[VA, MD, DC, NC, WV, KY, TN] CommonWealth One Credit Union 5.5% APY Up To $30,000 Rewards Checking

Offer at a glance

• Interest Rate: 5.5%
• Minimum Balance: None 
• Maximum Balance: $30,000
• Availability: VA, MD, DC, NC, WV, KY, TN
• Direct deposit required: Yes
• Additional requirements: See below
• Hard/soft pull: Soft pull
• ChexSystems: Yes
• Credit card funding: Up to $2,500
• Monthly fees: None
• Insured: NCUA

The Offer

Direct link to offer

• CommonWealth One Credit Union is offering 5.5% on balances up to $30,000 when you complete the following requirements each month:
  • At least 15 debit card purchases per monthly qualification cycle
  • At least one direct deposit or ACH payment transaction 
  • Be enrolled in and agree to receive eStatements

The Fine Print

• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

This account has no monthly fees to worry about. 

Our Verdict

Best current basic high yield savings account is offering 4.25%. So this is an extra 1.25% but with the monthly requirements. That’s an extra $375 annually in interest if you max the account out (or $31.25 monthly). Up to you to decide if it’s worth that effort to meet the requirements. These accounts are generally more stable interest rate wise than traditional accounts as well so become more attractive as rates drop. 

Hat tip to reader Keith