Orion Federal Credit Union offers 4% APY on balances up to $30,000 on the premium checking account. Some readers have more than one account, but Orion has sent out letters to these customers informing them that on October 7th, 2019 multiple accounts will be converted to the regular checking account and holding multiple premium checking accounts will no longer be allowed. This seems like a fair change to me, the limit of $30,000 in funds is already generous and it’s likely people with multiple accounts are not even close to be profitable for Orion. If you’re looking for other high interest accounts to replace Orion, I’d recommend reading this post.
Hat tip to reader Ian
Trump bombS Iran n interest rates go down….. Go figguRe….
In Hong Kong I see the Visa sign on busses. Just saying…………. Don’t know if HK cards only. I used the Octopus 💳.
In Bangkok delicious McDonalds ice cream cones cost -25 cents.
These r fun accts. They shouldn’t replace legit investing.
4% near risk free is pretty legit
@Bob, What’s your asset allocation? Have you got no place for risk free 4% (while it lasts, and admittedly with some hassle involved)?
My real estate slush funds is what I’m using these acts for.
I’m not complaining. Over 10 years I count an excess of $8,000 with just my Tab account.
I’m just saying don’t Focus too much on these. Wealth isn’t achieved by maxing out Rewards checking accounts.
I’m also purchasing a Condo in Vegas that sold for $600,000 11 years ago. Now just a fraction of that.
Attempting to park 💰 for purchase but having difficulty as banks want matching I’d to given address. Updating my ID Next Week.
As soon as I join they kill it..lovely
Your comment made me lol. I wonder if they will waive the early closing fee or if you will have to stick it out for 6 mos.
Received a letter today from Orion. Rate is dropping from 4% to 3% (2.9595% APR) with $15K cap.
Yeah ..super bummer
me 2, well, it was a good ride. I am sure they can’t afford that rate for a long term, given that mortgage is 3.5% now.
It becomes more of a burden for me now given I need to use the debit card 8 times per months for 3% on 15k, otherwise they still charge me a monthly maintenance fee I suppose?
Yes, $5 fee monthly fee if you don’t do the debits or the $500 deposit.
The $10 ATM fee reimbursement is PER MONTH, across all fees. They will only reimbursement if the ATM charges under $10, and if you rack up $30 in ATM fees you will only be getting $10 reimbursed. They did clarify it is worldwide, not limited to U.S. ATMs, which is good. If you’re able to do 2P mode with individual accounts, and keep the money you need for traveling between the 2 accounts, it should be fine for most people.
The 4% interest + reimbursement makes this a very enticing checking account.
trying to get my wife open the account. the account opening site is down all day. Is it working for others?
The Orion account opening site is down for me too.
For people closing the extra accounts, what are you doing with the money?
-Opening another account in spouse name?
-Other banks?
1) opening second Orion account in the husband’s name
2) opened TAB which has 4% on up to 50K, but not using it yet.
A total of 31 transactions may be too much, but might try
3) have money in Fitness Bank which pays 2.75%, no max
Faxed over the request to close my converted accounts and transfer the funds to my remaining account and they were closed within an hour of receipt- no problems.
You are lucky. I sent my letter via snail mail on 10/5 and I am still waiting. It’s good to see that someone had success in getting the extra accounts closed.
I got email documents to sign and close my 2nd account
Yeah, had an email address and fax to choose from (along with regular mail) and thought faxing was the most expeditious way.
At least you’ll get all that extra interest at .05% (mine came to .07c for the week since conversion).
Was your interest around $10? I didn’t do the requirements, but I seemed to get the interest for the 6-7 days.
Around $14 for the first week on the $25K I still had in each account.
Interesting they paid out w/o meeting the requirements but they did say it was automated so something screwed up.
I only met half the requirements, I transferred in some money but didn’t do the debit card tranx. I’ll have to go ck to see if they pulled it back.
Say it isn’t so!
After getting all excited about Orion, & applying with an initial $300, I read reviews from other forums. Terrifying!
Said they reject numerous debit transactions, charge high fees and generally screw customers.
I am scared.
know your terms and conditions… I’ve had a good experience with them.
Thanks. Good to know. Funded the account with 5K and am waiting for debit card.
TAB card arrived in mail and don’t plan to use.
Turned out to be Fake. Wonderful experience thus far .
Sticking with this forum!