[TX only] Affiliated Bank .75% APY On Balances Up To $50,000

Update 3/20/20: Rate reduced down to .75% now.

Update 3/10/20: Rate reduced from 4.05% to 2.00%.

Offer at a glance

  • Interest Rate: 4.05% APY
  • Minimum Balance: None
  • Maximum Balance: $50,000
  • Availability: Must be a resident of Texas
  • Direct deposit required: Yes or ACH payment
  • Additional requirements: See below
  • Hard/soft pull: Unknown
  • ChexSystems: Unknown
  • Credit card funding: Unknown
  • Monthly fees: None
  • Insured: FDIC

The Offer

Direct link to offer

  • Affiliated Bank is offering 4.05% APY on balances up to $50,000 when you complete the following requirements:
    • At least 1 direct deposit or ACH payment transaction
    • At least 12 debit card purchases
    • Be enrolled in and agree to receive E-Statements

 

Avoiding Fees

This account has no monthly fees to worry about.

Our Verdict

Seems like it’s relatively easy to trigger the requirements and it’s nice that the maximum is $50,000.

Hat tip to reader missjenniferd1

 

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Blueskies
Blueskies

I got an email from them today and seems they decided to go back to the 2%. I still consider it a bad deal – low rate and still wanting (12) $5.00 min. debit charges to boot, but that’s me – it might look good to someone else.

veeRob

I agreed with you in July, but here in September 2% seems pretty damned good. I guess I’ll be getting back on the 12 debit transaction train as there doesn’t seem to be anything better coming.

Kevin Smith
Kevin Smith

received an email today (July 23) from Affiliated Bank and it reads:

Your NEW Kasasa Cash Rate:

2.00% APY* for balances up to $50,000, when qualifications are met:

At least 1 direct deposit or ACH payment transaction
At least 12 debit card purchases of $5.00 or more
Be enrolled in and agree to receive E-Statements

PZ
PZ

I called Affiliated and they said the new 0.75% interest applies to all kasasa reward checking accounts, new and existing.

William
William

William Charles Chuck Rate is down to 0.75% APY officially on their website.

However, still showing 3.977% APY when I log into my existing account as of 3/20/20.

Chuck

Updated

Haibin
Haibin
Kevin Smith
Kevin Smith

Time to transfer all the money out. Do they have early account closing fee?

Blueskies
Blueskies

I don’t believe there was. I did not close my account, but left a dollar in it because if I had closed it I would not have gotten my interest for the month. I withdrew my interest when it hit my account – still left one dollar in the event they might have a change of heart. Then I went to see if they had indeed changed the requirements to include making the debits a min. of $5.00 and that’s when I saw the new APY rate of .75 which I thought had to be a typo but wanted to notify people on here who might be keeping their money in this bank to check it out. I don’t know why they just didn’t discontinue the “rewards” account since it is now what I would call a joke account.

Blueskies
Blueskies

A new winkle here. Out of curiosity I glanced at their new requirements for this account today when I went to withdraw my interest. Just copied this to post here in case anyone decided to leave their money in this bank at the supposed 2% – Reward Information: When your Kasasa Cash account qualifications are met during a Monthly Qualification Cycle, (1) Balances up to $50,000 receive APY of 0.75%; and balances over $50,000 earn 0.25% interest rate on the portion of balance over $50,000, resulting in a range from 0.75% to 0.42% APY depending on the account’s balance . . I’m sure this has to be a mistake, but if I had money in this account I would be calling the bank on this. It might be they decided to drop it to 1.75 and left off the 1, who knows? But just a heads up in case this bank is serious on this.

Jason
Jason

My account now showing 3.977% rate this morning. previously change to the 2% like everyone noted. Did they have a change of heart? doubtful. :p

Blueskies
Blueskies

Jason, when I read your post I went and checked mine account (well, what’s left of it) and saying the same thing – pretty strange. I’m curious but I don’t think curious enough to call them. Transferring the money out using Chase has been a nightmare. Anyway, I wouldn’t trust this bank to even go to the bother of moving back into next month. lol But still curious. Just very odd.

Turbo
Turbo

What problems did you run in to with transferring the money out?

Blueskies
Blueskies

It’s Chase. I had Affiliated setup as an external account and they limit the funds to 25,000.00 per day. Then they get excited if you transfer any amount they consider large and here comes their fraud department. Sometimes you can get it through w/o having to visit a branch, sometimes you can’t. This is after I pass all the authentications. Crazy I tell you. I had a banker call them and thought that would work. Nope, still had to go in and she called them, went through all the details and the guy said he had approved it, but I needed to resubmit it since they had cancelled the transaction. Later that evening I went to do just that and he or someone in that dept. had deleted the external account. I finally got it done after reinstating the account and talking to numerous people for several and finally reassured it was approved. Then a couple of hours later I got a call fro them and the girl started the questioning all over again as if nothing had ever transpired. I was literally beside myself at that point. After 30 minutes on the phone with her she says she was going to approve it “as a courtesy to me”.

Yep, that’ Chase. This was on Sat, evening. I went to the branch again Monday and spoke with the manager and he has placed a formal complaint against the online fraud electronic dept. for me with the executive office. I hope heads roll. This is not my first rodeo with Chase doing this to me.

So hopefully I won’t be transferring any money for a while.

veeRob

Oh man I’ve done that Chase dance before!

Blueskies
Blueskies

Sucks, doesn’t it?

veeRob

I emailed them about something else yesterday and they said they decided to honor the higher rate for this statement. So, there’s that.

Blueskies
Blueskies

When I checked my account yesterday I should have realized this but actually didn’t notice or pay attention to the interest paid (just too much going on in everything right now). I just looked and saw the interest amount paid and realized what they were doing. All I can say is they could have been more forthcoming with this change. The rep I spoke with back around the 1st of the month did not say they were going to honor the 4% through the statement, just they changed the rate on the 1st. I even told him I have had rate changes before, but never in the middle of the cycle and he just said (again) they decided to change it on the 1st. Some of these banks need to learn how to clarify their actions and train their employees to be able to convey them properly so their customers are not at the mercy of guessing what they are doing.

KenH
KenH

The cycle ends on 03/19/2020 anyway. I don’t really see the point of doing this. Also this bank has zero knowhow to communicate to their customers. Leaving $1 in the account so I don’t have to call and deal with them.

Kate
Kate

Nope. Now 2%.
Not worth for 12 debit transaction + over $5.
I went to the bank for nothing.

Blueskies
Blueskies

I would suggest putting the pencil to your interest this month. Rate changes normally coincide with the statement cycle and this one came at an odd time. To further compound the confusion, the bank rep told me they made the change on the 1st yet when I looked at their website this morning it states “APYs accurate as of 03/09/2020” meaning the 4% rate was listed as accurate before the 9th. I will be calculating my interest.

Rashamaanu Ramirez
Rashamaanu Ramirez

Do you have a 401k? Or 301k? Or 201k Or 101k?

I’m interested in the demographics of people here?

Rashamaanu Ramirez
Rashamaanu Ramirez

This is a good deal. Tx people should jump on it.

I hear Ally board is tired 😪 of being known for great rates. They going to aim for low rate noteriety…lol.

No commish on stock trade is hurting. That was a reliable income stream that went PooF.