Well hello there! Let’s dive into the world of American banking, shall we? The Federal Reserve has been busy, hiking interest rates and all. But rather than just groan about the extra interest on your credit card debt, let’s look at the bright side. You know that part where your checking and savings accounts are fetching you record-hitting interest yields. Yep, you heard me right, my friend!
Want proof? Let me take you to the cheese-lovers’ paradise, Wisconsin, where we have a Credit Union, Landmark, offering a jaw-dropping 7.5% APY on their high yield checking account. I hear you saying, “No way! Checking accounts practically offer peanuts!” Well, my friend, Landmark begs to differ! They are topping the charts, and they’re not alone.
The Other Dark Horses in the Race
Let’s move our cheese and go to Michigan! At Alpena Alcona Area Credit Union, catch a seven-month certificate of deposit (CD) that finds you a whopping APY of 7.19%. Imagine having your bucks sit safely under the federal wing, relaxing and earning a fixed interest on your hard-earned money.
But Wait, There’s a Catch!
As enticing as these offers sound, these ain’t no free lunches! Most such high-interest rates come dressed in tights. For instance, they would ask you to one of their eligible members, which ain’t always the catch you can score!
Remember how all credit unions aren’t your typical money-grabbing financial institutions; they serve certain communities or groups. And yes, membership ain’t universal.
Take the case of our highflier from Wisconsin. Their premium checking is exclusively tailored for residents in some parts of Illinois. Here’s another kicker – this lofty 7.5% applies only to the first $500 deposited. For any amount over, you’re back down to earth with a modest 0.11% APY.
So, What’s the Sneak Peek into These Accounts?
Well, here are some quick facts about them.
Landmark Credit Union Premium Checking Account
- Striking APY: Earn 7.5% on balances up to $500, and 0.11% for amounts over that, subject to conditions.
- Watch out for that $30 overdraft fee!
- Carpool a minimum of $35 for this ride.
- Membership: Strictly for folks in qualifying areas of Illinois.
Alpena Alcona Area Credit Union Seven-Month CD
- APY: Get 7.19%, making Michigan colder, yet hotter!
- Be ready for penalties if you prematurely break your CD.
- A minimum deposit of $500 to get started.
Evolve Federal Credit Union
- A lucrative 7% APY on balances up to $10,000, but only if you slide that debit card for at least 30 transactions in a month.
- Mandatory $9 monthly service charge, unless you do 15 monthly debit MasterCard transactions.
Chasing High APYs? Here’s the Hack!
Fret not if the above sound like a mirage! Right now, there’s a deluge of competitive savings options that welcome you with open arms! Don’t just sit there! Put your money to work for you!
Thanks to the Fed’s recent moves, it’s a good time to dive into high-yield savings accounts! SoFi steals a march with 0.5% APY on checking balances. No minimum deposit, no direct deposit fuss.
Looking for better? The market is bustling with high-yield savings accounts offering APYs north of 5%. The cherry on the cake? Compound interest!
How about Some Helpful Guides?
Looking for more tips on managing your savings, sprucing up your credit, or, perhaps, gathering your settlement payments? Take a look at our guides below!
– [How to Claim Your Money From Facebook’s $725 Million Legal Settlement]
– [The Best (and Worst) Ways to Start Building Credit, According to an Expert]
– [More Stimulus Checks? These States Are Still Sending Tax Rebates to Millions of Residents]
Remember, the economy is a roller coaster ride. Fasten your seat belt; it’ll be one hell of a ride!
—