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Hi, I'm Kevin and I'm an attorney, writer, gig economy expert, side hustler, and the blogger behind Financial Panther. I paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer. I started this blog to share all I know about personal finance, travel hacking, and making more money by side hustling. Click here to learn more about me.
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Getting More From My Emergency Fund With 3% and 5% Interest Savings Accounts

Last Updated on April 7, 2022November 3, 2020 60 Comments
This post may contain affiliate links.Financial Panther has partnered with AwardWallet and CardRatings for our coverage of credit card products. Financial Panther, AwardWallet, and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.

A strategy that I’ve used over the past five years or so is to take advantage of what you could call “mega high-yield savings accounts.” While your typical high-yield savings account pays 1% interest or less, mega high-yield savings accounts are savings accounts that pay much more – as much as 3-5% interest. This is money held in an FDIC-insured savings account as well, which means there’s no risk in keeping your money in these accounts.

The downside of these 3-5% interest savings accounts is that there are often limitations or hoops you have to jump through to get these accounts fully set up. For example:

  • All of these accounts limit how much you can earn at that mega high-yield interest rate. You’ll typically be able to earn 5% interest on up to $500 or $1,000 for each savings account. There are enough of these accounts that you can open up multiple accounts earning these rates, which allows you to earn mega high-yield rates on more significant sums.
  • Some of these mega high-yield savings accounts require more set-up work compared to others. For instance, some of these accounts require more involved work to get them open. Others require you to automate certain transactions to keep the accounts fee-free. That said, it isn’t that much work, especially once you have everything set up and automated, but it is some work nonetheless. 

For me, taking advantage of these 3-5% interest savings accounts makes a lot of sense. I generally earmark these funds for my emergency fund or for more short-term goals where I can’t risk any loss (a house downpayment fund, for example). Here’s how my emergency fund is divided up, for instance: 

I currently have over $37,000 that I earmark as an emergency fund. $17,000 of it earns 5% or more interest. The rest of it earns 3% interest. It’s a big emergency fund, but it’s also money that is earning a rate of return that beats inflation. When you think about it, these accounts allow me to get the best of all worlds – I get the safety of a savings account while also getting a high rate of return.

I have an admittedly more complicated money system compared to most people. It works for me because I find doing this stuff interesting, especially once I get everything automated. For some people, having this many different accounts might seem more complicated than it’s worth. I just think of these accounts as just one big pool of accounts. Most require a little bit of setup, but once they’re done, they all run themselves. 

I’ve continued to modify my 3-5% accounts as different accounts fade out or as I learn about new ones. In this post, I’ll be listing all of the 3-5% interest accounts I know about that don’t require a ton of work to maintain. That means this list only includes mega high-yield accounts that can be automated and don’t require you to do a lot of manual transactions each month.

List of 5% Interest Accounts

Here’s a list of all the 5% interest accounts I use, organized from the easiest, most straightforward to use, to the ones that require the most work to set up. 


Digital Federal Credit Union (6.17% Interest On Your First $1,000). Digital Federal Credit Union (DCU) is probably the easiest mega high-yield bank account to set up. The savings account offers 6.17% interest on your first $1,000 (everything above $1,000 earns 0.25% interest). If you have two people in your household, you’ll be able to open up an account for both people, allowing you to put away $2,000 at 6.17% interest. 

The DCU savings account has no monthly fees, so this is an easy set it and forget it account. The minimum balance is $5, so you’ll notice that your “available balance” will always be minus $5 since you have to leave $5 in the account to keep it open.  

Interest is paid monthly, so at the beginning of each month, I log into my DCU account and pull the interest I earned back into my regular savings account. You don’t have to do this, but it’s just something I’ve gotten into the habit of doing each month. 


Service Credit Union (5% Interest On Your First 0). Service Credit Union has a savings account that earns 5% interest on your first $500. The savings account has no fees, so this is an easy account you can open and use to park some of your emergency fund. Interest is paid monthly, so I pull the interest out at the beginning of each new month.

In addition, Service Credit Union is currently offering a $75 signup bonus if you sign up for the promotion via a referral link. To earn the bonus, you have to do the following: 

  1. Register for the $75 referral promotion using a referral link (here’s my referral link).
  2. Open a checking account with Service Credit Union (I recommend opening the Everyday Checking Account).
  3. Have direct deposit of net pay of at least $500 per month into the new checking account.
  4. Account must be open and in good standing for a minimum of 90 days.
  5. Referee must enroll in e-communications.
  6. The $75 bonus will be deposited to the checking account of both the referee and referrer 120 days after the referee’s account is opened as long as all criteria met.

