Update 2/4/23: Rate increased to 5.25%
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
- 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
Genius High Yield Checking now 5.25%
Anybody know whether they support Mint?
I don’t have this account but you might want to update this post that it’s 5.25% now as more people will probably be interested in signing up.
available for 5.25% upgrade.
Amazing! 👍Thank you for posting!
What do you mean by upgrade? I already have the account, do I have to do something to enable the 5.25%? I think current holders are eligible with no action needed
Account holder here. CS told me it goes into effect next statement automatically.
P2 received targeted snail mail for $300 promo for to open business checking account. Anyone else guys? Jumping on it or not?
Only to open in branch or by phone.
I just got a cryptic denial email and my account closed. Unfortunately, we are unable to continue your membership application online. Further details have been provided by mail to the address you provided in your application and your credit card will be refunded.
I’ve had 8 chex this year, including this CU, 3 have been in the past 6 months (not including them). I think they’re probably chex sensitive?
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?
Did you only have the money in the account for around half of the statement? If so, there is your answer.
Your math appears to be spot on. See what next month’s statement reveals.
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.
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.
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
how do you know how many chex system inquiries you had?
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!
Yes