Posted by Chuck on July 22, 2016
Checking Accounts

Published on July 22nd, 2016 | by Chuck


[MI] Honor Credit Union 2.5% APY Benefits Checking Account

Offer at a glance

  • Interest Rate: 2.5%, dropped from 5% on January 1st, 2017 
  • Minimum Balance: None, $25 initial deposit
  • Maximum Balance: $5,000
  • Availability: Michigan, need to be resident as well
  • Direct deposit required: Direct deposit or ACH required
  • Additional Requirements: 12 debit transactions
  • Hard/soft pull: Hard (Transunion)
  • Credit card funding: Have to pay a $15 fee, maximum is unknown but at least $2,500
  • Monthly fees: None
  • Insured: NCUA

The Offer

Honor Credit Union of Michigan offer their Benefits Checking account with a high-yield interest rate.

  • Balances up to $5,000 earn 2.5% APY
  • Balances $5,001 – $10,000 earn 2.5% APY
  • Balances above $10,000 earn .01% APY

They also offer ATM reimbursements, up to $20 per month.

In order to be eligible for the 2.5% rate, you need to fulfill some requirements:

  • Must enroll in e-statements
  • Must make 12 debit card signature purchases per month (not PIN purchases)
  • Must have an ACH transfer or direct deposit into the account each month

Geographic Eligibility

You are eligible to be a member of Honor Credit Union if you live, work, go to school, or attend worship services in the state of Michigan. If are unsure about your eligibility, give them a call at (800) 442-2800.

Apply for membership here

The Fine Print

  • No free checks offered on this account
  • One account per Member
  • Annual Percentage Yield (APY) as of 10/1/15; rate is variable and may change after account is opened

Our Verdict

Update: Only 2.5% rate now, not nearly as good as before when it was a 5% rate on first $5,000.

Pretty good deal for Michigan folks. I especially like the fact that balances of $5,000 – $10,000 still earns a respectable 1% APY so you don’t have to feel bad if the balances go over $5k when you do the monthly ACH transfers to the account.

All the requirements should be pretty easy to meet; do some $.50 Amazon reloads or run small charges through at the self-checkout to meet the debit requirement, and automate the ACH transfer requirement.

We don’t know if they do a hard pull when opening the account, so keep that in mind.

See also An Introduction To Rewards Checking Accounts. And see “Which High-Interest Savings Account Should I Get?” for a roundup of available high-interest accounts.

Hat tip to Maximizingmoney

12 Responses to [MI] Honor Credit Union 2.5% APY Benefits Checking Account

  1. Steve says:


    I was interested in this account, so I gave them a call this morning. The lady said she thought it would be a soft pull, but then she talked to her supervisor, and it turns out they do a hard pull. Too bad.

  2. Skyriver says:

    Hard pull on Transunion.

    Just got their email reply.

  3. James Carson says:

    Northpointe has a similar 5% checking account, and it’s available nationally:


  4. Steve says:

    Credit card funding is possible. For a $15 fee, you can fund your account over the phone for “any amount of money” I didn’t want to go too crazy, so I just put $2,500 on my Chase Ink Card, and with my CA set at $1, I think it is going through as a purchase.

  5. Steve says:

    “Beginning on January 1st, 2017 you will earn 2.5% APY* on balances up to $10,000. This means an awesome above market rate on more of your balance. You’ll also get up to $20 cash back in ATM surcharge reimbursements each month and there’s still no minimum balance requirement on this account. Yes, it’s still a FREE checking account!

    Use your debit card 12 times per month (must be signature/credit based debits)
    Direct deposit
    NEW – Log into your account online at least once per month. This promotes the verification of your account activity to help protect you against fraud.”

  6. Mike says:

    You have to be Michigan resident

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