Update 11/3/24: Rate reduced to 4%
Update 9/27/23: Interest rate has been increased to 5% again.
Update 2/2/20: Interest rate has been reduced to a maximum of 3%
Reposting 5/8/18 since interest rate went up from 3% to 4% (HT: Luke).
Offer at a glance
- Interest Rate: Max of 4%
3%APY - Minimum Balance: None
- Maximum Balance: None ($2,000 for top rate)
- Availability: Nationwide with $5 donation
- Direct deposit required: No
- Additional requirements: No
- Hard/soft pull: Mixed datapoints
- ChexSystems: Yes
- Credit card funding:
Up to $1,500 with Visa or MastercardNo longer offers credit card funding - Monthly fees: None
- Insured: NCUA
The Offer
- Premiers Credit Union offer a money market account with a reverse tiered interest rate (the more you have in the account, the lower APY you receive). The tiers are as follows:
- $0-$2,000: 4%
3%APY - $2,000-$5,000: 1.5% APY
- $5,000-$10,000: 0.75% APY
- Rates continue to decline
- $0-$2,000: 4%
This means the first $2,000 in the account will earn 4% APY, the next $3,000 will earn 1.5% APY etc.
Referral Bonus
You can also get a $50 bonus for signing up using a referral link. The person who refers you will also get a $50 bonus (up to $1,000). Reader Luke told us about this bonus and also that the account was a soft pull, his link can be found here. Feel free to share your own links in this linked post. DO NOT SHARE THEM IN THE COMMENTS BELOW!
The Fine Print
- No minimum deposit required to open an account.
- Limit one Money Market Account per social security number.
- Federal Regulation D states that you may make no more than six (6) automatic or preauthorized transfers from your share savings or money market account per calendar month.
- Certain withdrawal limits apply to Money Market Accounts, be sure to review your Membership and Account Agreement Disclosure for details.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
This account does not have any monthly fees to worry about. Unsure if there is any early account termination fee or not
Becoming A Member
There are a number of ways to join for free (but most people won’t be eligible). In addition anybody can join by making at least a $5 donation to Impact on Education (they will also match your donation).
Our Verdict
Problem with this account is only the 4% is interesting (and even the 1.5% isn’t that interesting). It’s nice that there are no requirements, but for most people it simply won’t be worth opening a new account for. If you max out the 4% then you’re only getting $80 annually in interest (and that doesn’t even include the opportunity cost of putting that money into another high interest account). I think most people would be better off opening another account for a bank account bonus instead.
You can view a full list of accounts with high APY’s available here. The other thing to mention is that this account is also relatively new (started January, 2017) so there is no guarantees this rate will stick around long term.
Hat tip to reader John S
It’s back down to 4% again. I was considering opening this but I guess they don’t plan on keeping the yield at 5% so forget it.
CC funding should be back at $1500
William Charles
For years I have been using the MMA as a hub account for moving funds around. Incoming/Outgoing ACH post quickly (1 biz day). Please use my referral for $50 sign up bonus https://www.pmcu.org/referred-by-a-friend/MXMUKLXLX/
Applied off referral link and went pending. Credit card funding is an option again. Up to $1,500.
I’d be skeptical of CC funding actually going through (would be great if it did!). It was technically an option when I signed up in June but never went through and Reps were useless when I called. Had to fund after opening with ACH. Easy referral bonus though.
Gee, Republic Bank of Chicago = 5.21% no limits, UFB Direct 5.25% and both with no strings. Plus, numerous other banks/CU are 5%. Why even bother with this? Unless I missed the point!
It’s because the 5%(on $2,000) isn’t dependent on FED rates so you want this for a small capped high yield savings account like DCU 6.17%(on $1,000), HEB 6%(on $2,000), Netspend 5%(on $1,000), Andrews FCU 5.75%(on $1,000) etc. Also with a $50 bonus makes it a better deal. I keep a collection of these accounts just in case rates do ever drop again.
What is the Andrews account that you have for 5.75%?
It’s called their “online savings account” and it’s only available for a limited time you have to apply by December 31st 2023. it’s 5.75% APY on the first $1,000. I already had an Andrews membership so I figured why not? Here is the link it’s not advertised.
https://www.andrewsfcu.org/Learn/Resources/Rates/Savings-Rates
I did notice that offer a few months ago. I messaged them at the time about it but they refused to give me that rate because I already had a savings account.
Well that’s a crock because it says it compliments the regular share savings. The rate was 5% originally then they stopped all new applicants. Then they brought it back again and raised the rate to 5.75%. Maybe try a different CSR they can be hit or miss.
You might be right that the initial deal was 5%, rather than 5.75%. Either way, I signed up back then. I think I might have even been the person that told DoC about that offer.
Are you saying that you did the initial deal like I did and have been earning 5% or 5.75% the entire time?
Yes correct I think it’s been around a year now so they automatically bumped up the rate from 5% to 5,75% I didn’t have to do anything. Many people on DA(depositaccounts.com) thought it was the interest rate that was going to expire at a set time but no just the ability to sign up for the account will end. These little accounts make great savings accounts for kids, I have a 10% savings account too on $1,000 but it’s a local only deal.
I checked my last statement and it doesn’t show the interest rate. It also doesn’t show “Details & Settings”. Where did you go to see that the rate changed from 5% to 5.75%?
Great question they only show it on this page; https://www.andrewsfcu.org/Learn/Resources/Rates/Savings-Rates
It’s also on your statement but the APY is a combined rate if you have more that $1,000 in there with interest. Anything over $1,000 is only .05%. I opened one for the wife too and asked about minors but no dice minors are not allowed unlike DCU.
I only have about $1 in that account so I didn’t earn any interest so the current APY didn’t show up on the statement. Even if the APY was 5.75%, the interest on $1 would round down to $0.
I’m probably going to put $15 in the account for November. That way even if I only earn .05%, I should still receive $.01 of interest and the APY should show up on the next statement.
Yep that should do it Anything from $12 to $1,000 should show the correct APY on the statement. Only thing is just make sure it’s in there for the entire statement cycle. It may even make a difference depending how many days are in a given month. Never the less it’s posted on that page and it’s correct according to my statements on both accounts.
I just checked my account. I received $.02 of interest for October and it shows an APY over 7%. That’s of course because $.02 was rounded up. This confirms that you are correct that the account does earn over 5% currently.
I’m a little annoyed that they gave me the wrong information when I inquired. I will probably move up to $1K into the account soon.
Thank you for letting me know.
No problem glad you figured it out. So many CSR’s are misinformed across the board at various FI’s it’s almost trial and error to see if you get a good one. With the latest FED news it’s making more sense to keep these small capped high yield accounts open. The FED should be hiking 2 more times if they really want inflation at 2%…..but alas we have an election year coming up so they may wimp out.
I found the service to be pretty good and friendly.
Meh, T-bills are higher
$10,000 Sweepstakes for opening a new account.
between 9/1/23 – 10/31/23 .
Open a deposit account and fund it by 10/31/23.
Automatically entered for a chance to win if you open any qualifying deposit accounts: Money Market, Holiday Club, Savings (not share savings), Checking, CD or IRA/HSA accounts.
Details: https://www.pmcu.org/payout/
fk UUUUUU scammer Premier Members Credit Union!!!!
The rate is again 5% APY and they’re running the $50 + $50 referral bonus.