Posted by William Charles on August 4, 2018
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Published on August 4th, 2018 | by William Charles

13

[MI only] Chief Financial Credit Union 5% APY – No Direct Deposit Required

Offer at a glance

  • Interest Rate: 5% APY
  • Minimum Balance: None listed
  • Maximum Balance: $5,000
  • Availability:MI only?
  • Direct deposit required: No
  • Additional requirements: See below
  • Hard/soft pull: Unknown
  • ChexSystems: Unknown
  • Credit card funding: None
  • Monthly fees: None
  • Insured: NCUA

The Offer

Direct link to offer

  • Chief Financial Credit Union is offering 5% APY on balances up to $5,000 when the following requirements are met each monthly qualification cycle:
    • Have at least 12 debit card purchases post and settle
    • Be enrolled in and agree to receive eStatements
    • Be enrolled in and log into online banking

The Fine Print

  • Qualification Information: Account transactions and activities may take one or more days to post and settle to the account and all must do so during the Monthly Qualification Cycle in order to qualify for the account’s rewards.
  • The following activities do not count toward earning account rewards: ATM-processed transactions, transfers between accounts, debit card purchases processed by merchants and received by our credit union as ATM transactions, non-retail payment transactions and purchases made with debit cards not issued by our credit union.
  • Transactions bundled together by merchants and received by our institution as a single transaction count as a single transaction for the purpose of earning account rewards.
  • “Monthly 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 last day of the current statement cycle.
  • Reward Information: When your Kasasa Cash account qualifications are met during a Monthly Qualification Cycle, daily balances up to and including $5000 in your Kasasa Cash account earn a dividend rate of 4.98% resulting in an APY of 5.00%; and daily balances over $5000 earn a dividend rate of .39% on the portion of the daily balance over $5000, resulting in a range from 5.00% to .61% APY depending on the account’s daily balance.
  • Limit of 1 account(s) per social security number.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

There are no recurring monthly maintenance charges or fees to open or close this account.

Our Verdict

All of the requirements are relatively easy to meet and there is no monthly fee to worry about. It’s gotten harder to get a 5% APY account with the loss of Insight accounts so I suspect some readers are still looking for a replacement. We still need to know if it’s a hard or soft pull, if you can fund with a credit card and if it’s actually state restricted or not. As always please share your data points in the comments below. You can view a full list of high yield savings accounts here.

Hat tip to reader Spartan24

 



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Curmudgeon
Curmudgeon

I’ll be a guinea pig here. Applied and funded account but I don’t live in MI.

App said they would check credit info, but I haven’t received an alert from Credit Karma or other monitoring sites that a hard pull was done yet.

Only funding option was ACH transfer or go into branch. Had to open a savings account with minimum $5 as well as checking. Max funding for either account was only $100.

Application is now pending. Final page said I would be contacted in a few days if they needed more info, so I’m guessing there’s some human interaction needed on their end before the account is opened. I’ll update when I hear back with any new details.

fST
fST

Cool, thanks for being a guinea pig. Looking forward to finding out if you get approved even while being out of state and if you end up getting a hard pull from it and which bureau.

Sparky
Sparky

Did you try donating to a local church?

John
John

Can I do 12 amazon $0.5 reloads?

Skor
Skor

Thanks for the info, Curmudgeon . I will go ahead and apply and post my data point too.

Drew
Drew

I applied yesterday (8/5). I received an email this morning saying that I was not in their field of membership.

This is their field of membership:

LIVES, WORKS, WORSHIPS, OR GOES TO SCHOOL IN:
 PONTIAC
 DEARBORN HEIGHTS
 INKSTER
 ROMULUS
 TAYLOR
 WAYNE
 WESTLAND
WORKS AT ANY OF THE FOLLOWING LOCATIONS:
 FORD MOTOR COMPANY (Wayne County)
 GENERAL MOTORS-(Oakland County)
 HEIGHTS HEATING & COOLING (Auburn Hills)
 ABB (Auburn Hills)
 UAW-GM RESOURCE CENTER (Pontiac or Auburn Hills)
 BOSCH REXROTH (Auburn Hills)
 MARK IV AUTOMOTIVE/DAYCO (Rochester Hills)
 LATINO PRESS (Detroit)
MEMBERS OF THE FOLLOWING:
 CLINTON RIVER WATERSHED COUNCIL (Employees, Members/Supporters)
 CHILDREN’S LEUKEMIA FOUNDATION OF MICHIGAN (Employees, Volunteers, Clients,
Supporters)
 GILDA’S CLUB (Employees, Volunteers, Clients, Supporters)
 LEADER DOGS FOR THE BLIND (Employees, Volunteers, Clients, Supporters)
 ROCHESTER COLLEGE (Students, Employees, Alumni, Supporters)
 LOCAL 600, 653, 3000 & 5960 (United Automobile Workers Union)
 LOCAL 514 (Operative Plasterers and Cement Masons Union)
 LOCAL 1076 (Laborers’ International Union of North America)
 FAMILY/HOUSEHOLD of good standing member (Chief members in good standing may sponsor an immediate family member, or a household member that you maintain an economic unit with)

Shirley
Shirley

So, looks like I could become a member of the Clinton River Watershed Council for $15 (as a student/ senior) and be in their field of membership?

Did you see a place on the application that would verify if you were in their field of membership when you applied? Did they say if you could reapply if you became a member of one of the listed groups?

Anon
Anon

how does one become a supporter of some of these foundations?

Curmudgeon
Curmudgeon

Got an email today saying they couldn’t open account for me since I’m not eligible for membership. Need to live/work in MI, or be member of affiliated groups.

They did send me a pdf document for eligibility criteria though, so I’ll forward that to Will so he can add it to the post.

DWhite
DWhite

If the field of membershio info is posted on Chief’s site, it’s buried a little too deeply to be helpful! Thanks to you and Drew for being the data points.

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