I signed up a month ago because the 2.75% rate was materially higher than other banks. The process was very easy to set up online and I was able to link my Fidelity, Vanguard and B&M bank accounts very easily. The website and App are efficient and easy to use.
The only caveat is that you need to average 12,500 steps per day over a month to earn the highest rate. The Bank has a separate App that syncs with your Fitbit, Apple Watch or other fitness tracker.
I am very pleased so far and I hope that Fitness Bank maintains its competitive rate advantage.
I'm a reasonably active person, so I bought a Fitbit to see if I average enough steps to net me a nice interest rate. I spent a week watching my steps and then went to open an account and discovered that sometime during that week the bank stopped taking on new customers.
So I spent north of $100 on the device and I can't open an account with the bank... Total gain: -$115.
That was about 6 weeks ago.
|FDIC Certificate #||29510|
|Return on Assets - YTD||0.27%|
|Return on Equity - YTD||1.36%|
|Annual Interest Income||$14.5MM|
|Assets and Liabilities|
|Assets||Q4 2019vs Q4 2018||$319.2MM$309.1MM|
|Loans||Q4 2019vs Q4 2018||$248.0MM$227.7MM|
|Deposits||Q4 2019vs Q4 2018||$250.2MM$233.2MM|
|Equity Capital||Q4 2019vs Q4 2018||$62.6MM$60.7MM|
|Loan Loss Allowance||Q4 2019vs Q4 2018||$4.2MM$4.0MM|
|Unbacked Noncurrent Loans||Q4 2019vs Q4 2018||$2.6MM$1.8MM|
|Real Estate Owned||Q4 2019vs Q4 2018||$140.00K$508.00K|
Rates for FitnessBank are currently being reviewed.
FitnessBank is an Internet only bank and does not have branch locations. Its headquarters is located at 400 Galleria Parkway SE Suite 900 - Atlanta, GA 30339