[FL Only] Liberty Savings Bank 3% APY On Balances Up To $25,000; 1.5% Savings Account On Up to $50,000; $25 Referral Bonus [Rate Drop]

Update 10/3/21: They lowered the rate on the savings portion of the account to 0.50% effective October 01, 2021. The checking earns 1% on up to $25,000 while the savings earns 0.50%. Hat tip to reader JC

Update 10/7/20: Rate will drop to 1% APY on November 1, 2020.

Update 9/29/20: They just changed it from nationwide to Florida only. Assume those who already have the account are fine nationwide.

Offer at a glance

Interest Rate: 3% APY/1.5% APY
Minimum Balance: None
Maximum Balance: $25,000/$50,000
Availability: ~~Nationwide~~ Florida
Direct deposit required: No
Additional requirements: 12 debit transactions
Hard/soft pull: Soft
ChexSystems: Yes
Credit card funding: None
Monthly fees: None
Insured: FDIC

Contents

1 The Offer
2 The Fine Print
3 Referral Bonus
4 Avoiding Fees
5 Our Verdict

The Offer

Direct Link to offer

Liberty Savings Bank offers the Big Interest Bundle checking account with 3% APY on balances up to $25,000 when you have 12 debit card transactions on your account each month. Must also be enrolled in eStatements.
When meeting the checking account requirements, you are also eligible to open a Big Interest Savings account and get 1.50% APY on balances up to $50,000.

The Fine Print

Your account must meet specific qualification criteria to earn the interest rate(s) disclosed above. To earn the rewards rate, your Big Interest Checking account must i) be enrolled in our electronic statement delivery product (eStatements); and ii) must have completed 12 debit card transactions (excluding ATM transactions) each monthly statement cycle using the Debit Card(s) linked to this account. To earn the rewards rate on your Big Interest Savings account, you must have a Big Interest Checking account that meets the requirements above.
When the qualifications above are met during a monthly qualification cycle, (1) Checking balances up to $25,000 receive an Annual Percentage Yield or APY of 3.00%, and balances of over $25,000 earn 0.50% APY on the portion of balance over $25,000. (2) Big Interest Savings account balances up to $50,000 receive APY of 1.50%, and balances of over $50,000 earn 0.50% APY on the portion of balance over $50,000. (3) When Big Interest Checking account qualifications are not met, all balances in the account earn 0.05% APY. Rates are effective 4.10.20 and are subject to change without notice. (4) Some fees may apply, refer to our current Schedule of Fees.

Referral Bonus

There’s also a referral bonus of $25 for the referrer and $25 for the new member. Do not ask or offer referrals in the comments below, instead head over to this dedicated thread to exchange emails.

To receive the $25 Refer-a-Friend bonus: 1) Your friend needs to be a new Liberty Savings Bank (LSB) customer, open a LSB checking account and make one LSB debit card purchase (excluding ATM transactions). After that, we’ll deposit the $25 bonus into your LSB checking account and $25 into your friend’s LSB account within 10 business days. Bonuses are considered miscellaneous income, and may be reportable to you and the IRS on Form 1099-MISC (or Form 1042-S, if applicable). The $25 Refer-a-Friend bonus is valid for one account per friend or social security number. Liberty Savings Bank, F.S.B., Member FDIC. This is a limited time offer and subject to change without notice. Not valid with any other offer.