Posted by William Charles on May 12, 2016
Checking Accounts

Published on May 12th, 2016 | by William Charles

2

[VA & NC only] Beacon Credit Union 5.05% APY On Balances Up To $2,500

Offer at a glance

  • Interest Rate: 5.05%
  • Minimum Balance: $300
  • Maximum Balance: $2,500
  • Availability: You live, work, worship, or attend school in, and businesses and other legal entities located in Amherst County, Appomattox County, Bedford County, Campbell County, Rockbridge County, Pittsylvania County, Caswell County NC, Rockingham County NC, Roanoke County, Botetourt County, City of Lynchburg, City of Lexington, City of Buena Vista, City of Danville, City of Roanoke, City of Salem, City of Reidsville NC, City of Eden NC, Town of Altavista, Town of Appomattox, Town of Bedford. (Region 2000), and the township of Vinton. Other ways to be eligible found here
  • Direct deposit required: Yes, $100+ per month
  • Additional requirements: Make at least 15 debit card transactions
  • Hard/soft pull: Unknown
  • Credit card funding: Unknown
  • Monthly fees: None
  • Insured: NCUA
  • Expiration date: None listed

The Offer

Direct link to offer

  • You can receive a 5.05% APY on Beacon’s Choice Plus Checking account when you meet the following requirements:
    • Make at least 15 debit card transactions each month
    • Receive a direct deposit of at least $100
    • Have an average daily balance of at least $300

beacon 5.05 apy

The Fine Print

  • A 0.15% APY is paid on the portion of account balances over $2,500 for each month the requirements are met.
  • A rate of 0.15% APY will be paid on all balances over $0.01 each month the requirements are not me
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
  • Rates and terms for this account are effective October 7, 2011 and subject to change.
  • Interest is compounded monthly.
  • Choice Checking accounts are subject to credit qualification.
  • $100 minimum opening deposit required.

Avoiding Fees

There are no monthly fees to worry about and you also shouldn’t need to worry about an early account termination fee as you’d want to keep this account open long term for the high APY.

Our Verdict

This isn’t really worth the effort since there are other 5% APY accounts out there with less requirements that also allow you to have a balance of up to $5,000. It’s a shame this one is so difficult to get the better rate on, but at least I don’t have to be jealous I don’t live in the qualifying area.

Hat tip to Maximizing Money



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tbradnc
tbradnc

Pretty insane amount of work for 5% on just $2500….

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