Update 2/24/21: Down to 2% now.
Offer at a glance
- Interest Rate: 2.5% APY
- Minimum Balance: None
- Maximum Balance: $25,000
- Availability: Nationwide
- Direct deposit required: No, ACH credit or debit transaction works
- Additional requirements: See below
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: None
- Insured: FDIC
The Offer
- The Bank of Denver is offering 3% APY on balances up to $25,000 when the following requirements are met each qualification cycle:
- At least 12 debit card purchases
- At least 1 ACH credit or debit transaction
- Be enrolled in and agree to receive e-statements
Avoiding Fees
This account has no monthly fees to worry about
Our Verdict
Need to know if it’s a hard or soft pull. This can be opened nationwide but personally I can’t see this rate lasting too long if that’s the case. We will add this to the best high yield savings accounts.
I just contacted The Bank of Denver, the checking APY is 2%, the saving is 1%. Any idea what better APY account I should switch to?
@William Charles @Chuck Rate dropped to 2%. Please update. Thanks.
Updated, thanks
Weird question on the new $5 debit card terms – when they originally sent out the changes in December, the e-mail stated has to be “$5.00 or more.” But the new e-mail today and their website both show “greater than $5.00.” Anyone have an idea if $5.00 exactly will qualify or not?
For everyone posting about the incorrect interest from the last cycle (1/20): I spoke to a rep, it was a mistake on everyone’s Kasasa account, related to the the $5 requirement and the effective date. They should be fixing everyone’s account and crediting the correct interest.
However, as of the cycle that starts 2/18, the interest rate is dropping to 1.98%
Yep, they manually credited the interest now.
I just sent an email to them pointing out the $5 requirement was effective Jan 21 per their email communication. I think you all should email them requesting for the high interest for last month.
Credited interest for last statement hit – didn’t get the increased rate despite hitting the old requirements. I’m actually in Denver, got the phone call this morning with courtesy reminder that $5 minimum per transaction required next billing period, but seemed like this one should still have been under the old one per the rep. Further nerfing: got an email yesterday that rates are dropping yet again as of next billing cycle (Feb).
Credited interest for last statement hit – didn’t get the increased rate despite hitting the old requirements. I’m actually in Denver, got the phone call this morning with courtesy reminder that $5 minimum per transaction required next billing period, but seemed like this one should still have been under the old one per the rep. Further nerfing: got an email yesterday that rates are dropping yet again as of next billing cycle (Feb).
Received my 12/20 – 1/21 statement, did not get interest even though I completed the old requirement (12 debit transactions with no min.)
Same here. Met requirements but didn’t earn the higher rate. I can’t believe it, someone from the bank called me in the morning to remind me of the new requirements, she even said herself that my spending pattens were varied so i should be fine.
Same here. Didn’t meet the new requirement. Didn’t they postponed the new requirement to Jan 20th?? 🙁
Via email, effective Feb. 18, APY dropping to 2 percent for first $25k
Received the following as voice mail:
“Hi I’m calling from the bank of Denver I’m contacting you as a courtesy to inform you that during a recent audit it was determined that the transactions in your account are not consistent with the anticipated activities of a primary checking account this account is intended to be used as a primary account and we would expect to see transactions are consistent with every day spending which includes but is not limited to grocery gas shopping dining and entertainment the current activity in your account appears to be conducted for the sole purpose of qualifying for the accounts rewards if activity continues we will be forced to change your account to a non-interest account or close it small debit card transactions conducted on the same day as a single merchant and or multiple transactions made during a _________ time. Particularly near the end of a monthly qualification cycle are not considered normal day-to-day spending behavior please refer to your account disclosure or contact the bank of Denver at 303-572-3600 thank you…”
I also answered a call from Bank of Denver (with no caller ID) today, basically the same notification that the transactions is not consistent with a primary checking account. I think I’ll transfer all funds out after receiving the interest for this cycle and close the accounts proactively.
Were your transactions over $5 last month? The email they sent out awhile ago was worded where they didn’t need to be over $5 until January 20th. So mine weren’t. The interest just posted and it was like $2. I’ll call tomorrow but doubt I’ll get it. I also got the voice mail.