Porte

Received an in app notification today that the Porte Savings will be tiered: Standard rate of 0.20% for entire savings account. Higher Tier of 3.00% on up to 15,000 if you meet the following: Direct Deposit of $3,000 per quarter AND 15 Debit Card Transactions per month. (0.20% for anything over $15,000). Note: The checking/debit card portion of the account yield is currently 0.00%. I do not know if the 0.20% extends to that portion based on the truth in savings disclosure, but very possibly will not. Essentially this has become a Rewards Checking Account, except using a separate savings account to determine amount/interest. New Disclosure Text: Variable Rate effective 01/01/2022: Bonus Interest Rate – Tiered Variable Rate: • An interest rate of 0.20% will be paid on your average daily balance with an APY of 0.20%. • Additionally, the optional Porte Savings account allows you to earn a higher interest rate of 2.97% with an APY of 3.00% on an average daily balance of up to $15,0

Porte is a brand of the financial technology company (fintech) Populus Financial Group that has partnered with MetaBank to offer unique checking and savings accounts.

.Porte is a fintech. Deposits are held by MetaBank and insured up to $250k. In order to open the savings acct, you first must download the app to open a Porte acct and receive a monthly DD of at least $1k. You can then open a savings acct and transfer funds to it. You receive 3.00% on balances up to $15k, and 0.50% on any portion of your balance which exceeds $15k. Since the 3% is only paid on balances <$15k and since downloading an app is required, I think this acct is mainly aimed at millennials, and I'm a boomer, so I'll pass on this one. Nonetheless, it's a savings acct that pays a rewards checking acct rate without any debit card usage requirements. https://www.portebanking.com/savings-account/