Service Credit Union has some membership requirements in order to join, but they’re easily met. Follow the below steps to open your Service Credit Union Account.

  1. First, you need to join the American Consumer Council (ACC). Go to the ACC membership website here to get your membership. Enter the code “consumer” in the membership code section for your free membership (if that doesn’t work, try entering the code “service”). You’ll then get an email with your membership certificate.
  2. After getting your ACC membership, go to the Service Credit Union website here, click the “Open Now” box, and then click “New Member Account.” 
  3. Under “Select Your Eligibility,” click the box that says you are a member of the American Consumer Council. Then enter your ACC membership number found on the membership certificate that was emailed to you. 
  4. Under required products, choose Primary Savings.
  5. On the final application page, you can upload documents before submitting your application. The documents you’ll want to upload are your ACC membership certificate, a picture of the front and back of your driver’s license, and something to verify your address, such as a utility bill or home insurance policy. You don’t have to do all of this at this point in the application, but if you don’t, you will receive an email from someone at Service Credit Union asking you to send them this information before your account can be approved. 
  6. Even if you upload all of the required documents, you may get an email from the membership department asking you to send them these documents. Just keep an eye out for this email and send the documents again if you do receive this email.
  7. Once approved, you’ll get a welcome email with your member number. To set up online access, go back to the main Service Credit Union website and sign up for online banking. To sign up, you’ll need your member number and your “Call 24” pin. Your pin number is the last four digits of your SSN. Once you enter this info, you’ll be able to set up your username and password to access online banking. 

Netspend Accounts (5% Interest On Your First $1,000; Can Open Five Accounts Per Person). I’ve written extensively about Netspend in this post: Netspend Account: The Ultimate Guide to a 5% Interest Savings Account. You’ll want to read this post carefully if you’re interested in taking advantage of these accounts.

The short of it is that these are prepaid debit cards that offer an FDIC insured savings account that earns 5% interest on the first $1,000 in each account. You can have a total of 5 different Netspend accounts, so that means each individual can have up to $5,000 earning 5% interest. Interest is paid quarterly, so at the beginning of each quarter, I withdraw all of my earned interest back into my regular high-yield savings account.

The catch with these accounts is they require doing a little bit of research so that you understand how to use these accounts. The post I wrote is long – over 5,000 words. But if this is something you are at all interested in, you’ll want to read through all of it carefully. Netspend can have a lot of hidden fees, but these are all easily avoided with some simple automation. So long as you follow the steps outlined in that post, you’ll never pay any fees. I’ve had my Netspend accounts open for over 5 years now and have never had any issues.  


H-E-B Debit Account (6% Interest On The First $2,000). The H-E-B Debit Account is a separate product from the H-E-B Prepaid Netspend account. This means that it’s possible to have both the H-E-B Debit Account and the H-E-B Netspend account. 

This account was a bit weird. I was initially able to open it without issue but then found my account was closed the next day. I figured it was because I already had 5 Netspend accounts and that you couldn’t get the H-E-B Debit account as a result. 

Strangely, however, a few months later, I received an email stating that my account had been closed in error and that it was now reopened and I was even getting a $50 bonus as a courtesy. My wife received the same email on her account. I have no idea what happened, but I’m not complaining. 

After my account was reopened, I transferred $2,000 over to it, activated the savings account, and moved the money into that. My wife and I now have $2,000 each earning 6% interest. 

Related: The H-E-B Debit Card 6% Interest Savings Account. 


Other 5% Interest Accounts. If you take advantage of the above savings accounts, you’ll have $8,500 set aside earning 5% or more interest. You’ll be in an even better situation with a two-person household – that’ll put you at $17,000 earning 5% or more interest. I think that’s a good emergency fund for most people.

Depending on your situation, you may be able to take advantage of a few more 5% interest accounts. These accounts have some limitations or requirements that make them unavailable to everyone. Here are some additional 5% interest accounts you may be able to use:

Blue Federal Credit Union (5% Interest On Your First $1,000). Blue Federal Credit Union has a savings account that offers 5% interest on up to $1,000. The downside is that you cannot have your balance go above $1,000 on this account, so it requires a bit more monitoring. In addition, Blue Federal Credit Union seems to be very sensitive when approving new accounts. My understanding is that this account is more hassle than it’s worth.

T-Mobile Money (4% Interest On Your First $3,000; Must Be A T-Mobile Customer). This account offers 4% interest on up to $3,000. There are transaction requirements, however, and you have to be a T-Mobile customer to qualify for this account. Check the requirements to see if it makes sense for your situation. 

