Update 8/8/19: APY has been increased to 7% APY from 5.12% APY.
Offer at a glance
- Interest Rate: 7% APY when requirements are met, 0% if requirements aren’t met
- Minimum Balance: None
- Maximum Balance: $10,000 for 5% APY rate
- Availability: Must live, work, attend school or worship in El Paso, Texas.
- Direct deposit required: No
- Additional requirements: See below
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: $9, avoidable
- Insured: NCUA
The Offer
- Evolve FCU is offering a rate of 7% APY on balances up to $10,000 when you meet the following requirements:
- Make at least 30 debit card purchases [Read: How to meet debit card transaction requirements]
- Make at least 45 qualified transactions per quarter (this is kind of redundant as debit card transactions count and it already requires 30 of them).
- Register for eStatements
- In addition if this requirement isn’t met a $9 fee will also be charged
Avoiding Fees
$9 Monthly Fee
This account comes with a $9 monthly fee, this is waived if you met the requirements to receive the 5.12% APY rate.
Early Account Termination Fee
I wasn’t able to find any mention of an early account termination fee in the fee schedule.
Our Verdict
Obviously a nice rate if you can met the requirements. I don’t like the fact a fee is charged if you don’t met the requirements though, as I feel you’re being punished twice. It also means you need to keep the account active and earning the higher rate or you need to close it, not great news is a better deal comes along. Still this is one of the best high yield savings accounts out there so will be worth considering for some people. As always please share your experiences in the comments.
