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Leader Bank 5% APY Savings

ichaelm
  |     |   472 posts since 2010

To receive the 5% rate, you must open Zeugma Plus savings and checking accts, make at least 3 debit card transactions and receive a DD of at least $1k each month. This is FAR less restrictive than most rewards accts, which often require 15 or more monthly debit card purchases and only pay the higher rate on balances of $15k or less. With this savings acct, the 5% rate applies to your entire balance, up to $250k. 

www.leaderbank.com/personal/savings

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5
cjdtech
  |     |   48 posts since 2010
Had to look up what a zeugma is. What a strange word to pick.
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midas89
  |     |   996 posts since 2017
Disappointing that they are still only allowing 6 withdrawals from the savings account monthly, but certainly not a dealbreaker. Biggest consideration is that someone goes through the effort of setting up both the checking & savings account, and then shortly after, Leader Bank is forced to lower the rate because they might be inundated with a lot of new money, just like Roger Bank and OnPath had to lower their rates from 5% APY.

Also, it would be important to clarify what counts as a Direct Deposit. As we all know, there are banks that enforce where it is to be an employer DD versus allowing a simple ACH transfer.

Also, some people do the small amount debit transactions to satisfy those requirements. Some banks won't ultimately allow this type of gaming the system.
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4
vlad
  |     |   292 posts since 2020
"zeugma" means "“bond, yoking”

For DD, see https://www.leaderbank.com/personal/direct-deposit
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1
belko
  |     |   165 posts since 2021
Hmmm. Bond as in "yoking", instead of bond as in "financial instrument". Guess we should check out the EWP carefully! ; )
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2
vlad
  |     |   292 posts since 2020
"^ To qualify for a Zeugma Plus Checking and Savings accounts, at least one account owner must (a) have a closed and funded residential mortgage loan (first or second lien) or home equity line of credit with Leader Bank on or after January 1, 2017; or (b) have an open Certificate of Deposit with Leader Bank; or (c) have an already established Zeugma Plus Checking account; or (d) be (i) a licensed real estate broker who has provided a copy of their real estate broker license, (ii) an attorney registered with the jurisdiction in which they practice, (iii) a Leader Bank employee, (iv) an owner or officer of an existing Leader Bank business banking client with an active deposit account, (v) new clients (i.e. no account owner has a current Leader Bank deposit account associated with their tax ID number) or (vi) the client has opened the accounts pursuant to the Minimum Balance Requirements below with funds drawn from outside Leader Bank (i.e. not funded from an existing Leader Bank account). Limit one Zeugma Plus Checking account and one Zeugma Plus Savings account per household. You are not eligible to open Zeugma Plus accounts if any owner of the account has (a) an open Residential Savings, Partners Savings or Zeugma Savings account at Leader Bank or if you have an existing savings account with an annual percentage yield of 4.00% or more. If you do not meet the criteria above, Leader Bank reserves the right to convert any Zeugma Plus account to another Leader Bank product as appropriate."

"To qualify for a Zeugma Plus Checking ... must ... (c) have an already established Zeugma Plus Checking account ..."?!
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3
midas89
  |     |   996 posts since 2017
Yes, I had read that, as well, and I saw it says "or an already-established Zeugma Plus Checking Account". My first thought was that one first opens the checking, and then gets it all set up with money in it...and then can subsequently open the savings. I have no idea, of course.
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vlad
  |     |   292 posts since 2020
Their CSR also have no idea, yet suggest that the account may be available only in their home state.

Yet, in some languages, like Aramaic, "zeugma" means "filth".
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midas89
  |     |   996 posts since 2017
Ha. Yet another CSR that either cannot answer our basic questions, or who gives inaccurate info. Just out of curiosity, I clicked the link under the Zeugma Plus sign-up button, went to the page where it asks for your address, and the State box pull-down list has every state as an option. Also, you'd think if the account was only available in the bank's home state, this important fact would be listed at the bottom of the page with all the fine print, etc.
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