Not bad, but sounds both temporary and selective.
Like other savings accounts, look out for the limit of six monthly withdrawals, along with some other downsides:
Like other savings accounts, look out for the limit of six monthly withdrawals, along with some other downsides:
- Monthly service fee. You need to maintain a daily balance of $3,500 to waive the $12 monthly fee.
- Initial deposit requirement. Though a low requirement, you need $25 to open an account.
- Overdraft fees. You're charged $34 for each overdraft transaction, or $10 if you have overdraft protection.
- Interest rate. The highest APY of 2.15% is only available for the first 12 months, and only if you open an account with at least $25,000 with an agent. Otherwise, rates range between 0.05% and 0.1%, which is far lower than other savings products.