Related Posts
6/1 - Fitness Bank's June Monthly Rate Cuts
5/4 - FitnessBank Savings Account Rate Falls But Remains a Rate Leader
5/1 - Fitness Bank's Monthly Rate Cuts
11/8 - FitnessBank Savings Account Still Leads But Rates Have Fallen
9/2 - Lowered Their Rates To A Max Of 2.75%
8/27 - 3 Percent For The Athletes
7/5 - FitnessBank Savings Account Earns High APY With Step Requirements
6/29 - Fitness Savings Account
I Love His Bank!
I absolutely love this bank! Opening the 3.5% savings account was effortless. The next day, I called and a wonderful young lady answered the phone, immediately. No waiting! She walked me through the requirements for beneficiary additions, we downloaded the app, I registered for online banking, all with her on the phone coaching (not that I needed it but, wow, talk about customer service).
I linked my Fitbit to the app, and all my steps and average for the month came through. I average quite a bit more than 12,500 a day, so this is not very challenging and I consider it a nice reward.
Go Fitness Bank! And thank you -again- Kevin for this amazing site!
This Is If You Achieve 12,500 Steps A Day
If you are active and achieve 12,500 steps a day, this can be for you. If you don't, why complain about this bank? This is their entire premise. Don't say it's a scam. It's just not your life, which is fine. It doesn't mean it isn't other people's lifestyle.
It's like saying don't have marathons because who runs that many miles. Don't do it if this isn't who you are. Easy.
So Far So Good
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.
Unrealistic
Who can honestly say that they walk 12,500 steps a day. This is just a gimmick to get you to join. I’ll pass on this scam.
Data as of Q2 2022
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 29510 |
| Year Established | 1928 |
| Employees | 98 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.96% |
| Return on Equity - YTD | 7.23% |
| Annual Interest Income | $14.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $766.4MM$786.7MM |
| Loans | Q2 2022vs Q2 2021 | $614.4MM$582.3MM |
| Deposits | Q2 2022vs Q2 2021 | $633.1MM$626.0MM |
| Equity Capital | Q2 2022vs Q2 2021 | $102.5MM$99.8MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $9.0MM$7.4MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $7.0MM$4.6MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $3.5MM$0 |