Posted by William Charles on March 7, 2020
Savings Accounts

Published on March 7th, 2020 | by William Charles

47

Western Vista Credit Union Rewards Checking 4% APY On Balances Up To $15,000

Offer at a glance

  • Interest Rate: 4% APY
  • Minimum Balance: None
  • Maximum Balance: $15,000
  • Availability: Nationwide Membership in Western Vista Federal Credit Union is open to anyone through membership in the Community Foundation ($5 donation)
  • Direct deposit required: Yes, no minimum specified
  • Additional requirements: See below
  • Hard/soft pull: Hard pull
  • ChexSystems: Unknown
  • Credit card funding: Unknown
  • Monthly fees: None
  • Insured: NCUA

The Offer

Direct link to offer

  • Western Vista offers the panorama checking account, this account offers 4% APY on balances up to $15,000 when the following requirements are met:
    • eStatements
    • Make at least 10 debit card transactions of $5 each
    • Set up direct deposit

The Fine Print

  • Each qualification cycle will begin on the last business day of the preceding monthly statement cycle, and end on the second business day that immediately precedes the end of the current month’s statement cycle (“qualification cycle”).
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

This account has no monthly fees to worry about

Our Verdict

We need to know if this is a hard or soft pull, if it’s a soft pull it’s definitely competitive with other rewards checking accounts especially with other places reducing rates recently.

 



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Gadget 🕵️

And in swoops the peanut gallery…

Per DepositAccounts.com, “Membership in Western Vista Federal Credit Union is open to anyone through membership in the Community Foundation ($5 donation).”

Fee Schedule ETF: Account closed within 90 days of opening = $15.00

Looney Tunes
Looney Tunes

Will be interesting to see how long this one takes to limit membership or even stop taking applications.

Girth Mcgertz
Girth Mcgertz

Yikes

Eric
Eric

What part of that is so bad?

Vy
Vy

Go go Gadget Copter!

Girth Mcgertz
Girth Mcgertz

I submitted my info to them, lets see what happens.

Sheri Richters
Sheri Richters

Please let us know.

LaHossBoss
LaHossBoss

Plz post your DP on if it was a HP for you or what. Thx!

Looney Tunes
Looney Tunes

So to get the $50 a month in interest, you’d have to make $50 in purchases a month (of course depends on what is acceptable for their debit card purchases).

Hmmm!

Eric
Eric

I decided I’m going to apply. There are no monthly fees so there’s not much risk in trying it out. They will probably limit membership soon like Peoples did.

Kentucky Grits
Kentucky Grits

If u can’t meet that you don’t belong….lol.

Eric
Eric

That’s odd that there was no way to actually apply for the account. I had to submit a message on the website. Maybe they want to limit how many people get an account. That’s pretty smart of them if it’s the case.

bob
bob

also, that means almost certainly that no CC funding

LaHossBoss
LaHossBoss

I did too. Plz post DP if it was HP or not, thx! I will do likewise.

Curmudgeon
Curmudgeon

William Charles Also get up to $25/month in ATM rebates (max $5 per transaction) if you qualify for the 4% rate

Kentucky Grits
Kentucky Grits

Good in NE Samoa? We are part of Merica.

Ferris
Ferris

Small Credit Union that makes almost no money despite being loaned out 108%. The Fed just dropped rates 0.50% and they will drop another 0.5-0.75% in 11 days. This will certainly NOT last. This is the type of Financial that regulators force to merge when a recession hits or they go under.

Kentucky Grits
Kentucky Grits

Smell like Troll 😂 Spirit…..

Ferris
Ferris

Nope, I literally looked at their Financial Statements and follow the Fed Funds futures. They barely make any money and are leveraged in their loaned out ratio. That means they are more or less peaked out in profit unless they had some significant one-time expenses. If they lose loans, they lose revenue – typically an average of a 5% APR per loan and will only make 0.50% on that cash instead (Fed will likely drop 0.75% 3-18), which means they will make 4.50% less per deposit.

Frank

Makes sense on why to offer this account then — boost deposits so they look better to the regulator. Will be fun to see DoC’s blog when one of these blows up

Ferris
Ferris

Correct, assuming the US Gov’t doesn’t go bankrupt.

