[Available Nationwide] Genisys Credit Union 4.06% APY High Yield Checking Account – Up To $7,500

Update 7/30/21: Now available nationwide, If you live outside of our location eligibility or do not qualify based on family eligibility, you can still join by making a contribution to one of these Associations.

  • Arthritis Foundation
  • Paint Creek Center for the Arts.

Hat tip to reader Angel

Offer at a glance

  • Interest Rate: 4.06% APY
  • Minimum Balance: None listed
  • Maximum Balance: $7,500
  • Availability: Seems to be in branch only, locations are in MN, PA & MI
  • Direct deposit required: No
  • Additional requirements: 10 debit card
  • Hard/soft pull: Soft pull
  • ChexSystems: Unknown, sensitive
  • Credit card funding: Up to $50
  • Monthly fees: None
  • Insured: NCUA

The Offer

Direct link to offer

  • Genisys Credit Union is offering the genius high yield checking account. This card earns 4.06% APY on balances up to $7,500 when you complete the following requirements:
    • Enroll in eStatements
    • Make 10 debit card transactions of $5 or more each month

Avoiding Fees

Doesn’t look like this account has any monthly fees to worry about.

Our Verdict

Nice rate and no direct deposit required. The big downside is that the debit card transactions need to be $5 or more. Not a huge deal but might be annoying for some people. As always a full list of high yield checking accounts can be found here.

Hat tip to reader Matt

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Wave_Dr
Wave_Dr

Basic math question here. My statement said I qualified for the 4.08% APY. I have $2300 in the account (just starting out). I predicted my return as $2300 * 4.08% / 12. This comes out to $7.82 per month. My return was $3.73 on my statement. This comes out to a 1.95% APY. What am I missing that my estimated return is double the actual number?

Eric

Did you only have the money in the account for around half of the statement? If so, there is your answer.

DW
DW

Opened account online 1/27/22, within a few hours I received an email saying that they were unable to approve me for an account. Called to ask about it, the rep had no info as to why my account was closed, just that I would receive a letter and a check in the mail with my funds. No idea if those funds will be before or after the $5 donation to the charity. Will have to wait and report back. Like others, I’m annoyed that they let me open, fund, and set up transfers on the account before they decided to close it.

DW
DW

Update: They just refunded the $50 to my original credit card, so no check in the mail. The letter I received said that my account was closed due to excessive inquiries on my Chexsystems.

docfin
docfin

I too applied for an account at Genisys and denied after initially having the account approved. I called the CSR the next day, before the denial email came, to see if there were any issues. I was told everything was a okay.

I made the opening deposit be credit card, set up online banking, and sent a test ACH deposit. Then bang the account died email arrived from Genisys. To their credit both the opening deposit and test ACH were revered in short order.

The denial letter’s stated reason was to many Chexsystem requirements in short amount of time. Here are the data points of Chexsystem inquiries:

1 2022
4 2021
5 2020
2 2019

Mister Jason
Mister Jason

Website says: “Balances over $7,500 will earn .05%APY.” and the Truth in Savings doc says: “(4) Genius/Genius Opportunity Checking: The daily dividend rate will be paid on all checking account balances up to $7,500 with a minimum of 10 Genisys debit card purchases of $5 or more which must post to your Genius Checking Account. You must be enrolled in e-Statements.”

Does this mean the first $7,500 earns the 4% and anything over $7,500 earns the .05%? Or does this mean if your balance goes over $7,500 then you earn .05% on the whole balance?

I guess I could chat them but I thought someone might know. Thanks!

Phill
Phill

Yes

Drew$$
Drew$$

Denied due because of too many recent Chex inquiries

Phoenix Wright
Phoenix Wright

I filed a complaint against them. They opened my account and then closed it immediately. They took my opening deposit – I don’t know when they’ll mail it back or credit me but doing business like this to me is NOT okay. I wasted my time and my effort.

So I just filed it against them. I don’t like to be treated this way as a consumer. If they wanted to reject me then do so. Don’t open my account, have me set my deposits up and then close my account. At this point it’s not even about the money but how they’re choosing to do business.

Perhaps placing your hard worked money to a CU that appreciates your deposit is way better. Ridiculous.

Complaint filed to NCUA. Hopefully it’ll get them to realize to stop wasting people’s time.

Phoenix Wright
Phoenix Wright

Same. This CU is a joke. They open an account and then days later close it.

They took my deposit immediately and now I have to wait for their stupid return.

They’re not worth doing business with. If you don’t want my business at least just deny me – like Blue. At least with Blue, you don’t set up payments and then after all the effort you put in to close my account.

Is there a way to file a complaint against them? That’s ridiculous.

Jeff
Jeff

Like Sheri, I was approved on Saturday but received an email on Monday that my accounts were being closed for “Excessive Inquiries”

Sheri
Sheri

Anyone else having problems with ChexSystems? I tried to open a joint account with hubby. I was approved (the account was opened) and he was rejected. A couple of days later, I received a rejection notice.

fearthez
fearthez

Checking my account I can confirm that I qualified for the 4.07% interest. The dividend payment says it in the description and the details of the account in the app says my interest is 4%. See my comment here for my exact transactions. Let’s hope if more people start doing this they don’t close the loophole

https://www.doctorofcredit.com/mn-pa-mi-genisys-credit-union-4-06-apy-high-yield-checking-account-up-to-7500/#comment-1231878

Larry
Larry

Confirming. P1 qualified for 4% with Cashapp payments, P2 qualified with Venmo payments! That’s great news, I am moving $15K to Genisys. Did you do Cashapp payments to somebody or just add money to your Cashapp? I also did some bill payments online, it wasn’t all cashapp and venmo, but I wouldn’t qualify without them.

fearthez
fearthez

Mine were all cash app loads

DW
DW

Have you continued to do CashApp reloads and gotten the 4% APY since then?
Another commenter below showed that they specifically mention CashApp and Venmo not being eligible for the transactions, so I wanted to make sure that real DPs continue to show that CashApp does work.

Need Help
Need Help

fearthez Would you mind giving a step-by-step on how to do Cash App reload transactions using this account to meet their requirements? I have never used Cash app so I am a bit clueless what you are describing. Thanks!

fearthez
fearthez

Sure, it’s as easy as opening the account, linking your debit card and adding cash to your cash app. You can do reloads of any amount so I do them all around but >$5

Need Help
Need Help

OK, thanks fearthez 🙂 I will check it out

Jack Wright
Jack Wright

Hi Fearthez, new to the cash app thing. Can you provide an example?

stood
stood

Hi, I am new to all this and just starting looking into credit unions. I am just wondering why are you using cashapp or venmo payments instead of just the debit card?

fearthez
fearthez

Using the debit card for real purchases would mean earning no rewards on those purchases. Depending on how much you spend, you could be missing out on a bunch of rewards. Using Cash App allows you to liquidate those debit transactions back to your bank account so it was never really spent so you didn’t miss out on any rewards

DW
DW

Have you continued to do CashApp reloads and gotten the 4% APY since then?
Another commenter below showed that they specifically mention CashApp and Venmo not being eligible for the transactions, so I wanted to make sure that real DPs continue to show that CashApp does work.

fearthez
fearthez

I’ve done it since August without fail