[MI] Honor Credit Union 3% APY Benefits Checking Account

Rate increased to 3% on 05/15/18. Previously it was 2.5% from January 1st, 2017 and before that it was 5%.

Offer at a glance

  • Interest Rate: 3%, dropped from 5% on January 1st, 2017 
  • Minimum Balance: None, $25 initial deposit
  • Maximum Balance: $5,000
  • Availability: Michigan, need to be resident as well
  • Direct deposit required: Direct deposit or ACH required
  • Additional Requirements: 12 debit transactions
  • Hard/soft pull: Hard (Transunion)
  • Credit card funding: Have to pay a $15 fee, maximum is unknown but at least $2,500
  • Monthly fees: None
  • Insured: NCUA

The Offer

Honor Credit Union of Michigan offer their Benefits Checking account with a high-yield interest rate.

  • Balances up to $5,000 earn 2.5% APY
  • Balances $5,001 – $10,000 earn 2.5% APY
  • Balances above $10,000 earn .01% APY

They also offer ATM reimbursements, up to $20 per month.

In order to be eligible for the 2.5% rate, you need to fulfill some requirements:

  • Must enroll in e-statements
  • Must make 12 debit card signature purchases per month (not PIN purchases)
  • Must have an ACH transfer or direct deposit into the account each month

Geographic Eligibility

You are eligible to be a member of Honor Credit Union if you live, work, go to school, or attend worship services in the state of Michigan. If are unsure about your eligibility, give them a call at (800) 442-2800.

Apply for membership here

The Fine Print

  • No free checks offered on this account
  • One account per Member
  • Annual Percentage Yield (APY) as of 10/1/15; rate is variable and may change after account is opened

Our Verdict

Update: Only 2.5% rate now, not nearly as good as before when it was a 5% rate on first $5,000.

Pretty good deal for Michigan folks. I especially like the fact that balances of $5,000 – $10,000 still earns a respectable 1% APY so you don’t have to feel bad if the balances go over $5k when you do the monthly ACH transfers to the account.

All the requirements should be pretty easy to meet; do some $.50 Amazon reloads or run small charges through at the self-checkout to meet the debit requirement, and automate the ACH transfer requirement.

We don’t know if they do a hard pull when opening the account, so keep that in mind.

See also An Introduction To Rewards Checking Accounts. And see “Which High-Interest Savings Account Should I Get?” for a roundup of available high-interest accounts.

Hat tip to Maximizingmoney

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tl;dr: don’t be an idiot and do highly suspicious with large amounts of money.


You have to be Michigan resident


“Beginning on January 1st, 2017 you will earn 2.5% APY* on balances up to $10,000. This means an awesome above market rate on more of your balance. You’ll also get up to $20 cash back in ATM surcharge reimbursements each month and there’s still no minimum balance requirement on this account. Yes, it’s still a FREE checking account!

Use your debit card 12 times per month (must be signature/credit based debits)
Direct deposit
NEW – Log into your account online at least once per month. This promotes the verification of your account activity to help protect you against fraud.”


Honor is changing their terms

William Charles

That sucks, updated post.


Credit card funding is possible. For a $15 fee, you can fund your account over the phone for “any amount of money” I didn’t want to go too crazy, so I just put $2,500 on my Chase Ink Card, and with my CA set at $1, I think it is going through as a purchase.

William Charles

Thanks, added info

James Carson
James Carson

Northpointe has a similar 5% checking account, and it’s available nationally:



Hard pull on Transunion.

Just got their email reply.



I was interested in this account, so I gave them a call this morning. The lady said she thought it would be a soft pull, but then she talked to her supervisor, and it turns out they do a hard pull. Too bad.