Posted by William Charles on February 24, 2019
Savings Accounts

Published on February 24th, 2019 | by William Charles

17

[TX, NV, VA, MI] InTouch Credit Union High Yield Checking Account – 4.59% APY On Balances Up To $30,000

Offer at a glance

  • Interest Rate: Up to 4.59% APY
  • Minimum Balance: None
  • Maximum Balance: Up to $30,000
  • 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
    • VA: Loudoun, Fairfax
    • 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, avoidable
  • Insured: NCUA

The Offer

Direct link to 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 (1.26% APY)
    • Tier 2: $750.00 – $1,499.99 (2.02% APY)
    • Tier 3: $1,500.00 – $2,499.99 (3.04% APY)
    • Tier 4: $2,500.00+ (4.59% APY)

Avoiding Fees

This account has a $9 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

 



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Ashton
Ashton

Any debit rewards for $2500 purchases that could offset that 2% CB ?

NBG
NBG

Reload Amazon for 2% cb which offsets. But it depends how u can convert Amazon GC to cash.

RD
RD

Paying rent via debit card often has lower fees, and is preferable to use over CC.

Jr
Jr

Not worth doing if the debit cards have to be run as credit and no pin used.

HoKo
HoKo

Yeah I was wondering the same thing. Does it say anywhere that it has to be credit based transactions as opposed to pin-based?

Chex Party Mix
Chex Party Mix

This would pair well with Serve if you have multiple Serves

Hari
Hari

Good for apartment management that accepts debt card. I lived at one few years back. Haven’t got into this rewards game back then.

Frank

maybe dumb thought but cant you just venmo $2500? i.e not miss out on CC rewards

Midnight
Midnight

You account would definitely get flagged if running $2500 every month. Probably better to divide the $2500 between Apple Pay, Google Pay Send, Square Cash, Venmo, BlueBird, Serve, and possibly other peer to peer apps.

Ben
Ben

Might be good for paying estimated taxes if you do it monthly instead of quarterly. Although with $2500/month you’re not talking just about missing out on 2% rewards (which mostly cancels with the processing fee), but sign-up bonuses every other month if you used credit cards.

Jay
Jay

I don’t get the ‘Our Verdict’, Doc ?

Apart from just loading Bluebird/Serve cards at no (opportunity) costs,
can’t I just get 2-3 MO’s at a grocery chain for like a cost of ~$0.65/each?

So for under $2/month, and without it influencing my CC spend I get 4,59% on up to 30k?

Imo even beats the Mango account with their monthly spend requirement and account fee in relation to max deposit.

Also, I started Greater Nevada CU for 4% up to 50k, but it seems that a “Direct Deposit” wont work (apart from a real one obv).

So this seems like a very good alternative instead.

What am I missing?!? Appreciate any pointers, William Charles 🙂

A M
A M

The MS stuff is not conventional imo for DoC to use in determining the verdict bit. It’s also a bit out there for many of us

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