List of 3% Interest Accounts 

If you’ve maxed out your 5% accounts, you’ll need to move onto 3% interest savings accounts. Luckily, you have a lot of options here for 3% interest accounts that don’t require a lot of work to maintain.

Here’s a list of the 3% interest savings accounts I’ve used, starting with the easiest ones to set up. 


Current (4% Interest On Up to $6,000). Current is a fintech banking app that offers a savings account that pays 4% interest on up to $2,000. The premium plan used to cost money, but now is free. If you have the premium plan, you can open three savings accounts per person. That means you can put away $6,000 earning 4% interest. Here’s a post I wrote that gives you more info on Current and how it works: Current Bank App – 4% Interest Savings Account On Up To $2,000.


Service Credit Union (3% Interest On Up to $3,000).  In addition to the 5% interest account mentioned previously, Service Credit Union also has a savings account called the Holiday Club Account. This account has no fees and offers 3% interest on your first $3,000. My recommendation is that when you open the 5% Rainy Day Savings account, you should also open the 3% Holiday Club Account as well.  


Workers Credit Union (3.56% Interest On Up to $1,000).  Workers Credit Union is a federal credit union based in Massachusetts. Their SaveUp Savings account offers 3.56% interest on up to $1,000. That makes Workers Credit Union a good location to store additional emergency savings.

Note that Workers Credit Union has a weird fee schedule. They charge an inactivity fee if you have no debits or credits within 365 days. This shouldn’t be a problem for most people since you can simply withdraw the interest at least once per year to avoid this fee. 

In addition, Workers Credit Union also has fees if you do ACH transfers from the Workers Credit Union website. To avoid this, make sure to initiate any ACH pushes or withdrawals from an external bank account.


HMBradley (3% Interest On Up To $100,000). HMBradley is a fintech bank that offers 3% interest on up to $100,000. To qualify for the 3% interest, you have to do the following: 

  1. Have a real direct deposit of any amount go into the account each month; and
  2. Save at least 20% of your deposits that go into your HMBradley account each quarter.

If you do both of those things, you’ll qualify for the 3% interest for the next quarter. Note that the interest is paid monthly, but the qualifications are determined on a quarterly basis. That means if you meet the requirements in Q1, you’ll earn the 3% interest rate on your funds in Q2, and so on. 

The thing that confuses most people about this account is the requirement to save 20% of your deposits. Basically, think of it this way. Add up everything that goes into your HMBradley account for the quarter. You can withdraw up to 80% of your deposits in that quarter and still qualify for the 3% interest rate for the next quarter. For example, if you deposited $10,000 in a quarter, you can withdraw $8,000 and you’ll still qualify for the 3% interest rate next quarter. Here’s an FAQ from HMBradley that explains in greater detail how to earn the 3% interest rate.

Right now, I use HMBradley for part of my emergency fund. I’m also using it as a place to hold my house downpayment fund. I think if you’re saving for something big like a house downpayment, HMBradley makes a lot of sense. You’ll earn a high-interest rate on money that would otherwise be doing nothing. And when you’re ready, you can just pull all your money out. 

Unfortunately, HMBradley recently moved to an invite-only model. I’m out of referrals, so you’ll need to get a referral from someone who has referrals to give out. If you’d like to leave your referral in the comments, feel free to do so. 

Update: HMBradley has moved to a new model where you can only earn the 3% interest if you open an HMBradley credit card and meet certain requirements (spend $100 on the credit card per month and have a direct deposit of $2,500 per month). While some people might be able to meet these requirements, for most, these new requirements effectively destroy HMBradley as a useful high-yield savings account. I’ve opted to move much of the money I have in HMBradley into I Bonds (more info about I Bonds can be found here).


Final Thoughts 

At the moment, I have over $37,000 that is earmarked as my emergency fund. $17,000 is divided between multiple 5% interest accounts. The remaining is earning 3-4% interest with Current, Service Credit Union, and Workers Credit Union. 

Taking advantage of these mega high-yield accounts isn’t for everyone. It admittedly adds a layer of complexity that might not make sense for you. But if you’re someone looking to get the best of all worlds when it comes to your emergency fund, these are the accounts you can use. 

For additional information, be sure to check out my post, Where To Get 5% Interest Savings Accounts, where I walk through how I’m maximizing my emergency fund.

Additional Notes: I’ve had a lot of people ask about how safe your money is with HMBradley and these other fintech banks, especially given what recently happened with Beam. I personally feel comfortable with HMBradley for a variety of reasons, but of course, you’ll have to make your own decisions given your comfort level. Jonathan over at MyMoneyBlog wrote a good article with his thoughts about why he’s comfortable with HMBradley and why Beam was likely a unique situation. Worth a read if you’re looking for more info.

