5% Elite Money Market, Need 25K +

decades
  |     |   124 posts since 2010

The 5.00% APY on an Elite Money Market Savings Account applies only to new money with balances of $25,000 or more. Dividends are paid monthly. Rates may change without prior notice, and other terms and conditions may apply. Deposits are federally insured by the NCUA. Additional insurance coverage up to $750,000 is available for qualifying accounts through OnPath FCU's private insurance via Excess Share Insurance Corporation. For more information, visit BeOnPath.org or Louisianafcu.org. Rates may change after account is opened.

Three penalty free withdrawals per month 

thanks, Kent Jamison

midas89
  |     |   1,020 posts since 2017
Some possibly important things to consider. You are only permitted 3 free withdrawals per month from the Elite Money Market account. After those 3, they charge $10 per.

OnPath will run your ChexSystems report.

If you open up the Elite Money Market account, there is no direct account number assigned to that account. So, you cannot directly ACH into or out of that account, initiated at your external banks. You are required to open up their regular savings account as well. You can ACH to and from this regular savings account via your external banks, thus you'd have to do internal transfers each time utilizing the regular savings account each time. But, you need to read the following if you have an external bank that does not offer the microdeposits option for linking.

You cannot do direct Plaid linking to either the regular savings account or, of course, to the Elite MM account. So, if you have an external account that does not utilize the microdeposits option for linking, you cannot link to Onpath regular savings or Elite MM via Plaid. There is a way to get around this by also opening up an Onpath checking account, which would mean you now have 3 total OnPath accounts. Direct Plaid linking can see the checking account, and once linked, you would be able to ACH in and out to/from Checking, and then do the internal OnPath transfers.

And finally, now that the Onpath Elite MM account has been listed here and elsewhere, it is unlikely the rate will remain 5% for long should they be inundated with new money, just like the Roger 5% rate dropped to 4.65% after they got inundated with new money once news of that account spread online. By the way, Onpath recently had a rate drop from 5.25% down to 5%. Oh, and Neighbors Bank was 4.75% until news about them hit many sites not long ago. They dropped down to 4.60% after being inundated with new money.
The ACH Transfer limits if initiating at OnPath.

Per transaction Internal/External Limit (Outbound): $1,000
Per transaction External/Internal Limit (Inbound): $1,000

Daily Internal/External Limit (Outbound): $2,500
Daily External/Internal Limit (Inbound): $2,500

28 Day Internal/External Limit (Outbound): $5,000
28 Day External/Internal Limit (Inbound): $5,000
sardonia
  |     |   17 posts since 2025
Extremely weird - one has to also have a checking account, and all transfers must go in and out of the checkinc account - and from THERE one can transfer funds into the "elite money market account" BUT... the "elite money market account" does NOT get an account number! (???) Can't verify if that means that there is no NCUA insurance on the "elite money market account" because it is not actually an "account" - it's some odd vehicle where money is held. Hard pass.
midas89
  |     |   1,020 posts since 2017
@sardonia, you are right that there is weirdness going on, however, allow me to mention the following:

The money in Elite MM would indeed be covered by NCUA, as it is still classified as money held at OnPath in totality.

The checking account would only be required if people have an external bank account they want to link for ACH transfers which only allows direct instant linking versus the microdeposits option. Sadly, more and more banks have eliminated the option to send microdeposits as a verification method. But, if people have an external bank that allows for linking with microdeposits, people can link to the OnPath regular savings account. If a person's bank only allows for direct linking for verification, he or she would need the checking account to accomplish this.
sardonia
  |     |   17 posts since 2025
My main concern is the the Elite MM is not given an account number. So if it's not an "account" what is it? "Money held at OnPath in totality". As what? A promissary note?

I've never had an account that did not have an account number.
midas89
  |     |   1,020 posts since 2017
@sardonia It's most likely an internal account number only for their use/system, and not an external account number that can receive direct wire transfers or ACH transfers.

I, too, have never had an account without a direct account number, and I certainly would prefer all of my accounts to have account numbers for direct ACH transfers, etc. I would also prefer accounts that allow more than 3 free withdrawals per month.

It is an account, and it will be listed at OnPath in their system, so if a failure happens, people would be fully NCUA covered, guaranteed.
racecar
  |     |   628 posts since 2014
While "new money only" for a CD is nothing to worry about (as a CD's rate is guaranteed for the CD's term), "new money only" for a savings account sets off very loud warning bells with me. Savings rates have no guarantee and can change on a dime for no reason at all (just look at the last couple days). Nothing to stop a place from slashing their "new money only" rate after a couple months once you're no longer "new" to them.

I posed a question last week about "Peak Bank", which has a rate of 4.54% also "for new money only" trying to find out if anyone could tell me what the rate is for their current customers, not just the special temporary rate to try to get new people to sign up. It's nowhere to be seen on their website either, what the rate is for those who, say opened an account last year -- to get an idea of what they'll really be like. Info is nowhere to be found. Pass.

Rate drops happen everywhere, but the ease of abuse with "rate for new money only" on a savings acct is too much for me to go through all the hassle and chexsys of joining a place that offers appealing rates only "for new money" temporarily vs a place that offers a constant good rate to everyone.
brightstar
  |     |   10 posts since 2019
Peakbank rate for existing customers is 4.37%
enduser
  |     |   711 posts since 2015
Too many hurdles and limitations just to get the funds into the savings account, and I suspect many more limitations when it's time to get out. Nah I pass, too many traps to deal with. I don't feel at peace dealing with this place.

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