Update 3/22/19: Reader John Doe reports that this offer ends tomorrow, March 23. (Update #2: may be valid through entire March). Update 3/25/19: offer seems to have expired.
Offer at a glance
- Interest Rate:Â 2.75% APY
- Minimum Balance:Â $1,000
- Maximum Balance:Â None stated
- Availability:Â Nationwide (see below)
- Hard/Soft Pull: Soft pull
- Chex Inquiry: Yes
- Credit Card Funding: Yes, $500 Limit
- Monthly Fees: None
- Insured:Â NCUA
The Offer
- Grow Financial Credit Union is offering a money market account with 2.75% APY interest, guaranteed for 12 monthly statement cycles.
The credit union has branches in Florida and South Carolina, but it sounds from this comment like anyone can call in and open an account over the phone.
The Fine Print
- The promotional APY quoted is effective for the twelve monthly statement cycles.
- 0.00% APY on balances $0.00 to $999.99.
- The promotional APY applies only to new funds deposited to the credit union.
- Offer may expire at any time without notice.
- After the promotional APY expires, the APY you receive will revert to the Money Market variable tiered rate as follows: 0.00% APY on balances less than $1,000, 0.30% APY on balances $1,000 to $9,999.99, 0.35% APY on balances $10,000 to $24,999.99, 0.55% APY on balances $25,000 to $49,999.99, 0.85% APY on balances $50,000 to $99,999.99 and 1.00% APY on balances over $100,000.
- The APYs are accurate as of 02/01/2019 and may change without notice after the account is opened.
- This is a tiered account. Variable Rate Account.
- Fees could reduce earnings on the account.
- There is a limit of six withdrawals per month in accordance with Federal Reserve Regulation D.
Membership Eligibility
Being a member of Costco or Sam’s Club makes you eligible, along with various other groups. Full details here (click through to see full list). See this comment for additional membership option with $5 donation.
When becoming a member, you’ll open a savings account to begin your membership. Even a $1 deposit is enough for that.
The credit union has branches in Florida and South Carolina, but I believe anyone can become a member, and it sounds from this comment like anyone can open up this money market account over the phone.
Our Verdict
2.75% is far significantly higher than all other available options on a no-strings-attached savings accounts. Rates haven’t been rising recently like they used, and locking in a year at 2.75% is quite good. Just keep in mind that the rate will presumably be reduced to their standard, non-promotional rates (between .3% and 1%) after the year is up.
Depending how much cash you have on hand to deposit and how much of hassle you find opening accounts can help you decide if it’s worth it. As an example, someone with $100,000 deposit will earn an extra $250 on the account over the course of a year when compared to a 2.50% APY account, and will earn an extra $750 on the account over the course of a year when compared to a 2% APY account.
Also nice that there’s $500 in credit card funding. Hard pull status is currently unknown, but sounds like there isn’t a hard pull since they mention clearly the Chex inquiry which is something of an indication that it’s the only thing they check.
Thanks to reader Matt K for sharing this bonus and arizonapv for additional information.