More Recommended Ebike/Scooters

Check out these other ebikes/scooters I've had the chance to do a review for:

  • GEN3 Outcross Bike – The GEN3 Outcross is a solid, affordable fat tire ebike that does a good job of doing what I need it to do. It works great for city riding, giving me a smooth ride in all conditions. It’s works really well as a winter ebike since the fat tires give it good traction over snow and ice. Check out my GEN3 Outcross Review.
  • Himiway Escape Bike – The Himiway Escape is an interesting bike for anyone looking for a moped-style ebike. If you’re a gig economy worker, the Himiway Escape is particularly interesting and it’s possible to think of it as an investment, especially if you can opt to do deliveries with the Himiway versus using a car. It’s not cheap, but you can definitely make your money back when you compare the mileage you’ll put on your car versus using an ebike. Check out my Himiway Escape Bike Review.
  • Espin Sport Bike – The Espin Sport is a good ebike for someone who is looking for an ebike that feels and rides more like a regular bike. There are many ebikes that are really only bikes in name. In reality, they’re basically electric mopeds. The Espin Sport, by contrast, is a bike you could probably ride without the battery and you’d feel like you’re just riding a regular bike. Check out my Espin Sport Review.
  • Varla Eagle One Scooter – The Varla Eagle One is an excellent scooter that can make sense for a lot of people. It can work as a primary mode of transportation. You can use it to work on gig economy apps like DoorDash, Uber Eats, and Grubhub. And it can also be a recreational vehicle if you’d prefer to use it for that. Check out my Varla Eagle One Review.
  • Fucare H3 Scooter – The Fucare H3 is a fun scooter and I’ve enjoyed testing it out. For a daily commuter or quick trips or errands, the Fucare H3 is probably the scooter I’ll use. It’s portable and easy to maneuver, so it’s just easier to take on the road when I need it. Check out my Fucare H3 Scooter Review.

More Recommended Investing App Bonuses

For additional investing app bonuses, be sure to check out the ones below:

  • M1 Finance ($100) – This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account. Check out my M1 Finance Referral Bonus – Step-By-Step Guide.
  • SoFi Invest ($25) – SoFi Invest is an easy brokerage account bonus that you can earn with just a few minutes of work. Use my SoFi Invest referral link, fund your SoFi Invest brokerage account with $100 and you’ll get $25 of free stock. I also have a step-by-step guide for the SoFi Invest referral bonus.
  • Moomoo (5 free stocks) – Moomoo is a free investing app currently offering 5 free stocks (usually worth around $75-$100) if you open an account using a referral link and deposit $2,000. Read my Moomoo referral bonus guide for more information.
  • Webull (5 free stocks) – Webull also gives you 5 free stock valued between $3-$3,000 each if you open an account using my referral link. Here’s a guide I wrote about how to earn your free stocks using Webull.
  • Robinhood (1 free stock) – Robinhood gives you a free stock valued between $2.50-$225 if you open an account using my referral link.
  • Public (1 free stock) - Public gives you a free stock valued between $3-$70 if you open an account using my referral link.

More Recommended Bank Account Bonuses

If you’re looking for more easy bank bonuses, check out the below options. These bonuses are all easy to earn and have no fees or minimum balance requirements to worry about.

