Posted by William Charles on August 8, 2019
Current Savings Account Sign Up Bonuses

Published on August 8th, 2019 | by William Charles

17

[El Paso, TX only] Evolve FCU Rewards ePriority Checking Account – 7% APY On Balances Up To $10,000

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

Direct link to 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.

 



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Ken
Ken

I emailed these guys last week asking if I could apply being in DFW and haven’t heard anything from them yet.

Josh
Josh

>Who Can Join?
>evolve Federal Credit Union invites all who live, work, worship, or attend school in El Paso County, Texas to take advantage of the services we offer.

Negative, Ghost Rider.

Ken
Ken

I didn’t see that anywhere, must not have looked hard enough. Thanks for the heads up.

shipitkthx83
shipitkthx83

This should say “El Paso, TX” only.

CM

Yes, Texas has a number of unrelated cities making the top-10 largest cities in the US; it’s really a shame the exact part of TX is never in the title. (Same for CA, BTW.)

shipitkthx83
shipitkthx83

Exactly, 96.99% of Texans are ineligible for this account. (Source: 2016 Census Estimates)

Jesse Jimenez
Jesse Jimenez

yay..I live in El Paso, TX!

d
d

You don’t want to join Evolve since they frequently change the fee schedule without properly notifying you, by burying the notice. This has happened to me three times already. First, they changed the requirement to avoid fees to having a checking account. Then they changed it to requiring 5 monthly debit card purchases. In January 2018, they changed it to requiring 15 monthly debit card purchases. Better to avoid a credit union that acts more fee-hungry like a bank with hidden disclosures. Honest institutions mail you a fee schedule update. Evolve stuck it on their website, blaming members for not knowing it was there.

How many credit unions REQUIRE 15 monthly debit transactions to avoid a fee? I don’t know of any others that require even 1 monthly debit transaction to avoid a fee. To top it off, the fee is an excessive $9 if you don’t have at least 15!

Jesse Jimenez
Jesse Jimenez

it’s 30 now, but I don’t care, I’ll use their debit card 40 times a month if I have to for the 7% APY. And I’ll make sure to stay on top of the fee schedule

Curmudgeon
Curmudgeon

Per comment on depositaccounts.com, rate has increased to 7% as of Jan 1st.

https://depositaccounts.com/banks/evolve-federal-credit-union.html#overview

Too bad it’s so limited for membership.

Shalom
Shalom

Hi everyone. At the top is says Availability: “Must live, work, attend school or worship in El Paso, Texas”. Is that enforced, how? Thanks.

Shalom
Shalom

Hi there. Anyone knows more on this requirement? Thanks 🙂

ReverendK
ReverendK

This now earns a whopping 7% APY on balances up to $10000! https://www.evolvefcu.org/accounts/epriority-checking

TomTX
TomTX

1) Go to El Paso.
2) Stop by one of the many churches and pray.
3) Open Evolve account.

Tyler L
Tyler L

I once tried to open an account at a far away credit Union based on a similar experience. (I had visited a local church a couple times.)

The credit union asked me to get supporting documents from the church to show I was a member. (I.e. While you don’t have to be a member to pray at most churches, this is what they asked for.). I imagine this varies from one credit Union to another.

Wesley Groth
Wesley Groth

You have to be an active participant for a while in a church to become a member (few months average). Saying a prayer in front of them is just showboating. I don’t have the time to become a member at the local churches (I live in Killeen) but I do believe there is a Doordash and Favor office there I can try to work with.

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