Offer at a glance
- Interest Rate: 6%
- Maximum Balance: $1,000
- Availability: OR/WA. Also Must meet these qualifications.
- Direct deposit required: Yes, no minimum mentioned
- Additional requirements: None
- Hard/soft pull: Unknown
- Credit card funding: Unknown
- Monthly fees: None
- Insured: 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.
Looks like they raised the APY to 8%. I do not have this account but plan on trying when I get Kaiser Insurance.
This may be worth it for the five or so people with this account:
“VISA Balance Transfer
Throwing money away on high-interest credit cards? Open a Visa with KaiPerm and take advantage of our great balance transfer promotions today!
Choose between:
– 0% interest for 6 months with a 1% transfer fee OR
– 5.99% until the balance is paid in full with NO balance transfer fee. ”
Their CC is unexceptional other than these occasional offers(I wonder if they will ever do the 1% given TO you for BTs). This includes new and existing card members and is all done through email(Docusign).
https://www.kaipermnw.org/wp-content/uploads/KaiPerm-News-2.1.2022.pdf
Not updated for at least THREE YEARS after comments that this covers KP members in WA & OR! What’s going on?!
Why does this still say “Availability: Penn…”?? See comments below. Kaiser is in WA & OR! PLEASE fix this.
So because I live in Washington State and have Kaiser Permanente for my insurance, I thought why not. 60.00 per year is probably a safer investment than my ATT dividends right now. Here is an email I received detailing the requirement:
DIRECT ADVANTAGE
-Earns 6.% interest on average daily balance up to $1,000 & .11% for every dollar above
-No Minimum Balance fee
-No Monthly Service fee
-Free Debit Card orders on new, replacement & renewal cards
-Free Corporate Draft Checks
-Free Online Banking & Bill Pay
-Free Mobile Money
-Free E-statements
-Free E-notices
-Discounted NSF Fee’s
-2% lower loan rates than our standard rates on KaiPerm Loans including VISA
-Up to $1000 line of credit for overdraft protection (No application or paystub needed)
-Higher Dividend rates on Money Markets
-Higher Dividend rates on Holiday accounts
-Higher Dividend rates on CD’s
*Requires use of Online Banking
*Requires 100% Net income direct deposited
*Requires active use of account as a primary checking
I said no thank you, can’t do the last two requirements
Confused–This article hasn’t been updated to fix the “Availability”, but it seems that being a Kaiser member in OR or WA qualifies. What’s going on?
Emailed and got the following response:
In order to be eligible for our credit union, one of the following must be applicable:
1. A current or retired Kaiser employee in Oregon or Washington.
2. Have current active Kaiser Medical Insurance issued in Oregon or Washington.
3. Be an immediate family member of a current member of our credit union.
Do I have any long lost cousins who are already members? 😮
If you have the free or paid membership with family tree we can see.
“Availability: Pennsylvania, in-branch only”
I’m confused. Kaiser Permanente doesn’t even operate in PA.
Yeah, that’s a mistake.
Hey DoC, can you update this post with the qualifications I left in the comment below? Confirmed with a company rep.
Done
No, it’s not.
It looks like this offer requires direct deposit. Right at the top it says: “Just say “Yes” to Direct Deposit (100%) of your paycheck or Social Security check— and everything below is yours!” Was there something else in the offer that suggests that direct deposit is not required?
Good catch, updated.