[WA only] First Financial Northwest Bank 12% APY Checking Account ($1.2k Maximum Balance, First Year Only)

Offer at a glance

• Interest Rate: 12% APY, first year only
• Minimum Balance: None
• Maximum Balance: $1,200
• Availability: WA only
• Direct deposit required: No
• Additional requirements: None
• Hard/soft pull: Unknown
• ChexSystems: Unknown
• Credit card funding: Unknown
• Monthly fees: $12, avoidable
• Insured: FDIC

The Offer

Direct link to 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