Offer at a glance
- Interest Rate:Â 7%
- Minimum Balance:Â $500
- Maximum Balance:Â $2,500
- Availability:Â Â Select counties in PA
- Additional requirements: Must be new money
- Hard/soft pull:Â Hard pull?
- ChexSystems: Unknown
- Credit card funding:Â Up to $1,000. Visa, Mastercard, Discover & American Express all accepted. Unsure if this works on CDs though.
- Insured:Â NCUA
The Offer
- TruMark Financial is offering a 7 month CD with a 7% APY on balances from $500-$2,500. Money must be new to TruMark
The Fine Print
- Annual Percentage Yield accurate as of 4/15/18.
- Certificate of Deposit (CD) requires a minimum deposit of $500 and has a maximum deposit amount of $2,500.
- New money only.
- IRA CD option not available.
- Maximum one CD per membership account and unique person.
- A membership account is opened under an individual’s Social Security number who is listed as the primary accountholder.
- Penalty for early withdrawal.
- Business accounts are not eligible.
- Offer subject to change without notice. Click here for disclosures.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Only fees are early withdrawal penalties (e.g lost interest)
Our Verdict
You’d obviously want to put the full $2,500 in. Over the 7 month period you’d earn ~$102. Basically a savings account bonus of $100, keep in mind the lost interest/opportunity cost. For example if you put the same $2,500 into a 2% APY account you’d earn ~$29 and in a 5% APY account you’d earn ~$73. Personally I don’t think this CD is worth doing despite the high rate due to the $2,500 limit and possibility of a hard pull. Plus you’re really earning under $100 when you consider the lost interest. As always the best high yield savings accounts can be found here. The best savings account bonuses can be found here.
Hat tip to reader Steve R
