Update 9/3/24: Rate is now 5%, was 7%.
Update 6/29/23: $350 bonus no longer offered
Update 3/21/23: You can now get a $350 bonus as well. Bonus broken down as follows:
Get $200 when you:
Open your new checking account
Sign up for Online Banking and eStatements
Complete 10 debit card purchases (excluding ATM transactions)
$150 when the account has been open for one year
Update 1/7/23: Increased from 5% to 7%. There’s also a referral program whereby each party gets $100.
Offer at a glance
Interest Rate: 5% 7% APY
Minimum Balance: None
Maximum Balance: $5,000
Availability: ID, WA & OR. More details here
Direct deposit required: Yes, $200+
Additional requirements: See below
Hard/soft pull: Soft
ChexSystems: Unknown
Credit card funding: Can fund with a credit card, up to $5,000
Monthly fees: None
Insured: NCUA
The Offer
Gesa Credit Union is offering balances 5% APY on balances up to $5,000 when they following requirements are met:
Enroll in eStatements
Make a monthly direct deposit of over $200
Complete 15 debit card transactions
Provide and maintain a valid email address
Limit one account per member
The Fine Print
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
This account has no monthly fees.
Our Verdict
I’m guessing we will start seeing a lot more of these high yield savings accounts.