Posted by Chuck on February 17, 2020
Rewards Checking

Published on February 17th, 2020 | by Chuck

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[MI] Arbor Financial CU 5% Checking On Balances Up To $15,000

Offer at a glance

The Offer

Direct link to offer

  • Arbor Financial Credit Union offers an interest rate of 5% 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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:)
:)

Dang 30 debit card purchases sound quite a lot. Am I being too lazy? I still will do it for the extra cc points hehe.

Josho
Josho

$500 Chase ACH counted as DD, 30 $1 transactions with cash app satisfied debit requirement. Funded $5,000 with Citi DC coded as purchase.

:)
:)

Josho Thank you for letting me know. Cash app is a good option. I also funded mine with a citi card.

Sam
Sam

anyone have luck joining out of state?

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!

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

Sahil
Sahil

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

COBOLCODERUSEALLCAPS
COBOLCODERUSEALLCAPS

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

:)
:)

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!

Christian
Christian

They appear to be Chex sensitive.

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.

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