Accelerator Checking Account Benefits: -Earn 6.00% APY dividend, no minimum balance -Refunds on any ATM surcharges -Free online banking and Bill Payer -Free e-mail notices of monthly activity
Account Requirements: -Conduct 12 debit card transaction per month -Sign up for e-statements -Access online banking at least once a month
Who is eligible? * Work or reside in Thurston, Lewis, Grays Harbor, Clark, Pierce, Whatcom, Snohomish, Mason, Cowlitz, Pacific, Wahkiakum, Kittitas, Kitsap, and/or King counties. * Work, or reside within the boundaries of the following school districts in King County: Auburn, Bellevue, Northshore, Enumclaw, Federal Way, Issaquah, Kent, Lake Washington, Tahoma, Mercer Island, Renton, Seattle, Highline, Shoreline, Snoqualmie Valley, Riverview, Tukwila, Vashon Island, Skykomish. * Approved Preferred Business Partner. * Retired from the previously listed fields of membership. * Relative of a member in good standing.
via Bankdeals guy...
Called them.. Update: Hardpull (Chexsystem) Need $25min Savings Account
theCompDude said:What kind of stupid requirement is it to conduct 12 debit card tx / month!
The kind that hopes to keep out the stupid rate chasers. I guess TSCU aren't aware of what some people are willing to do to get $250 out of BofA's 'keep the change' program.
What is it about Washington State that spawns such great CU deals?
Twin Star was started at a credit union for teachers many years back (then, Thurston County Teacher's Credit Union). They still allow former teachers to join, even though they don't live in the area. I'll call tomorrow and ask what "retired from the previously listed fields of membership" means and will post.
I wonder what their track record is - if this is a new checking account, or if it has been around for a while and if it has, what's the rate history on it. If it's not gonna last longer than a few months - it might not be worth all the trouble of getting into this CU.
jairocon said:I wonder what their track record is - if this is a new checking account, or if it has been around for a while and if it has, what's the rate history on it. If it's not gonna last longer than a few months - it might not be worth all the trouble of getting into this CU.
Good point....might be like the current HSBC deal, and only last for a few months...as far as the 6% rate is concerned...And since it probably is a bit tricky to qualify for, and that you have to do all those debit transactions every month...So those are things to consider....
It says on their website it's not a teaser rate. Their words. They do say it is a variable rate and may change. Check the FAQ, they seem sincere enough. Somehow I don't think they have anticipated the Internet effect.
dolmar said:WhiteGuy said:Anyone know if you can you sign up for an account 100% online? No need to go into branch to sign a signature card?
I can get a PO box in one of those counties and claim to live there
Why bother? Just get a Membership in Korean Women's Association for $30 bucks 1X fee. And you can open the account via mail.If I read the requirements above correctly, you not only have to be a member but also reside in either Thurston or Pierce counties. Am I correct? Hopefully I'm wrong though.
I had asked for a membership package by mail couple of days back. I got the package yesterday.
Even tho the CSR told I need to be there in person to signup, the membership package says otherwise. It has a form called "Mail-in New Membership Application"
Everything can be done without a visit to the b&m bank, you just need to send them a *notarized* signature card.
CSR also told they only do a soft pull, and can linkup many ACH external transfers.
I wonder why they would pay 6% for checking when the rest of their rates are so low?
6.00% Checking 1.01% Savings 2.75% Money Market 4.75% 12 Month CD 1.75% Business Checking
The rate does drop to 0.25% if you do not meet the 'requirements' -- so I must use my debit card 12 times/month - should not be a problem since I buy a pop refill at the store everyday for $0.86.
I do notice you do have to make actual debit card purchases (ACH transfers don't count):
If I use my Debit Card at an ATM, will that transaction count toward my requirements? No, ATM transactions do not count toward the requirements. Only point of purchase transactions count (pin entered or signature based).
The 12 debit card transactions requirememt is a big problem for those of us looking for rates for parked money, not a primary checking account (which is probably most of us). Even with my own main checking account, there are months where I don't come close to 12 debits.
sfchris said:The 12 debit card transactions requirememt is a big problem for those of us looking for rates for parked money, not a primary checking account (which is probably most of us). Even with my own main checking account, there are months where I don't come close to 12 debits.
I want to use the account to park money and I don't see this as a problem at all. If I am washing $100,000 a month, every day counts and to be able to keep it in this checking account rather than transferring out of some savings account, this saves me real money. Also, the atm rebates save me real money. And the higher interest rate makes me real money. Money is fungible and if you don't need "separate" accounts to keep your 0% BT money in order, this account is the best thing ever. You can even set up your Chase cards to automatically debit the minimum payment from this account so that all you have to worry about is manually paying the balance in full at the end of your offer.
I use a debit card for lunch every day. With the interest I am earning on this account I will basically be eating my lunch for free and my "free lunch" will help ensure I am getting the free atm withdrawals and the super yield. Its a wonderful circle of life and I am happy as can be until they lower the rates below emigrant, amtrustdirect (5.36) or HSBC....
WalStMonky said:theCompDude said:What kind of stupid requirement is it to conduct 12 debit card tx / month!
The kind that hopes to keep out the stupid rate chasers. I guess TSCU aren't aware of what some people are willing to do to get $250 out of BofA's 'keep the change' program.
What is it about Washington State that spawns such great CU deals?
First, I bet the Credit Union makes money off of the debit card transactions, so this helps them to boost the yield. Second, if anything, having to join the washington-based Korean Woman's Association ($30.00 per year) is the sort of thing that they might hope to keep out "stupid rate chasers," but as a white anglo male living in New York, I have often felt that Korean women in Washington ought to be supported more and I was going to join their association in Washington as soon as I found out where they were headquartered....
"The Korean Women's Association was founded as a social club more than 30 years ago in 1972 to ease its members' culture shock. Today, it has become a major institution that hosts and administers 22 social services/programs serving more than 1,500 clients of 17 different national backgrounds and languages each month." Lets support our fellow humans, join their club and make a buck at it to boot.
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