  • Chime ($100) - Chime is a free bank account that offers a referral bonus if you use a referral link and complete a direct deposit of $200 or more. In practice, any ACH transfer into this account triggers the bonus. This bonus is easy to earn and posts instantly, so you’ll know if you met the requirements as soon as you move money into the account. I wrote a step-by-step guide on how to earn your Chime referral bonus that I recommend you check out.
  • US Bank Business ($500) – This offer is limited to customers in the following states: AZ, AR, CA, CO, ID, IL, IN, IA, KS, KY, MN, MO, MT, NE, NV, NM, NC, ND, OH, OR, SD, TN, UT, WA, WI, WY. This is a fairly easy bank bonus to earn, since there are no direct deposit requirements. In addition, you can open the Silver Business Checking account, which comes with no monthly fees. Check out how to earn this big bonus here.
  • SoFi Money ($275) – SoFi Money is a free checking account from SoFi. They’re currently offering a $25 referral bonus if you open a SoFi account with a referral link and deposit $10. You can also make an additional $250 as well if you complete a direct deposit. This is a good bank that is also 100% free, so you won’t have to worry about managing this account. Here’s a post I wrote with instructions on how to earn your SoFi Money bonus: SoFi Money Referral Bonus: Step By Step Guide.
  • Fairwinds Credit Union ($100) – Fairwinds Credit Union is offering a referral bonus for users that sign up using a referral link. Fairwinds has no fees or minimum balance, so this is a particularly easy bonus to earn. Since this is a smaller credit union, my gut instinct tells me this offer won’t be around long, so if you’re in a position to meet the bonus requirements, grab this bonus before it’s gone. Here is my step-by-step guide on how to earn your Fairwinds Credit Union bonus.
  • Upgrade ($50) – Upgrade is a free checking account that’s currently offering a $50 referral bonus if you open an account and complete three debit card transactions. These bonus terms are easy to meet, so it’s well worth doing this bonus as soon as you can. Importantly, this bonus says that it’s now scheduled to end on April 15, 2023. As long as you get your account opened before April 15th, you should be eligible. Here’s a post I wrote with more details: Upgrade $50 Referral Bonus – Step By Step Directions.
  • Current ($50) – Current is a free fintech bank that’s offering new users a $50 referral bonus after signing up for an account using a referral link.Current is an easy bonus to earn and also gives you access to three savings accounts that pay you 4% interest on up to $2,000. That means you can put away up to $6,000 earning 4% interest. That’s very good and makes Current an account I recommend to everyone. Check out my step-by-step guide on how to earn your Current Bank bonus.
  • Digital Federal Credit Union ($20) – Digital Federal Credit Union (DCU) is a free, nationwide credit union that I recommend to readers for two reasons. First, DCU has a $20 referral bonus if you open a free DCU checking account with a referral link. Second, DCU has a saving account that gives you 6.17% interest on your first $1,000. Check out my in-depth post on how to set this account up.
  • Netspend ($20 + 5% Interest Savings Account) – Netspend is a company that provides 5% interest savings accounts. If you sign up using my referral link, you’ll get a $20 signup bonus once you make your first deposit into your Netspend account of $40 or more. That means you get a 5% interest savings account and a free $20 to start! Make sure to check out my in-depth guide on how to set up these accounts.
  • Novo Bank ($40) - Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. In addition to being a good bank bonus, Novo is also a good business checking account. It has no monthly fees or minimum balance requirements and operates a good app and website. Indeed, it’s the business checking account I currently use for this blog. Check out my post on how to easily open a Novo account.
  • Varo ($30) – Varo is a free fintech banking app similar to Chime or Current. It’s currently offering a $30 bonus to new users that open a new Varo account with a referral link. The bonus for this bank is very easy to meet, all you need to do is spend $20 within 30 days of opening your Varo account. Check out my step-by-step guide to learn how to earn this bonus.
financial panther

Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.

Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.

Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:

  • SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link, and an additional $250 if you complete a direct deposit.
  • US Bank Business. US Bank is currently offering new business customers a $500 signup bonus after opening a new account and meeting certain requirements.
  • M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account.
  • DCU. Digital Federal Credit Union (DCU) is a free, nationwide credit union that I recommend to readers for two reasons. First, DCU has a $20 referral bonus if you open a free DCU checking account with a referral link. Second, DCU has a savings account that gives you 6.17% interest on your first $1,000.
  • Personal Capital. One of best free apps you can use to monitor your portfolio and track your net worth. This is one of the apps I use to track my financial accounts.

Feel free to send Kevin a message here.

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Filed Under: Money Hacks, Money System

Reader Interactions

Comments

  1. James says

    November 3, 2020 at 3:45 pm

    Thanks for this. I followed your DCU + Netspend methodology and got all 12 accounts open and just about filled (between my wife and I). Going to take a look at some of the others. It’s hard to put together a better emergency fund than this

    Reply
    • Financial Panther says

      November 4, 2020 at 11:10 am

      Sweet! Glad this strategy is working out for you!

      Reply
      • James says

        November 7, 2020 at 3:58 pm

        Looking at the Service Credit Union option. Seems like going through the referral link vs. clicking on savings on their webpage produces different steps than above.

        Reply
        • Financial Panther says

          November 14, 2020 at 11:00 am

          Thanks for letting me know. Hopefully, the general process is still the same, but if it’s vastly different, please let me know,

          Reply
  2. Robert Bullock says

    November 3, 2020 at 4:05 pm

    I don’t see your referral link for Porte Bank.

    Reply
    • Financial Panther says

      November 4, 2020 at 11:10 am

      Updated. Forgot to put it in there when I published.

      Reply
      • Aaron says

        November 11, 2020 at 4:56 pm

        Hi Kevin. I used your Porte referral and funded the account but have not received $50. However, I experienced the same lock out with the account that you had. I have 5 other Netspend accounts as well. That being said they told me if I log in to more than 5 of the Netspend accounts in the same day it will trigger a lock on the Porte account.

