Posted by Chuck on July 27, 2017
Checking Accounts

Published on July 27th, 2017 | by Chuck

26

[NH,ME] Northeast Credit Union 4% Checking on up to $15,000

Offer at a glance

  • Interest Rate: 4.00% APY
  • Minimum Balance: $5,000
  • Maximum Balance: $15,000
  • Availability: NH, parts of Maine
  • Direct deposit required: Yes
  • Additional requirements: Yes, see below 
  • Hard/soft pull: Soft pull
  • Credit card funding: Yes, up to $1,000 per account (e.g savings & checking = $2,000)
  • Monthly fees:  Waived with $5k balance
  • Household limit: None mentioned
  • Insured: NCUA

The Offer

Direct Link to offer

  • Northeast Credit Union offers a 4% APY rate on their Elite Checking account on balances up to $15,000.

Note there is a minimum balance of $5,000 to be eligible for the 4% rate.

The following qualifications are necessary for the 4% rate and to waive the monthly fee:

  • Get a direct deposit
  • Signup for e-statements
  • Minimum of 20 debit purchases per month
  • Minimum average daily balance of $5,000

Credit Union Membership

The following people are eligible to become a member of Northeast Credit Union:

  • Live, work, worship, or attend school in New Hampshire or in Southern York county, Maine
  • Live within a 30-mile radius of a branch location
  • Have a family member who belongs to Northeast Credit Union
  • Work at one of over 75 affiliated companies

Avoiding Fees

Note that this account is different than most rewards checking in that it requires a $5,000 balance to waive the monthly fee. It’s mainly worth doing this deal if you’re sure you’ll have at least $5,000 in the account at all times to waive the fee.

Our Verdict

For those in the target area, this is one of the best high-interest account options since most alternatives have more difficult requirements or lower limits. Hopefully, there isn’t a hard pull for signup, let us know if you try.

We’ll add this to our list of Best High Interest Savings Accounts – check there for additional options.

Hat tip to Depositaccounts



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Alex
Alex

Just signed up for it since I’ve been meaning to get a high interest account for awhile and this one seemed like the best for my needs.

They allow credit card funding up to $500 upon account opening online, which isn’t huge but could be a nice bonus. I’m not sure what it codes as yet. They put you into “Approved Pending” once your application is complete and it mentions something about someone calling you, but I don’t know if they actually do that or not. It appears they don’t try to charge your CC until full approval.

It appears there’s a mandatory savings account requirement when opening the account, which has a mandatory $5 requirement to open, so the $500 credit card funding needs to be done with at least $5 to savings and then $495 to checking ($500 total, unfortunately, not per account).

The application mentions “worship in NH” as an option for approval, so it’s possible you could still get approved if you live in Vermont or Massachusetts, but I’m not 100% sure on that.

Will report back on hard/soft pull and CC funding coding as soon as I get fully approved. Planning on doing 20x $0.50 Amazon gift card reloads every month for the 4% interest, so I can report back on that eventually, too. If not, I’m sure single bananas at the grocery store will work.

Thanks for keeping tabs on all of these banking accounts. The signup bonus ones are nice, but I’m a fan of the high interest ones, too.

William Charles

Thanks for the info, Alex. Was it a soft or hard pull to open?

Alex
Alex

It was a soft pull.

They do call you to finalize opening the account, so it’s not as hands off as other accounts I’ve opened, too. It’s not a very detailed phone call, just a quick followup to your application.

Alex
Alex

Last info update I have:

CC funding with the Citi Double Cash coded as a purchase.

William Charles

Thank you:), added to our DP database.

Dan
Dan

Alex, are the amazon transactions working for this? Also, any idea if any of the simulated direct deposit methods (capital one, alliant, discover, schwab, fidelity) work for the direct deposit requirement?

Alex
Alex

I’ve only done $0.50 Amazon gift card reloads since I opened the account and they’ve always worked.

I don’t know about direct deposit methods. I get legitimate business direct deposits from a few sources every month so I set one of the smaller ones to go into this account. I assume one of the usual bank accounts would work, though.

Brandon
Brandon

How did the the Amazon reloads show up on your statement? I unchecked the pinless debit option on Amazon, but the charges posted the next day as “Debit card W/D”. Will this still count towards the required 20 transactions per month?

Brandon
Brandon

Update, they did count when posted as “Debit card W/D”

Jack
Jack

What is the follow-up call like?

Jack
Jack

CC funding can be 1k
Chase Reserve coded as purchase.

jon
jon

I can confirm I was able to fund 2000 on a credit card upon opening the account. YMMV but the representative was able to do 1000 in checking and 1000 in savings, which you can then balance out for the elite checking.

I can also confirm the $2000 showed up as purchases on the citi double cash

Chris
Chris

Sorry for the dumb question, but are you saying you are paying $2,000 to this 4% interest account from your citi double cash card so that you can get the 2% cash back bonus? Could you do this every month so as to sort of get bonuses twice, once through citi and once through the 4% account?

Jon
Jon

no, you have the option for an intial funding from credit card, and rather than 1000 total, i was able to do 1000 for both the checking and savings, totalling 2000, with 2% cash back on my citi card

b
b

Will only pay 4% rate on the first $10k beyond the $5k min. balance

Dan
Dan

Can you clarify? So it pays 4% on $0-$15,000 or $5,000-$15,000? like if you have $15,000 in there and meet the requirements, you’ll get the 4% on that full $15,000 right?

Alex
Alex

I’ve been getting 4% on the full $15k. I’m not sure what the other person is talking about.

It is based on the amount of days in the month, as usual, so you won’t always get the exact same amount every month, but it’s definitely 4% on the full $15k.

Dan
Dan

anybody use an ACH transfer method to successfully meet the direct deposit requirement?

Jon
Jon

I tried but it didnt seem to work, thankfully we have ADP at work for direct deposit so I can take 20 bucks out of each pay check to fund meet the requirement

Dan
Dan

Thanks. Do you have a negative data point for the method you tried? Also what do you use to satisfy the 20 debit transactions?

jon
jon

I paid an electric bill which met the requirements of CCU bank for ACH, but that did not seem to work for NECU, I also tried venmo transfer to bank which i believe worked in CCU but I cant remember, this did not work with NECU.

As for the 20debit transactions, same with CCU, i wrote an automated script to buy 20x $.50 giftcards on amazon, and i do this once a month

Anonymous
Anonymous

venmo works for the DD requirement

Dan
Dan

thanks for posting, that’s the data point i was looking for (non payroll). i will try venmo as well

Alex
Alex

It’s extra work, but if you’re hard up for a DD source then you may want to look into Amazon’s MTurk / Amazon Pay. Basically do a few short surveys on MTurk for a couple bucks, transfer it into your Amazon Pay account, and then withdraw that into your bank account. YMMV but it works as a DD for many banks, which is fairly legit consider you’re actually working to make the money.

Will also end up with a 1099 at the end of the year and have to pay taxes on the money you make on MTurk, though. Should be negligible if you’re only doing it for bank account recurring DD purposes.

Dan
Dan

cool thanks did not know about that

Em
Em

For the cc funding – i left the application before i went through with the funding (decided to do it another day to extend the float period), forgot which part i was at, but they had saved my credit card information without me actually funding the account. They called me up to ask if there is any issues. Found out that there’s no hard limit on the amount funded on the phone as she said she could do any amount. I asked if 5000 was ok and she said yes. Went with 2000 due to float issues.

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