Fitness Bank 5% APY When You Have An Average Of 12,500+ Steps A Day

Update 11/16/23: There’s now a referral bonus for signing up

Update 1/17/23:  4.25% for savings and 5.00% for checking up to $25k

Update 10/3/22: Top rate increased to 3.6%

Update 4/6/20: Rate reduced to 1.9%

Update 3/9/20: Rate has decreased to 2.1% APY

Update 11/25/19: Rate will decrease to 2.3% APY on December 1st.

Update 11/7/19: Rate has been decreased to 2.6% APY

Update 8/31/19: Rate has been decreased to 2.75% APY from 3% APY.

Offer at a glance

• Interest Rate: 2.75%
• Minimum Balance: $100
• Maximum Balance: None listed?
• Availability: Nationwide
• Additional requirements: Have an average of 12,500 steps a day
• Hard/soft pull: Unknown (soft according to customer service rep)
• ChexSystems: Unknown
• Credit card funding: Can fund up to $2,500 with a credit card
• Monthly fees: $10, avoidable
• Insured: FDIC

The Offer

Direct link to offer

• Fitness Bank offers a saving bank offering up to 3.6% APY. To receive this rate you need to be opted in for online banking and download the step tracker (this can be linked to Apple Health, Google Fit, Fitbit and Garmin). The rate you receive depends on the average daily steps:

 

The Fine Print

• The interest rate on this account is based on the Average Daily Steps from the prior month.
• Rate updates for average daily steps from the prior month are reviewed no later than the second Monday of the following month.
• The initial APY will be 2.50% until the rate adjustment date following first full month that the account has been opened.
• Rates are valid for accounts opened online and require a valid email address.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

This account has a $10 monthly fee, this is waived if you have a $100 daily balance.

Our Verdict

Never heard of fitness bank before, but it’s a division of Affinity Bank. This account is really only worth considering if you average 12,500+ steps a day, otherwise you’d be better off with another high yield savings account. I can also see this as a good motivator for people that want to improve their fitness. Will be interesting to see if it’s a hard or soft pull. If anybody has any experiences with this account please share them in the comments below. There is also a senior version of this account for those over 65 years of age with a slightly smaller step requirement.

Hat tip to reader Sasha & midas89