I haven't seen anything on this, so figured I'd start the topic and share my experience so far.
Langley FCU, known here for their lovely 5% monthly category credit card, has an apparently new offering called MyDesign Checking.
That part is your standard free credit union checking - early payday, free checks, no mins, etc. What's interesting is you can choose 1 of 3 addons.
Steady Saver earns 5% on upto $25k in high-yield savings AND gives access to MyDesign savings, which also earns 5% but is limited to a max of how much can be deposited at once. Max $100 weekly, $200 biweekly, or $500 monthly. Now, these both are savings accounts in the truest sense and are limited to 1 withdrawl per month, otherwise the interest rate for that month drops to 0.5% or so. So something to keep in mind.
Worry-Free forgives a couple non-sufficient funds lapses and 2 ATM fees per month.
Ride Rebate credits 10% of the interest paid on a Langley auto loan.
Technically, you can go for all 3 with the aptly named All-in bundle, but that has a $10 monthly fee.
Now for my experience. I applied last night with no prior relationship and live in Texas, so nowhere near them. I went for Steady Saver, but the app selected Ride Rebate instead - no problem; it's easily changed online once open. Regular credit union application process - I enter all my info and it basically says thanks and we'll let you know. Next morning, I get a couple emails that my account's been approved! Painless registration and all that. Possibly since their app selected the wrong one for me, after changing my addon to Steady Saver, I had to manually add the high-yield savings and MyDesign savings accounts. Also easy - it even had a banner telling me I'm missing out on them! Since I've just opened them, I don't have any funds in there yet but I'm hoping those weekly vs bi vs monthly caps on the MyDesign savings means that I can put a whole $500 in the last week and a half of October here. I'll update with my results.
@FicoMike0 wrote:Interesting. Is there a sub?
Not specifically for this, but Langley does have a $50 new member referral program.
Just to update, I was able to put the full $500 for October into the Steady Saver! It had to be set up as an automated monthly transfer from the checking. Since I'm not planning on actually using the checking, I suppose I will need to remember to send $500 a month over to the checking.
Not really, the savings rate is still decent, but I can get better elsewhere. I do have a pre-approval for their 5% card now! I may take the up on that in the future...