Offer at a glance
- Interest Rate: 4.07% when requirements are met
- Minimum Balance: None
- Maximum Balance: $15,000
- Availability: Looks to be in branch only, all branches are in Louisiana [Branch locations]
- Direct deposit required: Yes, or ACH payment
- Additional requirements: See below
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: None
- Insured: FDIC
- Bank of Montgomery (BOM) is offering 4.09% APY on balances up to $15,000 when requirements are met on the BOM Premium account. Requirements for 4.09% APY are as follows:
- Have at least 1 automatic payment (ACH) or direct deposit transaction post
- Have at least 20 debit card purchases post
- Be enrolled in and agree to receive online statements
- Be enrolled and access online banking and/or Mobile App
The Fine Print
- Account transactions and activities may take one or more days to post to the account and all must do so during the Monthly Statement or Qualification Cycle in order to qualify. The following activities do not count toward earning account qualifications: ATM-processed transactions, transfers between accounts, debit card purchases processed by merchants and received by BOM as ATM transactions and purchases made with non-BOM Bank issued debit cards.
- “Monthly Statement or Qualification Cycle” means a period beginning one (1) day prior to the first day of the current statement cycle through one (1) day prior to the close of the current statement cycle.
- . Monthly direct deposit or third-party ACH automated debit, enrollment in online banking, receipt of electronic statements, and 20 debit card transactions posted are conditions of the BOM Premium account
- . Enrollment in electronic services (e.g. online banking and electronic statements may be required to meet some of the account’s qualifications.)
- Limit 1 account per social security number.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Account has no monthly fee to worry about
Quite a lot of requirements to earn the 4.07% APY rate, but the maximum of $15,000 is nice and it looks like any ACH credit will trigger the direct deposit requirement. We need to know if this is a hard or soft pull, but regardless this will be added to the best high yield savings accounts.