Many of us are familiar with the nationally available Consumers Credit Union checking account which offers up to 4.09% APY on balances up to $10,000, more details in this dedicated post. The account used to be better than it is now, and some of us still have it from back then.
There’s also a special offer on a linked savings account:
- Consumers Credit Union offers an interest rate of 1.50% on a savings account when you deposit between $50 and $1,000 each month.
All you’ll need to do to earn this higher dividend is have a CCU Checking account and the following:
- Deposit a minimum of $50, up to a maximum of $1,000 to Smart Saver each month
- Direct or mobile (remote) deposit or ACH credits totaling $500 or more to your CCU Checking monthly
- eDocuments enrollment
Without a checking relationship, the interest rate is .25%APY
Initially you won’t be gaining a ton by using this account over using a regular high yield savings account since it’s only $1,000 at most. But if you continue depositing $1,000 each month you can accumulate a nice balance and earn the high interest rate on the entire amount. (Of course that assumes they maintain the high rate on the account.)
Those who are doing the Consumers CU checking high-yield account are already fulfilling the $500 deposit requirement, and it’s simple to get this high savings account rate. Not sure if I’d open a Consumers CU checking and savings to do this deal, but someone who is already doing the checking deal can easily just deposit $1,000 per month and get a good rate.
We’ll add this to our List of Best High Yield Savings Accounts.
Hat tip to reader Justin