Posted by William Charles on March 10, 2020
Savings Accounts

Published on March 10th, 2020 | by William Charles

131

[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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William

Will sign up today and report back anything worthwhile. I’m in West Texas.

Sarah Wooh
Sarah Wooh

anything learned from the signup process?

William

Nothing worthwhile to report, outside of slower processing. The online application was standard and gave no issues. A few days later, I received a personal email from a banker with an invitation to Docusign the application and submit my DL for verification. The first Docusign app had no Payable on Death (POD) listed. I requested that it be changed. A few days later, the banker sent the revised version and I signed it. She then emailed me saying my debit card was on the way. I was able to immediately create an online login using the Account # on the DocuSign form.

Steve
Steve

How long did it take for the banker to email back and notify you that the debit card was on the way?

Capcalhoon
Capcalhoon

We joined the Round Rock location last year, pretty painful to sign up as everything is set up via emailing a rep and they just forgot to respond to a few things over and over again.

Also, they cannot just tell you your “statement period”, they say to just count from the last one.

But once it’s all set up it’s easy to get the 4%.

AC
AC

Do you have to meet the requirement of At least 1 direct deposit or ACH payment transaction and At least 12 debit card purchases every month?

dan
dan

AC don’t have to, but won’t get the 4%

007
007

Thanks! Hard pull?

Ben
Ben

They told me everyone has the same statement period. I quote “Any purchases made by using your Affiliated Bank debit card will qualify towards your eligible transactions if they are hard posted to your account before the third Thursday of every month (which is the statement cycle date for all Kasasa accounts).”

Ken
Ken

So it’s 30 days from the 3rd Thursday, always? That’s an odd period.

Ben
Ben

No, it’s from (the day after a third Thursday, which is a Friday but not necessarily the third one) through (the next month’s third Thursday). So it alternates between 28 and 35 day cycles, never a 30 day cycle.

Frank

How do we know it’s TX only?

Looney Tunes
Looney Tunes

On the first page of the application it says:

In order to open an account with Affiliated Bank, you must be a resident in the state of Texas. Before proceeding, please confirm your eligibility below.

Then they require you to check a box that confirms you are a resident in the state of Texas.

David
David

Does anyone know what qualifies as “direct deposit or ACH payment transaction”.

Would paypal, Fidelity, Schwab, or other bank transfers work?

LikeToLearn
LikeToLearn

I do a monthly push from Ally of $40 and it works to satisfy the requirement. I am a TX resident and I opened the account in person.

Htg123
Htg123

Was it a hard pull to open?

Ken
Ken

What did they require when you opened in branch proof of address, id, etc), and did they give you the debit card on the spot?

Harrymanimus
Harrymanimus

How have you successfully satisfied the monthly debit card transactions?

BT
BT

“Qualification Information: Account transactions and activities may take one or more days to post and settle to the account and all must do so during the Monthly Qualification Cycle in order to qualify for the account’s rewards. The following activities do not count toward earning account rewards: ATM-processed transactions, transfers between accounts, debit and credit card purchases processed by merchants and received by our bank as ATM transactions, PIN-based, signature-based transactions, non-retail payment transactions and purchases made with debit or credit cards not issued by our bank.”

Wonder if using this card to pay for my utility(water, electricity, cable etc.) bills counts.

Any ideas? Thanks!

Henry
Henry

Any one know whether there’s any requirement about the 12 debit card transaction? will 12 $1 amazon load trigger it?

Thanks,

TW
TW

They send a monthly email out stating the requirements and whether you met them. The amazon reloads worked.

BVA
BVA

Any information on chex sensitivity?

AKJohnny
AKJohnny

Be the data point you want to see…

Garrett
Garrett

I usually get declined at Chex sensitive and was approved.

TW
TW

Hope this isn’t going to be another Orion FCU bait-and-switch. Signed up for that, moved $ over and set up DD, then they lowered the rate to 3%. I may leave $15k in Orion (they do 3% on up to 15k) and do the 8 Amazon reloads on that one, instead of moving that money over to Affiliated Bank, just in case they quickly dropping it from 4%.

