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LSUTigahss
LSU Fan
Member since Feb 2021
466 posts

Centric FCU new checking interest rate

Went in yesterday to close an old credit card after opening two new ones, and got told their interest rates on checking and savings had gone up on “spend better” and “save better”.
4.1% APY up to $20,000 on the “Spend Better” checking and 2% APY up to $50,000 on “Save Better” savings.
Have to have: e statements, direct deposit, 12 debit card uses per month.
I feel like I'm missing something here, but promptly moved the max over to the checking.


TigerMan327
LSU Fan
Elsewhere
Member since Feb 2011
4194 posts

FDIC insured?


Enadious
LSU Fan
formerly B5Lurker City of Central
Member since Aug 2004
17136 posts

quote:

FDIC insured?

It's a credit union, so NCUA.


LSUTigahss
LSU Fan
Member since Feb 2021
466 posts

quote:

It's a credit union, so NCUA

Can you educate me on this?


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thegreatboudini
USA Fan
Member since Oct 2008
5610 posts
 Online 

quote:

Have to have: e statements, direct deposit, 12 debit card uses per month.




Teddy Ruxpin
LSU Fan
Member since Oct 2006
38031 posts

Ya, that's annoying.

I'm still doing Sofi checking at 1.50%. DD only requirement.


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bubbz
Baylor Fan
Baton Rouge
Member since Mar 2006
22564 posts

This isn’t uncommon for financial institutions to offer checking accounts with higher interest. They are saving the money by requiring you to have e statements, DD, minimum debit card transactions etc.

Most credit unions offer a product similar to this.


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LSUTigahss
LSU Fan
Member since Feb 2021
466 posts

No minimum on the debit card transactions.
Probably have 6 since I posted this, spending no more than $40 that I was already going to spend


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Bryant91092
Alabama Fan
Member since Dec 2009
23400 posts

Easiest way I’ve found to get the swipes is to set up a Venmo using debit card, not bank account and then send money back and forth between you and your spouse/significant other. That’s what I do between my various accounts to hit the swipe minimums.


LSUTigahss
LSU Fan
Member since Feb 2021
466 posts

Has to be a point of sale transaction.


Bryant91092
Alabama Fan
Member since Dec 2009
23400 posts

Interesting because this works for both credit unions I use.


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