Update: They also have a St. Louis Blues checking account with the same 3.0% APY rate on balances up to $25,000. I assume you can have the EPIC & St. Louis Blues account. Hat tip to curmudgeon
Offer at a glance
- Interest Rate: Up to 3.05%
- Minimum Balance: None
- Maximum Balance: $25,000
- Availability: Must live in a select county in MO/IL. They seem to be areas around St Louis
- Direct deposit required: None
- Additional requirements: Debit card purchases, see below
- Hard/soft pull: Hard pull
- ChexSystems: Unknown
- Credit card funding: None
- Monthly fees: None
- Insured: NCUA
The Offer
- Scott Credit Union is offering 2.05-3.05% APY on balances up to $25,000. To receive these rates you need to receive eStatements and:
- For 2.05% APY rate you need to use your debit card to make between $750 and $1,499 in purchases
- For 3.05% APY rate you need to use your debit card to make $1,500+ in purchases
Avoiding Fees
This account has no monthly fees to worry about.
Our Verdict
The downside to this account is obviously the debit card requirement, if you put that $1,500 spend onto a 2% card you’d be earning an additional $30 a month. That also doesn’t take into account things like meeting minimum spend requirements which give an even better return. Although if you had $25,000 in this account earning 4.05% APY you’d earn be earning ~$84.37 a month compared to $52 a month in a 2.5% APY account so it’s fairly comparable. That being said often it’s possible to make purchases using a debit card that you can’t do using a credit card, in cases like that this product could be very useful. This could be an interesting high yield product for some people. As always please share your experiences in the comments below.
Hat tip to Adam L
The post [MO, IL only] Scott Credit Union – Up To 3.05% APY On Balances Up To $25,000 appeared first on Doctor Of Credit.
Written by Doctor Of Credit @ https://www.doctorofcredit.com
Written by Doctor Of Credit @ https://www.doctorofcredit.com