Update 3/13/23: Cap is now $50,000
Update 3/12/23: Maximum rate now 6.17%
Update 9/28/22: Maximum rate has been increased to 5% from 4.07%
Update 10/18/19: Rate has been decreased from 4.59% to 4.07% for the maximum rate.
Offer at a glance
- Interest Rate: Up to 4.07% APY
- Minimum Balance: None
- Maximum Balance: Up to $50,000
- Availability: Must live, work or worship in one of the following counties:
- TX: Collin, Dallas, Denton
- NV: Enterprise, Henderson, Las Vegas, N Las Vegas, Paradise, Spring Valley, Summerline South, Sunrise Manor, Whitney, Winchester
- MI: Oakland
- Direct deposit required: No
- Additional requirements: Debit card purchases, see below
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: $9.95, avoidable
- Insured: NCUA
The Offer
- InTouch Credit Union offers a high yield checking account offering up to 4.59% APY on balances up to $30,000. The interest rate you receive will depend on how much you spend on your debit card monthly.
- Tier 1: $500.01 – $749.99 (0.25% APY)
- Tier 2: $750.00 – $1,499.99 (0.75% APY)
- Tier 3: $1,500.00 – $2,499.99 (1.75% APY)
- Tier 4: $2,500.00+ (5% APY)
Avoiding Fees
This account has a $9.95 monthly fee, this is waived if you complete at least $500 in debit card transactions.
Our Verdict
The only tier that is worth considering is tier 4 and that requires $2,500 in debit card purchases. If you put that $2,500 debit card spend on a credit card earning 2% cash back you’d earn $50 monthly. If you had the full $30,000 deposited and compare to another high yield account earning 2.5% you’d earn $52.25 so you very slightly come ahead but in reality most people would be putting that $2,500 in spend towards minimum spend requirements/category bonuses. I guess this account could still be interesting if you have a lot of spend that could be put on a debit card, but not on a credit card but that’s a fairly niche use.
Hat tip to reader Spartan24
Rate is now 7% APY as of 11/2/23
Also they are currently offering a $400 bonus to sign up for an account ($300 for opening, plus $100 for direct deposit). Bonus requires MIN $2500 opening deposit and MIN average daily bal of $2500 for first 90 days.
Beware the minimum $2500 opening deposit which means mailing a check or in-person is the only way to fund the account.
Bonus offer expires 12/15/23.
Was looking for the fine print on this offer, as it’s not longer on their website. Thank you for posting it.
Application states that you can fund up to $500 with a credit card
Is it Chex sensitive?
Yes, My online application was denied to to Chex inquiries, but I went to a branch and opened it with no problem. They just asked if I recognize a list of chekcing accounts they printed out and showed me. They were all mine and they opened the account with no other problems.
Anything is better than SVB now….
“The spending tier you reach each month will determine the dividend rate for the month, up to a maximum “cap” balance (currently $50,000.00)… High-Yield Checking $9.95 waived if net monthly debit card purchases ≥ $500″
Denied due to Chex. Dallas area.
How many in the last 12/24 months?
Probably 15 to 20 last 12 months
wow, 15 to 20, just wow, respect 🙂
As you can see from my prior comments here from 2019/2020 I was a somewhat happy customer for awhile.
2 negative things I remember:
– they did not communicate any rate reductions for the tiers (like an email informing you).
– they were quite quick to reduce the tier rates to non competitive levels once the Fed rate went down.
Eventually I gave up on them and closed accounts (to avoid monthly fee hassle), but might consider again now since I hope the general climate with interest rate might make this stick for a while again… 🙂
How did you meet the 2.5k spend?
Nice. I’ll try paying my CC with this debit card and see if it works.
Using what service? PayTM? Plastiq?
PayPal probably
looks nice and all but i aint sure how im gonna MS 2.5k / mo or do it in an automated method so I can keep my time and sanity and not turn these whole monthly rigamaroo chores in to a second job. Spending time and energy buying giftcards, then liqudating through MO’s every month or some other equivalent task is not how I want to spend my time. If anyone has any easier ways then it may make sense, example cashapp may work but they may have a cap. I wouldnt get too comfortable these guys will just drop rates again though when the fed does.
just buy money orders directly with the debit card.
Oh jeez I didnt even consider that, I forgot it was a debit card to begin with lol. Do you know any methods of doing MO’s online without physically going to a store?
But maybe look into this: https://www.doctorofcredit.com/tx-nv-va-mi-intouch-credit-union-high-yield-checking-account-4-59-apy-on-balances-up-to-30000/#comment-1454460