Update 10/3/22: Rate now 4.01% APY on balances up to $35,000.
Offer at a glance
- Interest Rate: 4.01% APY
- Minimum Balance: $0
- Maximum Balance: $35,000
- Availability: TX, OK
- Direct deposit required: Yes, or ACH
- Additional requirements: See below
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: Up to $2,500 (only $250 for American Express)
- Monthly fees: None
- Insured: NCUA
- Union Square Credit Union is offering 4.01% on balances up to $35,000 when you complete the following requirements:
- Have at least 1 direct deposit, ACH credit, or ACH payment transaction(s)
- Have at least 12 PIN-based/signature-based debit card purchases
- Be enrolled in and have agreed to receive e-statements rather than paper statements
The Fine Print
- This account is intended to be the accountholder’s primary share draft account in which payroll transactions and day-to-day spending activities including but not limited to grocery, gasoline, apparel, shopping, dining, sporting and entertainment transactions are posted and settled.
- Commensurate with the spending activities identified above, we expect the account’s debit card to be used frequently throughout each month and for transaction amounts to reflect a wide dollar range. Small debit card transactions conducted on the same day at a single merchant and/or multiple transactions made during a condensed time period particularly near the end of a Monthly Qualification Cycle are not considered normal, day-to-day spending behavior. These types of transactions appear to be conducted with the sole purpose of qualifying for the account’s rewards and thus will be deemed inappropriate transactions and will not count toward earning the account’s rewards.
- Union Square Credit Union reserves the right to determine if the account is being maintained for a purpose other than day-to-day, primary use. Accountholders who persist in making debit card transactions in a calculated and limited fashion in order to meet their monthly qualifications may have their accounts converted to a different share draft account or closed altogether. We also reserve the right to convert the account to a different share draft account if the account does not have consistent active use over 12 consecutive Statement Cycles.
- We have the right to close this account at any time, with proper notice. Our decision to close the account will not affect your existing obligations to us including any obligation to pay fees or charges incurred prior to termination. No deposits will be accepted, and no checks will be paid after the account is closed. If the account is closed, you will forfeit any rewards that have not been credited to your account. A Union Square Credit Union check for the remaining balance, if applicable, will be mailed to accountholder at the address indicated on our current records. Upon termination of your Kasasa Cash account, any optional add-on products/services associated with this account will also be terminated at the same time.
- The following activities do not count toward earning account rewards: ATM-processed transactions, transfers between accounts, credit card purchases, debit card purchases processed by merchants and received by our credit union as ATM transactions, non-retail payment transactions and purchases made with debit cards not issued by our credit union. Transactions bundled together by merchants and received by our institution as a single transaction count as a single transaction for the purpose of earning account rewards.”Monthly Qualification Cycle” means a period beginning one (1) banking day prior to the first day of the current statement cycle through one (1) banking day prior to the last business day of the current statement cycle. “Banking Day” means any business day on which an office of the credit union is open to the public for the purpose of carrying out substantially all of its banking functions. “Business Day” means a calendar day other than a Saturday or a Sunday, January 1, the third Monday in January, the third Monday in February, the last Monday in May, July 4, the first Monday in September, the second Monday in October, November 11, the fourth Thursday in November, or December 25. If January 1, July 4, November 11, or December 25 falls on a Sunday, the next Monday is not a Business Day.”Statement Cycle” means the period of time for which our credit union provides a summary of the financial activities and transactions that post and settle to the account holder’s account.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
This account has no monthly fees to worry about.
A lot of the terms state this needs to be your primary account, so if you just meet the bare requirements they will probably shut down your account. Will still add this to the best high yield savings accounts.
Hat tip to reader Megan