I’m in the North Dallas area, so signed up / waiting.

gazelle
gazelle

Bait and switch? Give me a break.Orion was on SD over a year ago. Yes, fed funds rates impact the savings rates. There was a teaser w/Orion. How is that a bait and switch? They didn’t promise 4% in perpetuity.

TW
TW

Reducing it from $30k to $15k after people have signed up at 4% and put $30k in, as well as reducing it to 3% on that $15k, yeah I call that bait and switch. Call it generous you’d like, I’ll agree to disagree, cheers!

Garrett
Garrett

Hardly bait and switch. You agreed to a contract to allow them to change the rate at any time. Cry to the Federal Reserve.

TW
TW

Oh right the feds told them to reduce it from $30k to $15k. Give me a break that’s on them.

Garrett
Garrett

The $30K 4% was available for months. You should have gotten the deal earlier rather than acting entitled about a deal.

Blueskies
Blueskies

I don’t think it has anything to do with acting entitled. I disliked how Orion played this deal. I opened 4 of these accounts with them at varying times. The last one I opened was in the month right before they reduced the number of accounts from unlimited to one but the girl never said a word to me about it. Granted she might not have known, but I think they all knew. But they got a lot of money in for whatever reason they needed it at the time so it worked for them. Also (as they gambled) many of the new customers were complacent and left their money in even when they dropped the rate by 1% on the single account RCA you were now allowed and reduced the max. limit to half. I guess that worked for some, but there are too many accounts similar to this (actually better in that they don’t require a $500.00 DD each month and include POS as well as signature based charges) and are with CU’s and banks displaying a much better stability. Needless to say, after getting the notice of the change – which I do commend Orion for doing this as they didn’t have to – I closed my last remaining account with Orion right after I received the interest that month. They were always nice, it’s just their good deal went south fast and tuned into what was not a good deal for me.

Betelgeuse ㊙️

It’s Orion’s right to change rates any time but they probably should have closed application to new accounts before they change the rates and cut limit. So people don’t get a hard pull and get the rates and limit cut the next day.

Golden
Golden

The following activities do not count toward earning account rewards: ATM-processed transactions, transfers between accounts, debit and credit card purchases processed by merchants and received by our bank as ATM transactions, PIN-based, signature-based transactions, non-retail payment transactions and purchases made with debit or credit cards not issued by our bank.

Not sure whether Amazon gc purchase counts

Ken
Ken

What does the bank require to open an account? 2 forms of ID? Proof of address?

thumperstain
thumperstain

1 form of ID, normal ID verification questions. No proof of address for me.

Ken
Ken

In branch or online?

thumperstain
thumperstain

Online. Follow up with e-signing the account docs and emailing a copy of the ID over.

Ken
Ken

Great, thanks.

veeRob

I did those 2 things on Monday. thumperstain how long did it take you from e-signing before they opened your account? Just curious how long to wait.

thumperstain
thumperstain

Still pending, did them on Tuesday. Oddly, P2 followed the same timeframe and was opened within hours of completing the email steps. We even sent the documents to the same person, just separately.

veeRob

thumperstain Thanks for the reply. I just had $100 removed from my bank by them so I assume my account is open today and I should receive communication about it shortly. 🙂 🙂 🙂

thumperstain
thumperstain

Same here. See the debits for funding but never got any communication. P2 did and it mentioned the account number in the docs we signed is all that’s needed to setup online banking. I guess it’s done.

Stephen
Stephen

I opened and never got a reply. The account info was on the signing page. Debit card arrived within a week.

veeRob

thumperstain ATM card arrived in the mail yesterday. Getting closer. 🙂

Chilli Con Karne
Chilli Con Karne

You in Texas? I’m resident of Nevada n I want in

..

Lol.

Harrymanimus
Harrymanimus

I’ve read the descriptions from other posts as to what counts as a debit transaction. However it is still not clear how certain services count. It would be good to nail down if the old standbys of Amazon Gift Card and Square Cash count. Here is how my tests of each posted. Does anyone have any data points if these count? Square Cash would be the preferred method if that counts. Is there a way to tell by the posting info?

