Offer at a glance
- Interest Rate:Â 12% APY, first year only
- Minimum Balance:Â None
- Maximum Balance:Â $1,200
- Availability:Â WA only
- Direct deposit required:Â No
- Additional requirements:Â None
- Hard/soft pull:Â Unknown
- ChexSystems: Unknown
- Credit card funding:Â Unknown
- Monthly fees:Â $12, avoidable
- Insured:Â FDIC
The Offer
- First Financial Northwest Bank is offering 12% APY on balances up to $1,200 in your first year. This really just works out to be a bonus of $144
The Fine Print
- Special available through December 31, 2018. An interest rate of 12.00% and an *Annual Percentage Yield (APY) of 12.00% will be paid on that portion of your daily balance up to $1,200 for the first 12 months the account is open; the interest rate after term ends will be determined at that time.
- An interest rate of 0.10% will be paid for that portion of your daily balance that is greater than $1,200; the APY for this tier will range from 12.00% to 0.39% depending on the total balance in the account. For example, if the total balance in the account is $10,000, you would earn 12.00% APY on the first $1,200 and 0.10% APY on $8,800, resulting in a blended APY of approximately 1.53%. Rates may change after the account is opened.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
This account has a monthly fee of $12, this is waived if you receive a direct deposit of $500 or more.
Our Verdict
This deal honestly kind of sucks, you need a monthly direct deposit otherwise there is a $12 monthly fee. If this was a straight sign up bonus of $144 that required a monthly direct deposit I wouldn’t suggest it and just because they have made it seem incredible with the 12% APY rate it doesn’t make it a good deal. If you want good bank sign up bonuses, click here. If you want good high yield savings rates, click here.
Hat tip to reader Diego
