rate on balances of up to $5,000 when you complete the following requirements (otherwise 0.1% APY rate is paid):
- Complete ten debit card transactions
- Interest is given as points with each point having a cash back redemption of 1¢
- Receive 10 rewards points each time you make a debit card purchase
- Apparently you also get 2,500 points just for creating an account
The Fine Print
- Interest is paid in points, redeemable for cash, gift cards, merchandise or travel.
- Each point has a Cash Back redemption value of $0.01.
- Points will expire four years after the date of issuance, and are redeemable on a first-in, first- out basis.
- 5.01% APY interest is paid on the first $5,000 in your account provided 10 debit card purchases post and clear your account during the monthly statement cycle, otherwise 0.10% APY is paid on the first $5,000 in your account. 0.10% APY interest is paid on the portion of your balance over $5,000.
- The Amazing Account is available to consumers only and is limited to two accounts per person.
- A consumer account is one that is used primarily for personal, family or household purposes; all other accounts are business accounts.
- eStatements required.
- Paper statements are available for $2 per statement cycle. Minimum Opening deposit is $20. Rate is variable and may change after the account is opened.
- Fees may reduce earnings on account.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
This account does not come with any monthly fees, you do have to pay conveneice fees for using Mobile Deposit, Popmoney or any ATM. You’ll get up to $10 refunded each month, or you can pay an extra $2 and get $20 refunded each month.
This is probably the best rewards checking account at the moment (apart from the location restriction) due to the fact you get a massive 5% APY and the requirements are easy to meet. The points vs cash back seems a bit weird, I wonder if it’s possible to get better value than 1¢ per point with travel (it’s not with gift cards). If anybody knows more about this account, please share it in the comments.
Big thanks to reader JF for letting us know about this account.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
Down to 0% starting this year. Just a plain checking account now.
Appreciate the update, Fred!
Down to 1% as of 7/2021
Down to 3.01% now.
If you are at a low cash flow with the amazing account and only want to make $1 transactions 10x a month on that 5,000 is it worth what you are getting in the approx 5% interest on your account or does it only come out to $130 a year when you deduct making $10 worth of 10 x $1 transactions per year just to achieve the 5%?
Also does it pay more interest above $5,000 or is that the max?
Interest rate has been reduced from 5.01% to 4.01% effective this week. Might be a temporary coronavirus measure. Updates will be here assuming the site doesn’t get redesigned.
How stringent is the verification process? I live just outside of the area and technically work in one of the areas, but I’m not sure if that will be acceptable?
I opened an account online without issue. I am a bit outside of the area I thought I’d get approved for based on comments here, but still within the same state and less than a 2 hour drive to the nearest branch. This post says two accounts per person, but when I attempted to open a second account, I was immediately rejected as a Chex denial, and it says my Chex score is 0000. I understand the minimum is 150, and a score of 0 is typically an indicator that you were denied for being out of area. Anyone have any advice on this? I’d rather not call the bank and lose the one account I have, but I’d really like to have a second account.
ugh no cook county 🙁
If you get points instead of cash, do you also get a 1099-INT? If not, that’s great. I don’t think I get 1099-INt for the cash back on my cards.
You don’t get 1099 until you convert points. You have 4 years to convert points to cash or merchandise
So It appears you can apply for this online. Maybe it’s new? But you have to click a check box that says you live, work, or go to school in one of the listed counties. I wonder if they even have the means to verify that information? Thoughts?
I do live in one of the areas listed and currently have the Amazing Checking and Savings. My understanding with talking to Branch folks on this subject is they will use the Mailing/City address provided on account opening. This applies to Online as well as Branch openings. ID verification will be compared to the information provided, discrepancies will likely draw closer scrutiny.
So if I’m from the Chicago suburbs, I can’t open an account even in brach? I was going to drive down 2hours to open one. Also, do the Amazon $0.50 transactions work?