Posted by William Charles on January 19, 2019
Savings Accounts

Published on January 19th, 2019 | by William Charles

1

[WA only] Verity Credit Union 5% APY On Balances Up To $10,000 (First Six Months Only)

Offer at a glance

  • Interest Rate: 5%, first six months
  • Minimum Balance: None
  • Maximum Balance: $10,000
  • Availability: WA only
  • Direct deposit required: None
  • Additional requirements: See below
  • Hard/soft pull: Soft
  • ChexSystems:  Unknownsomewhat sensitive
  • Credit card funding: Up to $1,000
  • Monthly fees: None
  • Insured: NCUA

The Offer

Direct link to offer

  • Verity Credit Union is offering a 5% APY on balances up to $10,000. The catch is that this rate is only available for the first six months and you have to complete the following requirements each month:
    • 12 or more debit point-of-sale transactions
    • Receive e-Statements
    • Log in to online banking at least once

The Fine Print

  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

There are no monthly fees to worry about.

Our Verdict

After the first six months the account earns 2% APY and you still have to do the requirements. That makes it worthless as other high yield accounts earn up to 2.5% APY with no requirements. This isn’t really a true high yield account because it’s only available for the first six months, it’s best to think of this as a savings account bonus. You basically get a maximum of $250 and have to have $10,000 deposited for six months and meet the requirements each month. Compared to other savings account bonuses this is a weak offer and in my opinion not worth it. Because of that we won’t be adding this to our list of the best savings accounts.

Hat tip to reader Roberto

 



1
Leave a Reply

avatar
 

  Subscribe  
newest oldest most voted
Notify of
Matt P
Matt P

Any bank account that requires me to make debit card purchases to get the rate are an automatic hard pass.

Back to Top ↑