Offer at a glance
- Interest Rate: Up To 2.02% APY
- Minimum Balance: $1,000,000 for 2.02% APY
- Maximum Balance: N/A
- Availability:Â Nationwide
- Hard/soft pull:Â Unknown
- ChexSystems: Unknown
- Credit card funding:
- Monthly fees:Â None
- Insured: NCUA
Contents
The Offer
- Altra Federal Credit Union is offering a rate of up to 2.02% APY on their Indexed Money Market account. The tiers are as follows:
| Minimum Balance During the Month |
Dividend % Rate | Â Annual % Yield |
| $0-$249,999 | 0.099 | 0.10 |
| $250,000-$749,999 | 1.608 | 1.62 |
| $750,000-$999,999 | 1.755 | 1.77 |
| $1,000,000 & over | 2.001 | 2.02 |
If your daily balance falls below any of the thresholds, that’s what you’ll earn for that month (e.g if your balance is $0 one day and then $1,000,000 the next you’ll earn 0.10% APY for the full month).
Our Verdict
One of my predictions for 2018 was that savings accounts would hit 2%+ APY. Nice to get one out of the way early…Joking. I did say that would be for basic savings accounts with no action or balance requirements. I can’t see why anybody would really want $1,000,000 in cash in one account, as NCUA will only insure you up to $250,000. Plus there isn’t any big reason to be keeping quite that much money on hand unless you’re ultra wealthy and in that case I think you can find something better to do with your time than reading this blog. As always you can view the best savings account rates by clicking here.
