Posted by Chuck on October 1, 2019
High-Yield APY Accounts

Published on October 1st, 2019 | by Chuck

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[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

The Offer

Direct Link to offer

  • 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.

Our Verdict

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



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Ryan
Ryan

HA, this stuff makes me wish I had that much to pack away into savings. One day…

Victor
Victor

pay your phone bills or utility bills in very small amount, say between $0.01 and $5 each time if it allows. Then 50 debit transactions will not be too hard.

Celia
Celia

Some of those utility bills have fees that go along with each transaction. I’m sure that if too many people do 50 debit transactions like that, they’ll start putting minimums on each one.

Geemo
Geemo

Bills utility wise don’t count as purchases @ Tab Bank.

Frank

That just seems stupid, you would need to basically use your debit card for all of your spending and be using it 1.5+ times per day to hit that (naturally). I can understand 10 or 20 but 50 is crazy

adam d
adam d

use it to pump $1 of gas. once a week, 3 gas stations, 4 times.

Clyn6
Clyn6

I think they are trying to complete with a local Indiana Credit Union named Interra. They have a deal of 50 debits gets you 5% interest, up to $10,000. Here’s the link; https://www.interracu.com/personal/checking/flex-checking

pf
pf

Yes, very similar. Looks like Interra has tiered interest also. 20 debits to get 2%, and 50 debits to get 5%.

RD
RD

IMHO this is worth doing if you qualify. The interest is essentially cash back on roids if you use debit for day to day purchases of consumables.

RXH
RXH

Seems down to 2% APY at max $18,000. Chuck

john mccann
john mccann

I did 50 transactions a month at the gas pump. .01,.02,.03. Give me 4% I’ll do it.

rick
rick

im confused whats so great here. its just a 2% rate? or is it 4% as the verdict mentions? when i click the offer all i see is mentions of 2%. why go through 50 debits if there’s savings accounts that are doing 1.8-2.2% currently. i must be missing something obvious

Amy
Amy

The 4% is from the original post/offer, the update added at the top updates you on what it is now: 2%.

Jenny
Jenny

They can take their 50 debits and shove it.

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