[Expired] [WA only] Gesa Credit Union 5% APY Rewards Checking ($5,000 Maximum)

Looks like this account is no longer being offered, click here to view the best high yield savings accounts.

Offer at a glance

• Interest Rate: 5% APY
• Minimum Balance: None
• Maximum Balance: $5,000
• Availability: Must open in branch all locations in WA [Branch locator]
• Direct deposit required: Yes, or ACH auto debit
• Additional requirements: eStatements, 18 debit card transactions
• Hard/soft pull: Soft 
• ChexSystems: Unknown
• Credit card funding: Yes, but will most likely code as cash advance
• Monthly fees: None
• Insured: NCUA

The Offer

Direct link to offer

• Gesa Credit Union is offering 5% APY on balances up to $5,000 on the Premier Checking account when the following requirements are met each qualifying period:
  • Make 18 debit card transactions
  • Have at least one direct deposit or ACH auto debit
  • Receive eStatements
• Gesa Credit Union also offers 5% APY on balances up to $500 on the Super5 savings account. Doesn’t seem to be any requirements for this

The Fine Print

• Balances over $5,000 and non-qualifying Premier Checking accounts earn 0.05%.
• Rates may change after the account is opened.
• To qualify for 5% APY and unlimited number of domestic ATM fee refunds (limit of $4.99 per ATM transaction), you must meet the following requirements per each qualifying period: 1. Make 18 debit card transactions (excluding ATM transactions/inquiries.) 2. Have at least one direct deposit or ACH auto debit. 3. Receive eStatements.
• The qualifying period begins with the first day of the calendar month and ends on the last day of the calendar month at 6:00 P.M. Pacific Time.
• If you do not meet requirements for qualifying period your account will be non-qualifying and receive reduced dividend rate of 0.05% APY and no ATM fees will be refunded for the qualifying period.
• No monthly fees and no minimum balance required to open or maintain account.
• Limit of one Premier Checking or Colossal Checking account per member.
• On February 1, 2020, Premier Checking accounts will convert to Colossal Checking accounts. Fees could reduce earnings. Offer can end at any time.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Neither account has any monthly fees to worry about

Our Verdict

So on February 1st, 2020 this account automatically returns into a Colossal checking account. That account only earns 3% APY on balances up to $10,000. Because you’re really only getting this 5% APY rate for a little over a year, I don’t think it makes sense to sign up. Especially when no requirement high yield saving account rates on the raise and you could sign up for a savings bonus instead of this account.

Hat tip to reader test12345