Genisys Credit Union Offers High Yield But Low Cap Reward Checking
Genisys Credit Union (Genisys) is now an easy membership requirement credit union, making its rewards checking account (RCA), Genius Checking, available on a nationwide basis. The Genius Checking account currently earns 4.07% APY on qualifying balances up to $7.5k. Qualifying balances of $7.5k earn 0.05% APY, with non-qualifying balances not earning any interest.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 4.07*% | - | $7.5k | Genisys Credit Union | Genius Checking | |
| OTHER TIERS: 0.05% → $7.5k+ | |||||
The monthly qualifying requirements are easy to fulfill and do not include a direct deposit or ACH transaction.
- At least 10 debit card purchases (minimum $5 each)
- Enroll in eStatements
The Genius Checking account has no monthly service fee or minimum balance requirement, but does require a $5 minimum opening deposit. ATM fees are not reimbursed, but Genisys is a member of the CO-OP ATM network, giving members access to more than 30,000 surcharge-free ATMs nationwide. Each month, the first six non-Genisys ATM transactions are free, with a $1.25 third party ATM fee assessed for each subsequent transaction. Unlimited checking writing is available and a free Mastercard debit card will be issued following account opening. There is a limit of one account per Social Security number.
Potential Earnings
This is another great RCA opportunity for those who have limited funds, but want to reap a great return with little effort. The Genius Checking’s maximum annual potential earnings (on a $7.5k balance) is approximately $305. The best savings account rate currently offered by internet banks is 0.55% APY; earning $305 in one of those savings accounts would require a balance of approximately $55k to be on deposit for a year.
Availability
Headquartered in Auburn Hills, Michigan, Genisys Credit Union's field of membership (FOM) has recently expanded and now offers an easy membership requirement (which Genisys calls “Contribution Eligibility”) that includes virtually any U.S. citizen (18 years or older) who has a valid Social Security number.
Contribution Eligibility – by making a minimum $5 contribution to the Arthritis Foundation or the Paint Creek Center for the Arts qualifies for membership in Genisys.
Location Eligibility – individuals who live, work, worship, attend school, or own a business in any of the following areas are eligible to join.
Michigan – all counties
Minnesota – Anoka, Dakota, Hennepin, Ramsey, Scott, or Washington Counties.
Pennsylvania – Montgomery County
Family Eligibility – Immediate family members of a current Genisys member are welcome to apply, including parent, spouse, sibling, children, grandparent, grandchildren, including step-relations. Individuals who live in the same household as a Genisys member, “maintaining a single economic unit,” are also eligible.
Joining Genysis and/or opening a Genius Checking account can be done online, or at any of 28 Michigan branches, mainly located in the greater Detroit metro area. Genisys also has three Minnesota branches (Minneapolis/St. Paul area) and a single Pennsylvania branch located in Blue Bell (Montgomery County).
The Membership Application is also available as a download and can be returned by mail or fax (248.322.6512).
You must complete a payment of $5.00 in your share savings account as a condition of admission to membership.
Genisys participates in the CO-OP Shared Branch and ATM networks, providing its members with access to more than 5,000 branches and nearly 30,000 surcharge-free ATMs nationwide.
Credit Union Overview
Genisys Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.12% (excellent) based on March 31, 2021 data. In the past year, Genisys has increased its total non-brokered deposits by $712.15 million, an excellent annual growth rate of 28.71%. Please refer to our financial overview of Genisys Credit Union (NCUA Charter # 68536) for more details.
As you might imagine, Genisys is not the credit union’s original name. Genisys can trace its roots back to the General Motors Truck & Coach Federal Credit Union, which was established in 1936. In the past 30 years, there have been three re-brands: Unisys Federal Credit Union, USA Credit Union, and finally Genisys Credit Union. Currently the fourth largest credit union headquartered in Michigan and the 88th largest credit union in the country, Genisys has more than 238,000 members and assets in excess of $3.7 billion.
How the Genius Checking Compares
When compared to the High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are nationally available and have maximum qualifying balances of at least $7.5k, Genisys Credit Union’s Genius Checking APY currently ranks second.
The above information and rates are accurate as of 8/4/2021.
To look for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.
