Porte Bank 3% APY On Balances Up To $15,000 [Added Requirements]

Update 3/27/22: Reposting as there isn’t much time left to meet the new requirements (see below and the comments for much discussion).

Update 1/1/21: Referral bonus no longer being offered

Update 10/1/21: Porte is reducing the APY:

Effective January 1, 2022

The interest rate earned on an average daily balance of $15,000.00 or less will be reduced from 2.97%
with an APY of 3.00%, to 0.20% with an APY of 0.20%. You may, however, earn a higher interest rate of 2.97% with an APY of 3.00% on an average daily balance of $15,000.00 or less if you meet the following qualifications during a calendar quarter:

(i) receive at least $3,000.00 in Qualifying Direct Deposits of payroll, pension, or government benefits payments from an employer or government agency into your Porte Spending Account in a calendar quarter,
AND
(ii) make at least fifteen (15) Qualifying Debit Card Purchase Transactions with a merchant for goods or services (excludes transfers and/or cash withdrawals) from your Porte Spending Account within a calendar quarter.

You must meet the criteria for both the Qualifying Direct Deposit and Qualifying Debit Card Purchase Transactions during the calendar quarter in order to earn the higher interest rate for such quarter. The Bonus Savings Rate does not apply to the portion of an average daily balance greater than $15,000.00

Update 9/5/21: Referral bonus now down to $50

Update 5/9/21: Referral bonus is now up to $100 for each party from May 4 – September 4th, 2021. (Previously it was $50 for each party.) Do not share referrals in the comments below, instead go here to find a referral.

Offer at a glance

Interest Rate: 3% APY
Minimum Balance: None
Maximum Balance: $15,000
Availability: Nationwide
Direct deposit required: Yes, $1,000+
Additional requirements: None
Hard/soft pull: Soft pull
ChexSystems: No
Credit card funding: Unknown
Monthly fees: None
Insured: FDIC

The Offer

Direct link to offer

Porte Bank is offering 3% APY on balances up to $15,000 when the following requirements are met:
- Receive a direct deposit of $1,000 or more per month

Referral Bonus

Porte Bank is offering a bonus of $50 when you refer a friend (both the person referring and being referred get $50) and they open a new account, complete a direct deposit and activate the debit card. Referral links don’t show the $50 bonus but once you go through account set up it does state “you and your friend are eligible for a $50 bonus.” Do not share your referrals in the comments of this post. ~~They can be shared in this linked post instead.~~ You’re limited to receiving ten referral bonuses so keep that in mind.