        Reply
        • Financial Panther says

          November 14, 2020 at 11:09 am

          Yeah, my experience with Porte was similar, with my account getting locked randomly and my referral bonus never showing up. I ended up getting my bonus later down the line, so consider giving it time. But as I mentioned in my post, I’m not really very high on Porte because the referral thing seems hit or miss.

          Reply
  3. D says

    November 3, 2020 at 4:37 pm

    It might not be good for people all over the internet to know exactly where your money is and how much…

    Reply
    • Financial Panther says

      November 4, 2020 at 11:11 am

      Probably true.

      Reply
  4. James says

    November 3, 2020 at 4:43 pm

    Check out Chief Financial as well, 5% on up to $5k with 12 debit card transactions/month. I also use ENT Credit union for 4% / 6% on $500 each in checking / savings as well as Genisys Checking which gives 4% on up to $7,500 but I think that one is regional. I do have you to thank for getting me into these types of accounts, I originally got started on the NetSpend and Insight accounts several years ago because of your post!

    Reply
    • Financial Panther says

      November 4, 2020 at 11:13 am

      Thanks for the suggestions. I’ve tended to shy away from the ones that require you to do debit card transactions each month just because that’s an additional layer I don’t really want to deal with. I know there are a lot of those type of accounts out there. Just wish there was an easier way to automate the debit card transaction requirements. Amazon reloads would be one way, but problem is the minimum for automatic reloads is $5, which is too much.

      Reply
      • Isaac says

        November 23, 2020 at 11:22 pm

        One way to trigger the debit card transactions is to add the money to Apple Pay and then transfer it back to your account. I’m not sure about this account specifically, it I’ve gotten it to work with others.

        Reply
    • Dave says

      January 10, 2021 at 3:47 pm

      I was kind of excited about ENT Credit Union since you only have to have “Transactions” to qualify for this interest rate, not necessarily credit card transactions. however, you must live in certain areas of Colorado to qualify. I’m not in Colorado. Womp Womp.

      Reply
  5. Robert Christopher Bullock says

    November 4, 2020 at 3:22 pm

    Is the $100 Service Credit Union offer still on? Didn’t see anything about it. I opened with $5/$5 and put ‘newintown’ in the promo code box after using the link.

    Reply
    • Financial Panther says

      November 4, 2020 at 10:03 pm

      I still see it on their website, so looks like its still on.

      Reply
  6. Jason says

    November 5, 2020 at 3:42 am

    Seems like BFCU is a struggle to open. I’m not sure if its even worth trying. I just opened a Porte account and even though its also a Netspend account their CS is easier to get a hold of which is a plus. Kevin is right, having an Ally bank account makes managing all these accounts a whole lot easier. I have Schwab, Chime, Simple, USbank and they all have a limit on how many accounts can be linked. Ally bank seems to not have a limit.

    BTW I currently have 7 Netspend accounts opened just myself and I’ve not had a problem.

    Kevin – On your other article “guide to 5% interest” you crossed out Brinks was there a reason?

    Reply
    • Financial Panther says

      November 5, 2020 at 3:52 am

      Yeah I’ve never even tried to open an account with Blue Federal Credit Union given all the data points saying they’re extremely picky about who they accept. If you’re just starting and haven’t opened a lot of bank accounts before, then you’ve got a shot.

      Ally limits you to linking 20 accounts, which generally should be enough for most people. I do occasionally hit the 20 account limit, but then I just unlink accounts that I don’t need anymore.

      I crossed out Brinks because people kept telling me that they got rid of their 5% accounts for new people. I’ve had my Brinks since 2016 and it still gives me 5%, but I guess new people aren’t able to do it.

      Reply
  7. Michael says

    November 7, 2020 at 4:44 pm

    Do you guys feel safe putting downpayments at these fintechs? Especially with recent news that Beam is not allowing withdrawals.

    Reply
    • Financial Panther says

      November 14, 2020 at 11:07 am

      I personally think the Beam situation is fairly unique and more a result of incompetence rather than outright fraud. Is it possible that other fintechs have these problems? Absolutely. But I think the risk is still fairly low. HMBradley and Hatch Bank clearly have a partnership and it’s outlined on the Hatch Bank website, which makes me less worried. Netspend and Metabank have had their thing going on for a decade now, so I’m not worried there either. Porte, maybe I’d be cautious there, but Porte is also through Metabank, which we know have partnerships with other apps, so risk is also probably low.

      Ultimately, all up to your comfort level. I’m admittedly more confident in tech companies than most.

