Genisys Credit Union, a financial institution based in the Midwest that’s open to anyone, is currently offering a high-yield checking account with up to 6.75% annual percentage yield (APY).
The average interest rate for a checking account is 0.08% according to the FDIC, so this account offers a rate multiple percentage points above the national average.
However, you’ll have to meet some requirements and deal with some limitations to earn that interest rate.
How to get 6.75% APY on a Genisys Credit Union checking account
Genisys Credit Union is a credit union that anyone can join, and there are numerous ways to qualify for membership.
To become a member, you need to either live, work, worship, attend school, or own a business in specific parts of Michigan, Minnesota, or Pennsylvania, have an immediate family member who’s part of the credit union, or be a member of either the Arthritis Foundation or the Paint Creek Center for the Arts. You can join both of those associations while applying for membership to Genisys.
Once you’re a member, you’ll need to open Genisys Credit Union Genius High Yield Checking. This account does not have minimum balance requirements or monthly service fees, and it is also a rewards checking account. In order to earn the high APY, you’ll need to do the following:
- turn on eStatements
- Use your Genisys debit card at least 10 times each month for non-ATM transactions of at least $5.00
Once you do that, you’ll earn 6.75% APY on any money in the account up to $7,500. After the first $7,500, you’ll only earn 0.05% APY. This may be less of a big deal for a checking account than it is for high-yield savings accounts because checking accounts are primarily used for spending while savings are more suitable for building your savings. Still, to make sure you’re making the best possible use of your account, make sure you keep an eye on how much is in your account.
Other banks with high rates
While Genisys is offering an incredibly high rate for its checking account, there are other checking accounts that offer high rates that you might prefer. Here are some competitive rates on high-yield checking accounts from other banks and credit unions.
Genisys Checking Account FAQs
The Genisys Credit Union Genius High Yield Checking has a $5 minimum opening deposit, and it doesn’t come with any monthly bank maintenance fees. You do have to keep an eye out for its overdraft fees, however; if you overdraft, you’ll have to pay a $28 fee unless you set up overdraft transfer protection, which still has a $3 fee.
Yes, Genisys Credit Union is NCUA-insured, which means your money is safe up to $250,000 per account type, per depositor.
Genisys offers a high-yield checking account, which means that the account gives you a high interest rate on the money you keep in it. If you meet the requirements, you can earn up to 6.75% APY.
Having a high-yield checking account can be good for earning money on whatever funds you keep out of savings for your expenses. Just keep in mind what the limitations of the account are and look out for high bank fees.
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