Hey guys,

So theres a CU around here that offers 3.05% APY for checking balances of $0 - $10,000

http://www.veritycu.com/cartwheel/faq.php

There are some simple caveats

Yes, as long as you enroll in eStatements, login to Online Banking at least once per month and make twelve or more debit card purchase transactions per cycle, you will qualify and receive your rewards.

I really want to sign up for this, but it really seems too good to be true. Can somebody tell me how this isn't a mob front?

Thanks, as always

That offer is not too good. The best offer at a bank here is for 5.01% APY for up to $25,000 with 10 debit transactions per month, online banking and at least one deposit per month. The next best offers are another local bank and a local CU with 4.01% each.

These offers are possible because they are capped ($10,000 is a low cap) and because many people forget to fulfill all conditions.

Be careful on the debit card transaction requirement. Some banks mean when you run the debit card as a signature transaction, not a pin transaction.

Wouldnt making 10 transaction a month be a disadvantage, if you are trying to make money.

Ah ok, good! So as long as I meet those (which I will, hardest is debit transactions) I should be awesome. It seems people arent as surprised by the high rate as I am (which is good).




They say they count both. Basically I want to just do 12 small transactions on day 1, then penfed to carry me home.

Thanks for the feedback guys!

I run 12 to 15 debits a week and I get 4.00 at where I bank but the cap is 25k Balance. not as good as when I signed up. If they go lower Im closing the account

I did not realize these things were so apparent. Well I guess I'll sign up then!

The CU where DH works and another local (competing) CU that we actually have our auto loan through offers higher rates. Right now DH's CU is offering 5.01% (will be dropping in July) and the other CU is offering 4.01%.

I have Alliant CU which doesn't have those requirements. It's less APR though. But I just keep it as a savings account and I'm good to go. I don't have any local CU that has better APR's.

I have one for 5.01% APY up to $25000 with 8 debit transactions per month.

I would never play a game like that unless the "up to" was 250,000...not risking my deposit with a debit card.

Ugh, Debit card is only dagerous if you dont use it wisely. I dont mean not use it.
Also, you can also lower the daily authorization limit.

Here are my tips

Have two accounts preferably at a different banks both with debit cards.
Have one that is used only for web, mail, fax and phone transactions.
Have another checking that used for in person purchases and atms.
Do not use it at pay at pump, pay inside.
When using a pin cover the entry so people and camera do not see what you put in.
Lower your daily authorization limit to $1,000
Check your checking accounts online at least every two business days.
Only write one or two checks that have debit cards attached to the checking account

Find a bank that has instant capture for debit cards. Which means after you swipe your card (signature or pin) you will be able to go home and see the transaction online.

So far, Alliant is the only one I've seen that does not require any debit transactions to get the higher APY. The APY is below some of the others mentioned here, but I think still a good deal for the debit card-averse among us.