Amazon Reload Test posted as…
###### PRE AUTH

Square Cash Test posted as…
###### PRE AUTH CASH

Harrymanimus
Harrymanimus

Amazon Reload Test settled as:
###### PURCHASE

Square Cash Test settled as:
###### PURCHASE CASH

The regular PURCHASE would seem ok to me. Anyone have any data points for PURCHASE CASH?

Harrymanimus
Harrymanimus

This bank has the same weird Kasasa name (there look to be a bunch of banks operating through this Kasasa company). In their language, you would not be able to use the typical tricks to meet the debit requirements.

https://www.unionsquare.org/kasasa-cash

“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.”

thumperstain
thumperstain

There’s dozens of them out there. They all specify their own terms. Some won’t accept debit transactions of less than $5.00. Each bank is bound by the terms they specify.

Ken
Ken

This is from Kasasa Ltd. wiki page “Kasasa also supports community banks and credit unions by providing them with marketing, consulting, and web-based solutions in order to market their products more effectively.” So each bank is going to be different regarding to the requirements.

Blueskies
Blueskies

I had 2 RCA’ with this CU years ago. They are inconsistent which is their right to be whatever they want, but they can sure be arrogant and extremely difficult to deal with.

Ben
Ben

Not sure which credit union you are referring to, but the account on this page is not with any credit union at all.

Blueskies
Blueskies

I noticed that so I just went with his reference to Union Square CU (which is the CU I commented on). I’m thinking because they are both Kasasa accounts perhaps they use the same spending requirement terms. When I joined Union Sq. many years ago, I don’t believe they used this particular description regarding their debits. I just know they were hard to deal with.

I just opened an account with Affiliated so I’ve had no experience with them other than setting up the account. I hope they’re not a bank who is just trying to lure you in and then look for any reason they can come up with in order not to pay interest on your money. We shall see.

Thanos
Thanos

Just opened the account, Does anyone know if the Amazon reload or any other easier method would help trigger the 12 debit card transaction requirement?

d4
d4

The monthly requirements email received from Affiliated today confirmed that the Amazon reloads worked on my new account. The reloads posted as “POS Purchase”.

Blueskies
Blueskies

This is a very nice deal and people are worrying about a measly 12 debit charge? We all know the bank gets a % of the charge and what? You going to get 4% interest on $50,000.00 with only having to make 12 debits and 1 ACH or DD and you want to make 12 $1.00 Amazon reload charges to satisfy the debit requirement. Wow. I’ve used RCA’s for many many years now and seen all kinds of rates and requirements. At this time, this is an easy and generous offer and it’s not going to kill you to make 12 debits consisting of more than a dollar so it doesn’t kill the deal early. Buy a FF burger etc., use the card. A few groceries here and there, 10.00 – 12.00 in your gas tank, it’s not going to kill you and certainly not like you’re having to spend all the interest you are going to receive. I’ve seen these accounts with a much lower max., much higher debit card count and min. amounts of 5.00 on the debits charges as well. Not trying to tell anyone what to do, but common sense tells you if everyone follows the $1.00 Amazon reload route this nice offer will soon go away or have mandated restrictions that will make it almost impossible for many people to adhere to. These good offers are not popping up these days like they use to, so to gut it and then expect to move on to another one – well, good luck with that.

Ken
Ken

Account like this is targeting customers who actually use the account as the main daily account. It is never meant for customers who are trying to max the account APR return. It’s really nice to have accounts like these but I don’t think 12/$10 transactions or 12/$1 transactions would make a difference from the bank’s perspective. You are gaming them, then you are gaming them. All the T&C are set by the bank. We only play by the rules set by the bank. Anytime they don’t like any part of the T&C, they can change it. If you open the account thinking you will have this for a long while then good luck with that.

Blueskies
Blueskies

I didn’t mean to come across as a know-it-all and I shouldn’t have said anything, but it struck me so odd that it seemed to be rather important to be able to use $1.00 Amazon reloads 12 times as the debit fulfillment requirement when this is such a sweet deal why try to penny pinch it so hard. But it is strictly none of my business and I’m sorry I commented on it.

