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,
(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
- 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
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.
This account has no monthly fees to worry about
Seems like a relatively good account and I’m sure this will be very popular due to the referral bonus.
Hat tip to reader Jeffrey T