      Reply
  8. Sep says

    November 8, 2020 at 4:45 pm

    Referral link for Porte does not work.

    Reply
    • Financial Panther says

      November 14, 2020 at 11:01 am

      I think you need to open it via your phone. Porte doesn’t have a way for you to sign up via a computer. It can only be done via the app.

      Reply
  9. Jack @ Turtle PF says

    November 12, 2020 at 1:19 am

    Thank you for sharing this list of ultra high-interest accounts. I am particularly interested in the Digital Federal Credit Union and HMBradley. Do you happen to know if these companies will do a hard pull on your credit when you apply for one of these accounts?

    Reply
    • Financial Panther says

      November 14, 2020 at 11:10 am

      Good question. None of these banks do hard pulls.

      Reply
  10. David says

    November 13, 2020 at 10:27 pm

    Thanks for sharing Kevin! I am in the process of getting started with the Netspend accounts and now I will take a look at these 5% accounts.

    Reply
    • Financial Panther says

      November 14, 2020 at 11:19 am

      Hope I was able to help!

      Reply
  11. Ihar says

    November 24, 2020 at 2:11 pm

    Hey Kevin, how do you transfer money from the DCU account? I added my external checking BoA account but it looks like DCU doesn’t see it when I click transfer. I do not have any checking or money markets accounts at DCU. Do you just pull from DCU via an external account?

    Reply
    • Financial Panther says

      December 3, 2020 at 12:35 pm

      Pull from DCU via external accounts. But not BOA because they charge fees. Get a better bank like Ally or something.

      Reply
      • Anonymous says

        December 5, 2020 at 1:41 pm

        Thank you. I use Simple for those transactions and bank bonuses.

        Reply
  12. Impersonal Finances says

    November 28, 2020 at 2:04 pm

    Interesting–I didn’t even know these higher interest options existed. Definitely going to look into these–thanks for the info!

    Reply
    • Financial Panther says

      December 3, 2020 at 12:38 pm

      Hope it helps!

      Reply
  13. Heather says

    December 2, 2020 at 11:27 am

    It looks like you have to join an organization or be employed by an eligible employer, or have a family member that is a DCU member to join. What did you do, Kevin?

    Reply
    • Financial Panther says

      December 3, 2020 at 12:48 pm

      There should be an organization that costs $10. I can’t remember the name of it, but it should tell you in the drop-down menu when you’re applying. You pay this one time and then you’re a member of this credit union forever.

      Reply
  14. Steve says

    December 2, 2020 at 12:26 pm

    Kevin – My question is basically the same as Ihar’s. How do you transfer money between DCU and an external account and to avoid fees? I set up my Ally Savings account in DCU and it’s not showing in DCU’s transfer dropdowns.

    Do you add DCU savings to (say) Ally and do all the push and pulls from there fee-free?

    Reply
    • Financial Panther says

      December 3, 2020 at 12:49 pm

      Add DCU to Ally. Do all your pushes and pulls from Ally.

      Reply
  15. Michael Ottinger says

    December 3, 2020 at 2:45 pm

    Hey there! I already have all 5 Netspends, DCU and the 5% account at ServiceCU. I’m looking at the 3% ServiceCU “Holiday Club” account, but the website’s description is confusing. It says to make regular deposits, “until it’s time for us to send your check for your accumulated Holiday savings plus dividends on November 1st.”

    What’s the now?

    Are they going to take all the money out of my account every November 1st? And do I actually have make “regular deposits?” I just wanna put $3,000 in there and then take the interest out every month. Does anyone know if that’s possible?

    Thanks!
    -Michael O

    Reply
  16. Garrett says

    January 30, 2021 at 3:45 pm

    Kevin, how do you set up the direct deposit for Service Credit Union and HMBradley every month? Does a regular ACH transfer from Ally work?

    Reply
    • Financial Panther says

      February 2, 2021 at 3:26 pm

      Hey Garret,

      With HMBradley, all the data points say you need a real direct deposit. For Service Credit Union, I was able to trigger the Direct Deposit requirement doing an Ally ACH transfer. A friend of mine used Chase and it triggered it. This was back in Summer 2020 however, so I don’t know where things currently stand with the direct deposit requirement. My guess is it’s probably still the same, but I can’t guarantee it.

      Reply
  17. Tabitha says

    February 10, 2021 at 2:34 pm

    For the T-Mobile Money account, it requires “at least $200 in qualifying deposits” monthly. Any idea if that has to be a paycheck deposit or if a transfer in from Ally will work? Reading through the T&Cs, I believe it should but didn’t know if there was any personal experience with this.

