Other Savings Accounts with 7.52% APY?

Anonymous · ‎07-06-2016

The local CU (Obee) offers a 7.52% APY savings account. Catch is, it's only for the first $500 in the account. I've got a silly dream of finding more of these offers and establishing a bunch of small savings accounts across the country. Anyone know of organizations that'll help me achieve my dream?

DantGwyrdd · ‎07-06-2016

That's a nice rate, the closest thing I know of that's similar is DCU which has an APY of 3.04% on the first $500 in the primary savings account.

Anonymous · ‎07-06-2016

@DantGwyrdd wrote:
That's a nice rate, the closest thing I know of that's similar is DCU which has an APY of 3.04% on the first $500 in the primary savings account.

Nice! Thanks for the tip. I'll update this thread as I find more options - Need to max out my IRA contribution for the this year before I worry about anything else, so I've got a bit of time to research.

Anonymous · ‎07-06-2016

@Anonymous wrote:
The local CU (Obee) offers a 7.52% APY savings account. Catch is, it's only for the first $500 in the account. I've got a silly dream of finding more of these offers and establishing a bunch of small savings accounts across the country. Anyone know of organizations that'll help me achieve my dream?

I know of another CU that you qualify for by living in WA that has a 'First5' account with a higher rate for the first $500 would be Spokane Teachers, or STCU - their rate is 5% for that first $500, but unlike Obee you don't have to contend with direct deposit requirements to qualify

Good luck in your search!

Anonymous · ‎07-06-2016

@Anonymous wrote:
@Anonymous wrote:
The local CU (Obee) offers a 7.52% APY savings account. Catch is, it's only for the first $500 in the account. I've got a silly dream of finding more of these offers and establishing a bunch of small savings accounts across the country. Anyone know of organizations that'll help me achieve my dream?

I know of another CU that you qualify for by living in WA that has a 'First5' account with a higher rate for the first $500 would be Spokane Teachers, or STCU - their rate is 5% for that first $500, but unlike Obee you don't have to contend with direct deposit requirements to qualify

Good luck in your search!

Awesome! That's at the top of my list, now. Thanks for the tip!

So, we've got:

Obee: 7.52%

STCU: 5.09%

DCU: 3.04%

If I budget carefully I should be able to match my IRA contribution this year - Just need to find 8 more CUs...

Anonymous · ‎07-07-2016

@Anonymous wrote:
@Anonymous wrote:
The local CU (Obee) offers a 7.52% APY savings account. Catch is, it's only for the first $500 in the account. I've got a silly dream of finding more of these offers and establishing a bunch of small savings accounts across the country. Anyone know of organizations that'll help me achieve my dream?

I know of another CU that you qualify for by living in WA that has a 'First5' account with a higher rate for the first $500 would be Spokane Teachers, or STCU - their rate is 5% for that first $500, but unlike Obee you don't have to contend with direct deposit requirements to qualify

Good luck in your search!

Also in WA is BECU, which is 4% on the first $500 in both savings and checking.

Anonymous · ‎07-07-2016

Rewards Checking accounts can give decent returns if you don't mind jumping through a few hoops. I'm with Lake Michigan Credit Union for their Max Checking account. 3% APY on up to $15,000 as long as you have a direct deposit, make at least 10 monthly purchases on the debit card associated with the account (for any amount), choose electronic statements, and log in to online banking 4 times a month.

Consumers Credit Union has a variable APY up to 4.69% on up to $20,000 based on monthly debit card charging (you need to spend $1000/mo on the debit card to qualify for the best rate).

Also, getting a secured credit card from Netspend gives you access to a savings account where they'll give 5% APY on up to $5000, as long as you use the card periodically.

Anonymous · ‎07-07-2016

Netspend has a secured credit card? I thought they were a prepaid debit card.

Anonymous · ‎07-07-2016

@Anonymous wrote:
Netspend has a secured credit card? I thought they were a prepaid debit card.

Those terms seem like the same thing to me.

Anonymous · ‎07-07-2016

@Anonymous wrote:
@Anonymous wrote:
Netspend has a secured credit card? I thought they were a prepaid debit card.
Those terms seem like the same thing to me.

They aren't.