[VA & NC only] Beacon Credit Union 5.05% APY On Balances Up To $2,500

Offer at a glance

Interest Rate: 5.05%
Minimum Balance: $300
Maximum Balance: $2,500
Availability: You live, work, worship, or attend school in, and businesses and other legal entities located in Amherst County, Appomattox County, Bedford County, Campbell County, Rockbridge County, Pittsylvania County, Caswell County NC, Rockingham County NC, Roanoke County, Botetourt County, City of Lynchburg, City of Lexington, City of Buena Vista, City of Danville, City of Roanoke, City of Salem, City of Reidsville NC, City of Eden NC, Town of Altavista, Town of Appomattox, Town of Bedford. (Region 2000), and the township of Vinton. Other ways to be eligible found here.
Direct deposit required: Yes, $100+ per month
Additional requirements: Make at least 15 debit card transactions
Hard/soft pull: Unknown
Credit card funding: Unknown
Monthly fees: None
Insured: NCUA
Expiration date: None listed

Contents

1 The Offer
2 The Fine Print
3 Avoiding Fees
4 Our Verdict

The Offer

Direct link to offer

You can receive a 5.05% APY on Beacon’s Choice Plus Checking account when you meet the following requirements:
- Make at least 15 debit card transactions each month
- Receive a direct deposit of at least $100
- Have an average daily balance of at least $300

The Fine Print

A 0.15% APY is paid on the portion of account balances over $2,500 for each month the requirements are met.
A rate of 0.15% APY will be paid on all balances over $0.01 each month the requirements are not me
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Rates and terms for this account are effective October 7, 2011 and subject to change.
Interest is compounded monthly.
Choice Checking accounts are subject to credit qualification.
$100 minimum opening deposit required.

Avoiding Fees

There are no monthly fees to worry about and you also shouldn’t need to worry about an early account termination fee as you’d want to keep this account open long term for the high APY.

Our Verdict

This isn’t really worth the effort since there are other 5% APY accounts out there with less requirements that also allow you to have a balance of up to $5,000. It’s a shame this one is so difficult to get the better rate on, but at least I don’t have to be jealous I don’t live in the qualifying area.

Hat tip to Maximizing Money