[MN only] St Paul Federal Credit Union 4.99% On Balances Up To $20,000

Update June 1st: New requirements added. These should now be reflected in the post

Offer at a glance

The Offer

Direct link to offer

  • Receive a high interest rate on balances up to $20,000 with St Paul’s Federal Credit Union when you sign up for eStatements, receive two direct deposits of at least $500 per month and login to eBanking monthly. The rate you receive and the maximum balance will be dependent on how many debit card transactions you make monthly (average debit card transaction must be $5+):
    • Earn 2.99% APR on balances up to $10,000 when you use your debit card to make at least 20 purchases per month.
    • Earn 3.99% APR on balances up to $15,000 when you use your debit card to make at least 40 purchases per month.
    • Earn 4.99% APR on balances up to $20,000 when you use your debit card to make at least 60 purchases per month.

st-pauls-credit-union

The Fine Print

  • Bonus Rate of up to 4.99% APR will be paid on balances up to $20,000 as long as cycle requirements are met.  Balances above the qualified tiers will be paid the default current rate of your respective checking account (Capital Checking account pays no dividends).
  • If requirements are not met during statement cycle, account will function as your default checking account and earn the stated default APY.
  • Requirements for earning the bonus  dividend rate include: 20 debit card purchase transactions (excluding ATM transactions) per statement cycle to meet base bonus dividend tier, 40 debit card transactions (excluding ATM transactions) per statement cycle for the mid-level bonus tier, 60 debit card transactions (excluding ATM transactions) per statement cycle to meet the top bonus dividend tier, enrollment into eStatements through eBanking and monthly login to eBanking, and recurring direct deposit per statement cycle.
  • Rate quoted 02/2016.  St. Paul Federal reserves the right to change rates and terms without notice.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

As far as I can see there are no monthly fees to worry about or early account termination fees (although not sure why you would want to close this account).

Our Verdict

This is a pretty insane deal, the requirements are quite high but the fact you can have a balance of up to $20,000 is fantastic especially paired with the 4.99% rate. Here are some creative ideas on how to the the debit card transaction requirement, although I’d be somewhat hesistant to use that too much as they are likely to want to see normal usage on this account.

Unfortunately it’s a hard pull to open, but at least you can fund a small amount with a credit card. Normally I’d say it isn’t worth it due to the hard pull but with the maximum balance of $20,000 I say it is worth it. We’ve added this account to our list of the best high interest accounts.

Hat tip to @telewatcr on Twitter via /r/churning

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82 Comments
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killdozer
killdozer (@guest_1271778)
October 23, 2021 23:10

In order to get 5% per year your going to need to make 720 five dollar purchases ($3600 total). Thats quite extreme. Not sure how someone can economicaly work this out, doing this with venmo will take for ever.

Ferris
Ferris (@guest_1271844)
October 24, 2021 08:54

It takes me about 7 minutes every month. Maybe that’s a lot to some people.

Rob
Rob (@guest_1512541)
December 16, 2022 19:07

60 purchases plus 2 $500 DD per month does seem a bit annoying. Maybe if the max was higher then 20k it would be more worthwhile

killdozer
killdozer (@guest_1214406)
June 30, 2021 15:21

I am out of state but tried applying via a cousin who has a bank there, was declined, they said cousin is not consdiered immedaitate family.

tim
tim (@guest_1072993)
October 14, 2020 16:02

for those interested – still having no problems getting the 5% rate. mostly do small transactions, with a few bigger ones thrown in to get to a $5 average.

jack
jack (@guest_968861)
April 30, 2020 23:35

New Terms starting June 1.

Your account must receive at least two direct deposits each month*
You must use your debit card for purchase transactions at least 20 times per month^
You must login to either mBanking or eBanking monthly
You must be enrolled for eStatements

Fine print:

The average debit card transaction amount for the purchases made during the month must be at least $5.00.

Returns are deducted automatically from the eligible account transaction totals, and all transactions must post during the monthly period, prior to end of month processing to be eligible.

* Direct deposit amounts must be at least $500 each from a qualified payroll or pension

************** ^ The credit union retains the right to cancel participation of any member who uses excessive and/or recurring payments to the same merchant in order to qualify for the bonus dividends. Restrictions apply for reinstatement to the program. *******************

Key part in asterisks. We’ll see how it’s enforced 🙁

Tj
Tj (@guest_970103)
May 2, 2020 02:06

I was just about to sign up for this account… thanks so much for sharing this.

Ferris
Ferris (@guest_992418)
June 4, 2020 11:01
  Tj

@Tj I warned you late last year. The party is over.

Cj
Cj (@guest_968493)
April 30, 2020 17:45

UPDATE for june: direct deposit of pension and payroll only and 2 of them..also minimum ammounts of transactions of debit have to be $5 . Booo. This stinks!!! Ughh…all these banks are so annoying

BL
BL (@guest_798264)
August 14, 2019 13:01

Anyone looking for a referral, you’ll get $125 on top of the 4.99% interest. Email me at [email protected]. there are methods to make the 60 debit transactions and direct deposit a breeze.

ktn 💸
ktn 💸 (@guest_818490)
October 4, 2019 11:24
  BL

What methods have worked for you? or I guess maybe the better question is what hasn’t worked… Amazon fine?

Ferris
Ferris (@guest_818502)
October 4, 2019 11:44

Doesn’t really matter, they will be ending this soon.

TJ
TJ (@guest_837029)
November 6, 2019 22:52

what?!
Ending what?
I just read the entire discussion & decided I’d apply

bl
bl (@guest_957864)
April 15, 2020 19:16

still getting the interest, fyi

Investmentguy
Investmentguy (@guest_708024)
January 17, 2019 20:37

I would not go with St Paul fcu. 60 debit transactions is too much for me as I already have 1 heritage bank and 2 Orion accounts where I need to complete 26 transactions. I am opening one for Liberty first CU.

cj
cj (@guest_656178)
October 12, 2018 00:38

Also I opened the account but online it says capital checking does that mean I got the wrong account or what?

Tbog
Tbog (@guest_731267)
March 6, 2019 06:58
  cj

For me an ACH transfer has been counting as direct deposit.
Capital checking is the right account.

cj
cj (@guest_656177)
October 12, 2018 00:33

what counts as direct deposit??

cj
cj (@guest_656176)
October 12, 2018 00:33

what counts as direct deposit anyone know?/