Published on October 1st, 2019 | by Chuck19
[IL, IN, MI] Centier Bank 2.00% Savings on up to $18,000 With 50 Debit Card Purchases
Update: This has been reduced to 2% APY, account holders should switch to a different high yield savings account.
Offer at a glance
- Interest rate: 4.00%
- Maximum balance: $50,000
- Availability: Available in Indiana, Illinois, Michigan (source); available online or in branch
- Direct deposit required: No
- Additional requirements: 50 debit card purchases
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: None on the savings; $2 on the checking (avoidable with e-statements)
- Early account termination fee: Unknown
- Expiration date: None mentioned
- Centier Bank offers their Savings Connect account with 2.00% APY on balances up to $18,000 providing that you open a checking account as well and have 50 debit card transactions on the account.
The Fine Print
- APY = Annual percentage yield as of 7/1/19.
- If 50 or more qualified debit card transactions post per statement cycle: $0-$50,0000.00 Earn 4.00% APY; $50,000.01 and greater Earn 0.25% APY; If 18 -49 qualified debit card transactions post per statement cycle: $0-$50,0000.00 Earn 2.00% APY; $50,000.01 and greater Earn 0.25% APY; Less than 18 qualified debit card transactions results in entire savings balance earning 0.01% APY.
Obviously the 50 transactions is a tall order, but for someone who has lots of small transactions, e.g. subway, vending machine, convenience store, Amazon reloads, etc, it’s a nice return since the 4% rate is valid on a full $50,000. Comparing this to a 2% account (see Best High Yield Savings Rates here), you’ll earn an extra $1,000 per year. That might be worth the hassle of the 50 transactions per month.
Another similar option, available nationwide, is the Orion Federal Credit Union Premium Checking which gives 4% APY on balances up to $30,000. That one requires an ACH $500 monthly and only 8 debit transactions.
Hat tip to reader DP