[MI] Arbor Financial CU 4% Checking On Balances Up To $15,000

Update 7/1/20: Rate reduced to 4% from 5%

Offer at a glance

The Offer

Direct link to 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:

  1. Make at least $500 in direct deposits into your free Momentum Checking account each month.
  2. Enroll in eStatements.
  3. 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

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JDG
JDG

Rate drop to 4% (changed today, July 1). At least its not 3%-to-2%-to-1%, as elsewhere

Josho
Josho

This came as a surprise to me today. How did you find out? I looked through my emails from arbor and found no communication on it.

Space
Space

Just tried to fund with Citi Advantage Business platinum card it kept trying to go through as a cash advance. I will try a different credit card to fund the account.

Sly one
Sly one

30 debit card transactions! Yikes. No thanks I make more in 2-5% credit card cash back rewards.

slyfox
slyfox

denied for chex, 2 accounts in last 12 months. Sucks to get hard pulled and denied. Very risky imo

:)
:)

I second that!!!!

Ian
Ian

Thanks for the warning on that. Guess I’ll pass for now, not worth the risk as I’ve opened more than that in the last year

Josho
Josho

That’s very strange. They must have started running Chex because of the influx of applications. I applied in January and was approved and I’ve opened 8 accounts in the past 12 months.

Christian
Christian

They appear to be Chex sensitive.

:)
:)

They are calling people to make sure these are not fraudulent applications. The guy said they received over 10 applications over a 3-day period (all with high amounts) hahaha I wonder why!

COBOLCODERUSEALLCAPS
COBOLCODERUSEALLCAPS

This is an amazing account. I’ll be registering a new mail forwarding address just for this.

Sahil
Sahil

FYI, they store your password in plain text, at least when you’re creating the account.

asdfasd
asdfasd

$750 if you do everything just right, tie up your money for a year, they don’t change the terms, and you make 360 debit card transactions in a year, and they count your transactions as ok…

no thanks

Tom
Tom

MI resident here.

Tried to apply to meet minimum spend on my new Delta reserve. Application says AMEX cards can be used when i tried it said that this card type is not accepted.

:)
:)

Same haha. I also used the reserve card. Application went pending but my citi got a pending charge.

emk
emk

So only Visa, Master, or Discover are accepted for cc funding?

Tom
Tom

I’ll try calling tomorrow. Being to complete the spend this easy is worth it. I’ll also use this account as well so it’s a win win

Josho
Josho

It will pend until you can verify that you live/work/worship in MI. It should take 1 business day, maybe 2. I also just opened an account for my wife. This time I did just the savings account and funded $5k. I’m going to try opening the checking account for her separately to see if I can fund another $5k via the application.

:)
:)

That was a smart move. I think I opened both. Btw it is a hard pull. They just checked my score.

roger
roger

Do they check your Driver’s License to see if you’re a MI resident? I am contemplating getting a MI PO box address as I am out of state!