MarketUSA Federal Credit Union 3% APY Rewards Checking – Available Nationwide

Offer at a glance

• Interest Rate: 2.01%-3.01% APY
• Minimum Balance: None
• Maximum Balance: $15,000
• Availability: Nationwide
• Direct deposit required: Yes, $250+
• Additional requirements: See below
• Hard/soft pull: Unknown
• ChexSystems: Unknown
• Credit card funding: Unknown
• Monthly fees: None
• Insured: NCUA

The Offer

Direct link to offer

• MarketUSA has a VIP checking account that offers a rate of up to 3.01% APY. There are two tiers (Platinum is 3.01% and Gold is 2.01% APY). The requirements are as follows:
  • Enroll in eStatements
  • Have a monthly direct deposit of at least $250
  • Make at least 12 Visa debit card purchases per month ($5 minimum)
  • Platinum tier only: Make 3 bill payments per month

The Fine Print

• Direct deposit from a single source can not be used to meet the requirement for multiple accounts
• Debit card purchases must be posted to the account by close of business on the last business day of the month; purchase returns will reduce your number of transactions; multiple transactions of the same amount, on the same day, may cause your transactions to post manually, which will not count towards the qualification limits
• bill payments must be posted to the account by close of business on the last business day of the month, must be at least $20 each, and may NOT be made payable to Market USA FCU or to any non-business payee. Splitting a single bill into three payments does not qualify. Bill payments must be sent electronically to count towards the qualification requirement
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

This account doesn’t have any monthly fees to worry about.

Our Verdict

The 2% APY tier isn’t worth considering because there is an account offering 2% APY with no requirements. I don’t think the 3% APY tier is really worth considering either due to all the requirements and considering you can get up to 5% APY with other financial institutions. Maybe if it has high credit card funding it would be worth opening but I doubt it.

Hat tip to reader  Elena