As to a bank or CU making their rules, of course they do, they are a business and they do what they consider best for their interests at the given time and everyone knows that. As to what you refer to as gaming them, I guess that applies to both parties as both sides are looking out to get the best deal out there they can. Banks have all kinds of ways to make money off of you to stay in business and they have to make a profit to do so, but which some of the tricks they have are way over the top.

As I said, I have had RCA’s for years. I’ve had accounts with one credit union for over 9 years and the max. balance and the APY has not changed in all those years. The other credit union I have been with for over 11 years and the max balance is the same but the rate has dropped a half a point (but we’re talking ELEVEN YEARS here. They are both good deals though and they’re both well established, stable with a good rating institutions. So yes, I have had good luck with that, thanks

Ken
Ken

What 2 banks have you had for that long?

Chris
Chris

If the Amazon reloads work then I’ll strongly consider getting this account.

Maddie
Maddie

Does anyone have issue placing a purchase with the atm card online? The card I received is a debit card at strangely I’m unable to pay toll nor amazon reload.

Maddie
Maddie

Nvm, I activated the card over the phone and apparently, it didn’t activated. I called and the agent said they were having issues with the card activation through the phone.

Blueskies
Blueskies

Mine would not activate using the phone either. They blamed it on it being a new employee who didn’t set it up correctly (whatever that means – never had such a thing happen before). Anyway, he took my info and set it up and said it was ready to go. I used it later and it did work.

Kevin Smith
Kevin Smith

Will they honor the 4.05% APY for the first month of account opening even if not meeting the account requirement?

Ken
Ken

I got 4.05% from day 1.

Jay
Jay

i’m seeing 3.977% interest rate after successfully opening an account, not 4.05%.

Chuck

APR or APY?

d4
d4

FYI – From Affiliated’s website – We are excited to announce that Affiliated Bank’s parent company has signed an agreement to acquire SouthWest Bank from Odessa SouthWest Bancshares, Inc. After the completion of the transaction, expected to occur during the 2nd quarter of 2020, Affiliated Bank will merge with SouthWest Bank to become the premier community bank in Texas. After a transition period, we plan to operate the combined bank under the SouthWest Bank name. The full announcement can be found at https://www.affiliatedbank.com/news/affiliated-bank-and-southwest-bank-are-joining-forces/

Chap
Chap

Is there any sort of history we can lean on regarding acquisitions to guess on whether this could potentially have a negative effect on the 4.05% going forward?

Blueskies
Blueskies

Chap, guess we’ll just have to wait and see, but I sure hate to see it. I’ve had this happen with 3 different banks and the rewards checking was either converted into a regular checking account or the interest rate was reduced so low (and usually other requirement changes) I can’t imagine anyone bothering with it

If I were a gambler, I’d lay odds this deal won’t be around (at least in the same format) after the merger is completed in the 2nd quarter. I could be wrong and I hope I am, but it won’t surprise me to get a notification from them after the merger is completed detailing changes to this account.

Blueskies
Blueskies

Thanks for the heads-up d4.

AKJohnny
AKJohnny

well scrap… good things don’t tend to last too long… I just got my appy approved and was in the process of ach ing my funds over…

Ken
Ken

Tried to open the account with a virtual mailbox in Houston since we travel full time. Rejected. Oh well. That was tons of interest income we’re missing out on now.

Kevin Smith
Kevin Smith

The bank requires that the 1 DD/ACH and 12 Debit transactions must be completed “during each Monthly Qualification Cycle”. Is this a calendar month or statement cycle?

Ben
Ben

Statement cycles. They’re always either 4 or 5 weeks, not 30 or 31 days.

Lewis
Lewis

Now the interest rate has been decreased to 1.982%. Time to move my money out.

Ben
Ben

Where are you seeing this change? The website still shows 4%.

thumperstain
thumperstain

Login to your account. Click on the account and look at the details.

Ben
Ben

There’s also a rather non-specific notice on the main site about a malfunction in online banking.

thumperstain
thumperstain

Did you get any notice? I didn’t, but I can see the changed rate when I login. Wankers.

