Update 7/1/20: Rate reduced to 4% from 5%
Offer at a glance
- Interest Rate: 4% on balances up to $15,000
- Availability: Michigan only (“If you live, work or worship in the state of Michigan, you can join Arbor Financial Credit Union.”)
- Â Direct deposit required: $500
- Additional requirements: Yes, 30 debit transactions, see below
- Hard/soft pull: Hard (according to a reader)
- Credit card funding: $5,000 (according to a reader)
- Monthly fees: None
The Offer
- Arbor Financial Credit Union offers an interest rate of 4% on their Momentum checking account on balances up to $15,000.
You must meet the following requirements:
- Make at least $500 in direct deposits into your free Momentum Checking account each month.
- Enroll in eStatements.
- Use your debit card:
- 30 or more monthly debit card purchases will earn 5.00% APY
- 20-29 monthly debit card purchases will earn 2.00% APY
- 10-19 monthly debit card purchases will earn 1.00% APY
The Fine Print
- Annual Percentage Yield (APY) as of 6/1/2019.
- Debit card purchases must post to your account during the calendar month. ATM transactions do not apply.
- Interest is not paid on balances over $15,000.
- One Momentum Checking account per member.
- Rate is variable and subject to change.
- If requirements are not met, you simply do not receive interest for the month.
Avoiding Fees
There are no monthly fees on the Momentum checking.
Our Verdict
Looks pretty nice for Michigan residents, we don’t see many 5% requirement accounts (usually more like 3-4%), and $15,000 limit isn’t terrible. The $5k card funding is a nice little touch too. Hopefully the debit requirement isn’t that hard to meet on small purchases. We’ll add this to the regional portion of our Best Savings Rates list.
Thanks to reader Josh for sharing one
