[Expired] [IN, MI, OH, IL, WI] New Buffalo Savings Bank: 2.27% APY On Balances Up To $15,000 & $25 Amazon Giftcard

Update 2/9/21: Account no longer offered.

Originally posted on 04/03/17. Reposting on 10/30/17 due to negative changes. Buffalo Savings Bank has sent out a letter stating a number of negative changes to the account:

• Maximum balance reduced to $15,000 (previously $35,000). Effective 12/15/17 for existing account holders
• They expect the account to be used for everyday expenses and reserve the right not to credit interest if they feel you are only trying to qualify for the rate

If you’re looking for a new savings account due to these changes, I’d start here.

Hat tip to David A

Offer at a glance

• Interest Rate: 2.27% APY on balances up to $15,000 when requirements are met. 0.02% if requirements are not met
• Minimum Balance: None
• Maximum Balance: $15,000 for 2.27% APY, account then earns 0.25% APY on balances over this
• Availability: IN, MI, OH, IL, WI only
• Direct deposit required: No
• Additional requirements: See below
• Hard/soft pull: Soft
• ChexSystems: Unknown
• Credit card funding: None 
• Monthly fees: None
• Insured: FDIC

The Offer

Direct link to offer

• New Buffalo Savings Bank offer a 2.27% APY account on balances up to $15,000 when you complete the following requirements:
  • Have at least 12 debit card purchases post and settle
  • Be enrolled in and agree to receive E-Statements
  • Be enrolled in and log into online banking
  • Valid e-mail address

 

Referral Bonus

You can also get a $25 Amazon gift card by referring a friend (both parties receive a $50 Amazon gift card). The requirements are as follows:

• Enter e-mail
• Open a free Kasasa checking account with New Buffalo Savings Bank
• Qualify for your Kasasa account rewards within 180 days (same requires as needed for 2.27% APY rate)
• Once we verify your qualifications, your gift card is delivered by email

Thanks to reader Kalf8483 for mentioning this bonus, this is their link. Feel free to share your link (once) in the comments. Note the referral bonus states it’s limited to Michigan, Indiana and Illinois – not sure if that is actually enforced or not. You can generate your own link here.

Avoiding Fees

This account has no monthly fees to worry about

Our Verdict

I like the fact that there is no monthly fees and also direct deposit isn’t required. In general these requirements are pretty easy to complete (here are some ideas on how to meet those debit card requirements). The downside is that they state they must be everyday transactions and reserve the right not to award the APY if they feel they aren’t every day transactions. The APY is higher than a basic high interest account, but not as good as most rewards checking accounts. The upside is that you also get the $50 Amazon gift card as well.

Much less useful due to the much smaller cap.

Hat tip to reader Connor C