Offer at a glance
- Interest Rate: 4% APY on balances up to $10,000
- Additional Benefits: ATM fee refunds
- Minimum Balance: $100 minimum
- Availability: Missouri; must apply for account in-branch
- Direct deposit required: No, see below
- Additional requirements: Yes, see below
- Hard/soft pull: Unknown
- Credit card funding: None
- Monthly fees: None
- Insured: FDIC
The Offer
- Legacy Bank & Trust of Missouri offers the i-Profit checking account that earns 4% APY on balances up to $10,000 when doing qualifying actions (below)
- Balances above $10k earn an interest rate of .05% APY
An additional benefit of the checking account is that domestic ATM fees incurred will be reimbursed when doing the qualifying actions (below).
Qualifying Actions
To be eligible for the 4% rate, you need to do three things each qualification cycle:
- Have at least 10 debit card purchases post and settle
- Be enrolled in online banking and receive eStatements
- Have at least one automatic payment or direct deposit post and clear each statement cycle
Basically, after the initial setup, each month you’ll have to make 10 debit card purchases (of any amount, apparently) and have one payment or direct deposit post and settle.
Any ACH should hopefully work for direct deposit so you can automate a transfer from another bank account on a monthly basis. The other option is to make an “automatic payment” which can be accomplished by paying your credit card bill or insurance via ACH payment initiated on the card/insurance website.
The Fine Print
- Must apply for the account in-branch
- If qualifications are not met, interest rate is .05% APY
Referral Bonus
There’s also a $25 referral bonus for checking accounts with Legacy Bank. The referrer gets $25, the new member doesn’t get a bonus.
Our Verdict
Very limited geographically as it’s only for Missouri and requires a visit to the branch to complete signup. Still, 4% on $10k is pretty good and may be worthwhile for those in the area. The bank has four branches, locations can be found on the bottom of any page on their site.
The question still remains if it will result in a hard pull, let us know if you find out more on this.
It’s worth reading the post on which high-interest savings account to get as there are a few options that offer 5% APY with easy requirements and some other 3% options; check it out to see what’s best for you. Also, check out this post for some ideas on how to meet the debit card requirements.