Lewis
Lewis

I didn’t get any notice.

veeRob

Lewis Thanks for the heads up. Insane for them to make this kind of drop so soon after introducing the product. But I guess that’s the norm for this game in 2020.

Rashamaanu Ramirez
Rashamaanu Ramirez

For one. I applaud this Bank. Market conditions change.

Free money is UnSustainable.

veeRob

Market conditions did not slash rates in half.

DingDingDang
DingDingDang

Only a Fruitcake would offer 4% in today’s world in the first place. Hope Tab not monitoring here…lol.

Thumperstain
Thumperstain

You have to wonder about your life decisions when you’re trolling bank threads.

DingDingDang
DingDingDang

What about people chasing a $10…..lol.
I find it absurd…..n entertaining.

DERRICK PIERCE
DERRICK PIERCE

I called the bank this morning to confirm that the rate has dropped to 2%. Lewis I’m with you. time to move on.

thumperstain
thumperstain

That giant sucking sound is the rush of money out of Affiliated Bank.

Betelgeuse ㊙️

Chuck This is down to 1.982.

LikeToLearn

Also on the phone they told me it will change to a min $5 per debit and the debits need to be spread out through the month—that part of the change won’t happen till next month—but the rate change is this cycle

thumperstain
thumperstain

Wonder why they think we’ll jump through hoops for a yield lower than a savings account? Money is gone.

Frank

Seriously, have fun trying to explain to people 1. the rate is half, 2. their debit card transactions are “too frequent” and 3. they need to spend $5 every time. What normal person is going to deal with that?

boo
boo

Are you going to wait until the end of the month or now? 2% is still higher than some I guess

DingDingDang
DingDingDang

Ma r Y Fowler needs to be here. Check Lewis post.

Market goes down 2000. My portfolio goes down $20,000. Market goes up 1,000. My folio goes up 5,000……. Lol.

It’s all rigged.

veeRob

My email to a customer support manager about the rate cut was replied with this email:

Unfortunately, the rate is subject to the market and debit card income we make from the different swipes. The first issue we ran into is an uptick of new accounts opened with debit card usage of under a dollar, this is our main source of income for us to be able to pay this rate. We are addressing this issue with as of April 16, the requirement for Debit Swipes will be 12 swipes of transactions over $5. The second issue is the market. The Federal Reserve met last week with an emergency meeting to drop their rates and from our understanding, will meet again on the 17th with the intentions of cutting rates even more. With the combination of the two, we were forced to lower our rates.

Blueskies
Blueskies

I just checked my account today and saw the rate drop so wanted to post the news here in case others wasn’t aware but see it’s already been noted. The bank tells me they’ve been paying this 4% rate for over a year now (too bad I wasn’t aware of it and one of the branches is only 15-20 minutes from me) but with the Feds dropping the rate and the high volume of recent accounts opened they decided to lower the rate. Well, that’s an understatement, but it is what it is and that’s what I said to the rep. He then proceeds to tell me how the Feds are going to drop the rate again, blah, blah and they will be following this closely and acting accordingly, but if later the Feds raise the rates, they’ll react accordingly. Well, slashing their rate in half with no advance warning doesn’t set that well with me. Also, he said they dropped the rate at the 1st of the month which to me is odd since their statement drops on the 3rd Thursday but of course if they had changed on that date everyone would have noticed the change when they checked their statement so hush, let’s keep mum about it and surprise them after they are already into the next cycle with their debits and ACH etc. Now I’m wondering if they are going to pay a blended rate (9 days at 4% and remainder at 2%) which they are required to do if the change wasn’t implemented until the 1st. Not making a hill of beans difference but just curious about their integrity. Oh they will since they sure don’t want bank auditors down their backs, but normally banks don’t change the rate within the cycle period in my experience.Oh well, starting the process of moving my money out. It was one of those been real, been fun, but not real fun deals.

Shaun
Shaun

Bank: We have an account that has these requirements.
Consumer: Does only the requirements
Bank: *shocked Pikachu face*

Does this stuff not come up in market research? Is my grocery store surprised when I only buy the things that are on sale and go someplace that is cheaper for everything else?

DingDingDang
DingDingDang

So much Trolls.

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