    Reply
    • Garrett says

      February 10, 2021 at 2:38 pm

      I have a T-Mobile Money account and can attest that transferring the $200 via ACH from Ally has been working for me to qualify for the 4% interest rate.

      Reply
      • Tabitha says

        February 10, 2021 at 3:34 pm

        Perfect, thanks!

        Reply
  18. Jason says

    April 20, 2021 at 2:08 pm

    Blue FCU has updated their Accelerated Savings account terms: Earn 5.00% APY* on a balance up to $1,000
    Tiered structure for savings – the best part about the tiered rate is that you continue to earn dividends on the balances within each tier.

    Tier Balance Dividend Blended APY*
    1 $0.00 -$1,000.00 4.89% 5.00%
    2 $1,000.01-$5,000.00 1.34% 5.00% – 2.08%
    3 $5,000.01-$10,000.00 0.75% 2.08% – 1.42%
    4 $10,000.01-$50,000.00 0.45% 1.42% – 0.64%
    5 $50,000.01 and Over 0.25% 0.64% – 0.25%

    Reply
  19. KChritom says

    April 21, 2021 at 12:13 am

    Do you know if both P1 and P2 can each open Holiday Accounts with SCU? Or just one per household?

    Reply
    • Financial Panther says

      April 22, 2021 at 11:52 am

      Each person can open one.

      Reply
      • KChritom says

        April 22, 2021 at 11:55 am

        Thank you!

        Reply
  20. Natalie says

    May 7, 2021 at 3:35 pm

    Hi Kevin!

    I just found your blog today and I’ve honestly lost count as to how many hours I’ve spent reading. Great stuff! Already signed up for Netspend with your referral! I do have a question in regards to HMBrandley. How can I make direct deposits into the account if I’m (newly) self-employed? I don’t have employees and no payroll, although I could find a way to set this up. Any advice? Thank you in advance!

    Reply
    • Financial Panther says

      May 11, 2021 at 6:14 pm

      Unfortunately, all the data points seem to suggest you need a real Diret Deposit. My wife uses Gusto for her business, so I have a $1 direct deposit going into each account each paycheck.

      Reply
      • Anonymous says

        June 2, 2021 at 10:09 am

        Thank you so much for the info! Also, do you suggest setting up Netspend Accounts in your children’s name?

        Reply
      • Natalie says

        June 2, 2021 at 10:14 am

        Thank you for the info! Can I create Netspend accounts on behalf of my son?

        Reply
        • Financial Panther says

          June 3, 2021 at 11:20 am

          I’m not sure if you can do that. My guess is you probably can’t.

          Reply
  21. davidclinton says

    May 31, 2021 at 3:14 am

    One new idea for these types of accounts appears to be the “Workers Credit Union”. https://www.wcu.com/ Hat -tip to the doctor of credit!

    Reply
    • Dave says

      June 16, 2021 at 8:47 pm

      Thanks David! I applied for this and got it! So excited!

      Reply
  22. Dan M. says

    May 31, 2021 at 7:58 am

    Appreciate your info and advice! Tried opening account with HMBradley but it said you were out of referrals? Is there another way to open the account on my own, and if so, will I get the same offer (rates, etc.) as you described?

    Reply
    • lil magill says

      June 20, 2021 at 8:28 am

      you can open an HM Bradley account anytime, the referral just lets you start at the tier one interest level (3%) immediately when you connect your direct deposit

      Reply
  23. Ali says

    July 14, 2021 at 11:24 am

    Hi, Kevin, your referral link to service credit union is $5 Starbucks gift card, could you please update your link to $75, and I personally prefer you sent me the referral link to my email, thank you!

    Reply
  24. Ali says

    July 14, 2021 at 11:28 am

    And anybody has idea to get $175 for opening service credit union account with direct deposit at the same time? $100 for new account, and $75 for referral?

    Reply
  25. Bailey says

    August 24, 2021 at 8:12 pm

    Any thoughts on the recent notification of the sweeping changes to HM Bradley? Is this typical or should I be concerned about having my money held in other banks? Does HM bradley still honor the 3% or does that change depending on where your money gets swept to?

    Reply
  26. Kyle says

    February 4, 2022 at 4:13 pm

    Any idea if Workers Credit Union does a hard or soft credit check? I haven’t been able to find info anywhere.

    Reply
    • Financial Panther says

      February 4, 2022 at 4:13 pm

      It’s soft

      Reply
  27. Mike says

    May 2, 2022 at 7:20 pm

    Hello All, does anyone have a HMBradley referral link available? Thanks in advance!

    Reply

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