Offer at a glance
- Interest Rate: 6%
- Maximum Balance: $1,000
- Availability: OR/WA. Also Must meet these qualifications.
- Direct deposit required:Â Yes, no minimum mentioned
- Additional requirements: None
- Hard/soft pull: Unknown
- Credit card funding:Â UnknownÂ
- Monthly fees: None
- Insured:Â NCUA
The Offer
- DA checking account from KaiPerm Northwest Federal Credit Union offers a 6% APY rate on the first $1,000 in your account (then 0.11%). Looks like you need to complete a direct deposit to get this rate.
The Fine Print
- None
Avoiding Fees
This account has no monthly fees, I’m unsure if there is any early account termination fee or not as I was unable to find the fee schedule.
Joining The Credit Union
To join the credit union you need to fall into one of the following categories:
- employed by Kaiser Permanente or Northwest Permanente, PC
- Be a Kaiser Permanente Health Plan Member yourself
Our Verdict
These 6% rates seem to be all the rage at the moment with credit unions. The problem is the ridiculously low caps. If you have the account maxed out, that’s an annual return of $60. Not bad for $1,000 – but in reality most people would be better off simply doing a checking account bonus instead and then parking more of their money in another high interest savings account with bigger maximums.
