Posted by William Charles on February 13, 2018
Current Savings Account Sign Up Bonuses

Published on February 13th, 2018 | by William Charles

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[El Paso, TX only] Evolve FCU Rewards ePriority Checking Account – 5.12% APY On Balances Up To $10,000

Offer at a glance

  • Interest Rate: 5.12% 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 5.12% 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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I emailed these guys last week asking if I could apply being in DFW and haven’t heard anything from them yet.

>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.

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

This should say “El Paso, TX” only.

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.)

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

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!

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