Johnz
Johnz

William Charles regarding Hard/soft pull: Western Vista did a hard pull of Experian when I became a member Sept last year. Don’t know yet if they do another pull for an existing member to open the checking account.

LaHossBoss
LaHossBoss

I bit and sent the email to see about signing up. Back up plan for when/if my other checking dips its interest rates down. Doesn’t hurt to be prepared! The requirements are easy enough to maintain.

DingDingDang
DingDingDang

More Free 💰.

Aaron
Aaron

After my foray into these high interest checking accounts with Orion and seeing what happens I believe my appetite for these are done. Deal seekers/gamers like us are just a death knell for these.

Kentucky Grits
Kentucky Grits

Spoke with Chiquita 😁😋😊👍 of Customer Service,. Amazon reloads are fine n dandy. Just do it till it hurts. In other words All’s Well till it isn’t.

John
John

Any idea if hard pull or soft?

parkdanil

I’m not understanding how this is profitable, spend 50 a month to get 50 in interest. Is there some angle I am missing?

Steve

If you spend the $50 on things you would buy anyway, you’re just losing the amount of rewards that your credit card would’ve given you, e.g., 5% of $50 is $2.50. So you’d make $47.50 per month.

(But if you kept your money in a regular savings account earning 1.85% that’d give $22.93 per month. This 4% account would give you an extra $24.57 per month.)

Looney Tunes
Looney Tunes

Most are hoping that alternative debit purchases (cash app, venmo, amazon reloads, etc.) will work to meet the requirement and thus make it “profitable”.

Kentucky Grits
Kentucky Grits

I’m not understanding how these accounts r profitable for the Bank. If it isn’t Y would they not just get rid of them.

Frank

Any single account isn’t but in bulk, with people failing requirements, with the debit card transaction fees, they get a “not too high” capital boost. Obviously gamers drive that cost up but in general its effective — most people stick to 1 bank account. Not open 1 per month

Rashamaanu Ramirez
Rashamaanu Ramirez

How much does a bank get in fees on a 69 cents 🍌 purchase?.

Frank

You’re over paying for bananas. Market price is 30 cents at most

Richard
Richard

It’s $50.00 you would have spent anyway, so your getting your money back. You have to buy gas, groceries, etc. Or you can keep your money in an interest free account and make nothing. I have money in WYHY credit union and they pay 4% also. Never changes even with FED rate cuts. Better than nothing.

John
John

Richard,

Do online purchases [reloads] satisfy the “12 debit card transactions” per statement, requirement for WYHY CU?

Richard
Richard

If it shows up on your statement as a debt card purchase showing the last four numbers of your debit card it counts.

anthonyjh21
anthonyjh21

Well there’s a first for everything. They want me to have my application notarized:

“Thank you for reaching out. In order to sign up, we’d need to do a quick application over the phone. It’s minimal information and then we do a ChexSystems and credit report pull. There are a couple signatures needed and the application has to be notarized because you wouldn’t be signing in front of a Western Vista employee. Also, all members are required to have a primary savings account that acts as their membership. In addition to that, if you don’t live in Wyoming, then a contribution to our foundation is also required to be eligible for membership and $5 is the minimum that is asked. If you’d like to proceed, let me know when a good time to reach out via phone and I’ll give you a call. “

LaHossBoss
LaHossBoss

Same thing I got. Lotta legwork for this account.

honey dew
honey dew

Tried this too. Definitely a hard pull. And definitely a real payroll for DD. So no no. I don’t understand why any applicant should be “punished” with HP not for borrowing money, but for giving his money to FI.

Bleh
Bleh

What convinced you that you need real payroll for DD?
Have you tried using ACH for DD and failed?

honey dew
honey dew

Because I received this:
In order to sign up, we’d need to do a quick application over the phone. It’s minimal information and then we do a ChexSystems and hard credit report pull. There are a couple signatures needed and the application must be notarized because you wouldn’t be signing in front of a Western Vista employee. Also, all members are required to have a primary savings account that acts as their membership. In addition to that, if you don’t live in Wyoming, then a contribution to our foundation is also required to be eligible for membership and $5 is the minimum that is asked. In order to meet qualifications to receive the 4%, a payroll direct deposit is required. This cannot be a transfer from another account you have to the Panorama. If you’d like to proceed, let me know when a good time to reach out via phone and we can give you a call.

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