Posted by William Charles on December 12, 2018
Savings Accounts

Published on December 12th, 2018 | by William Charles

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[Expired] [MI only] Level One Bank: 3.1% APY (No Requirements, Rate Gauranteed For Six Months) $50k Minimum, $250k Maximum

Deal has expired, view more high yield savings accounts by clicking here.

Offer at a glance

  • Interest Rate: 3.1% APY
  • Minimum Balance: $50,000
  • Maximum Balance: $250,000
  • Availability: Must live in one of the following Michigan counties for online sign up: Oakland, Wayne, Macomb, Washtenaw, Livingston, and Monroe.
  • Direct deposit required: No
  • Additional requirements: None
  • Hard/soft pull: Soft
  • ChexSystems: Unknown
  • Credit card funding: None
  • Monthly fees: $6, avoidable
  • Insured: FDIC

The Offer

Direct link to offer

  • Level One Bank is offering a ‘flash savings account’, this account earns 3.1% APY and the rate is guaranteed for six months

The Fine Print

  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

This account has a $6 monthly fee, this is waived with an average monthly balance of $250 or more.

Our Verdict

I think it’s fairly safe to assume that after the six month guaranteed period the APY on this will drop significantly. Because of that you’re really just locking in a six month CD at 3.1% APY, not the worst deal and could be useful for somebody with a lot of liquid cash but I doubt this will be a long term high yield savings account option.

 



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Brian
Brian

I don’t see Level One offering the $300 bonus ever again. I did a bank branch visit a few years ago along with my first Chase $300 bonus in the same day. Sigh.

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