Published on February 29th, 2016 | by William Charles111
One American Bank – 3.5% APY Rewards Checking Account On Up To $10,000 [No Direct Deposit Required]
Offer at a glance
- Interest Rate: Up To 3.5% APY
- Minimum Balance: $50 minimum opening deposit
- Maximum Balance: $10,000
- Availability: Nationwide
- Direct deposit required: No
- Additional requirements: 12 debit card purchases, eStatements & log into online banking once a month
- Hard/soft pull: Soft pull
- Credit card funding: None
- Monthly fees: None
- Insured: FDIC
- Expiration date: None listed, but deal isn’t always available nationwide
- Earn an 3.5% APY on your average daily balance on One America Bank’s Kasasa checking account when you complete the following requirements each Monthly Qualification Cycle:
- Have at least 12 debit card purchase transactions post and settle to your account during the Monthly Qualification Cycle [starting October 20th, these need to be a minimum of $5 each)
- Be enrolled in and agree to receive e-Statements, electronic account notices and disclosures
- Be enrolled in and log in to Online Banking at least one time per Monthly Qualification Cycle
The Fine Print
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
There is no monthly account fee on this account, not sure about early account termination fees but since this isn’t a sign up bonus you shouldn’t really want to close the account anyway.
Here are some ideas on how to meet the debit card requirements. I’d also recommend reading this post on which high interest savings account to get, there are a few options that offer 5% APY and with easier to meet/no requirements. For people that have already maxed out those accounts, then this is another good option assuming there is no hard pull. Even better if you can fund with a credit card.
Feel free to share your experiences with this account in the comments below.
Hat tip to Deposit Accounts