Taylor Scott
Fitness Bank offers a unique incentive for customers to stay active and earn high interest rates on their savings accounts. The bank calculates interest rates based on the customer's average daily step count from the previous month. While Fitness Bank offers impressive interest rates, there are some fees associated with their accounts. Regular account fees apply and may reduce account earnings, but the bank also offers incentives such as free external account transfers and a bonus for referring new account holders. There are no monthly fees or minimum balance requirements for the savings accounts, but a minimum deposit of $5,000 is required to open an account.
| Characteristics | Values |
|---|---|
| Monthly fees | None |
| Minimum balance | None |
| Minimum deposit to open an account | $5,000 |
| ATM usage fee | None |
| Reimbursement of ATM fees charged by ATM owner | Up to $10 per statement period |
| Online bill payments | First 15 are free |
| Checks and debit cards | Only issued with an Elite Checking Account |
| Incoming wire fee | None |
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What You'll Learn
There are no monthly fees for Fitness Bank accounts
Fitness Bank is an online bank that offers a unique savings account with a high APY rate. There are no monthly fees associated with Fitness Bank accounts, and money can be accessed without charges at any time. This is a great advantage for those who want to make the most of their savings without worrying about regular maintenance fees.
The Fitness Savings Account is a rewarding option for those who want to stay active and save money. The account is linked to your daily step count, with an Ultra Rate of 4.85% APY available to those who take at least 10,000 steps per day (7,500 for those 65 and older). This rate also requires a $5,000 minimum balance and 15 debit card transactions per account period. If these requirements are not met, the account still earns a Bonus Rate of 0.25% APY.
While there are no monthly fees, it is important to note that fees may be incurred through other types of transactions. For example, while Fitness Bank does not charge for ATM usage, they will reimburse up to $10 in ATM fees charged by other institutions. Additionally, while there is no charge for the first 15 online bill payments, subsequent transactions may incur a fee.
Fitness Bank also offers incentives for referring friends and family to open new accounts. A $100 bonus is offered for referrals who open a checking account, and a $25 bonus for those who open a savings account. These bonuses are only available if the referred person does not currently have an active account and meets certain qualifications.
Overall, the lack of monthly fees makes Fitness Bank an attractive option for those looking for a unique and rewarding savings account.
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However, fees may reduce account earnings
FitnessBank offers a unique service that ties a member's activity goals to their savings account's interest rate. The more active a member is, the higher their interest rate will be. This innovative approach combines physical health with financial health.
While FitnessBank does not charge monthly fees or have minimum balance requirements, there are certain fees that members should be aware of. For example, there is a $10 fee for each additional withdrawal, automatic transfer, or payment beyond the six permitted transactions. This means that members need to be mindful of their transaction activity to avoid incurring these fees.
Additionally, FitnessBank's interest rates are subject to change daily without prior notice. While the bank offers an attractive APY rate, members should be cautious as fees may reduce their overall account earnings. These fees could potentially impact the benefits of the high-interest rates that the bank promotes.
It is also important to note that the step requirement to earn higher interest rates can be challenging for some individuals. Members have reported needing to take on a significant physical toll to meet the step requirements for the highest APY rates. This may not be feasible for everyone, and the potential fees for not meeting these requirements should be considered.
Overall, while FitnessBank offers an interesting concept that motivates members to stay active, it is important to carefully consider the potential fees that may reduce the earnings in one's account. Members should evaluate their own physical activity levels and transaction habits to determine if the fees may outweigh the benefits of the high-interest rates offered.
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There is no fee for incoming wire transfers
Fitness Bank is an online bank that offers a unique savings account with activity requirements to qualify for its high APY rate. The bank does not charge monthly fees or impose minimum balance requirements. In fact, Fitness Bank does not charge for ATM usage and reimburses up to $10 in ATM fees per statement period charged by the ATM owner.
Furthermore, Fitness Bank offers free incoming wire transfers. There is no fee for incoming wire transfers, and if the incoming wire amount is above $15,000, Fitness Bank will reimburse any fees charged by the sending bank. This feature is especially beneficial for customers who frequently receive large sums of money via wire transfer, as it helps them avoid the typical incoming wire fees charged by most banks.
The absence of fees for incoming wire transfers is a significant advantage for customers who regularly receive funds through this method. It allows them to maximize the money they receive without incurring additional costs. This feature can be particularly useful for individuals who receive regular payments, such as salary credits or business transactions, through wire transfers. By eliminating the incoming wire transfer fee, Fitness Bank ensures that its customers receive the full amount intended for them.
In addition to waiving incoming wire transfer fees, Fitness Bank also offers other incentives to its customers. For example, they provide a referral bonus of $25 or $100 when customers refer friends or family to open a new account. This referral bonus is a way for Fitness Bank to encourage its customers to promote its services and expand its customer base. By offering this incentive, the bank creates a mutually beneficial opportunity for both its existing and potential new customers.
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A $25 bonus is offered for referring friends/family who open a savings account
FitnessBank is an online bank with a unique offering: its savings accounts have activity requirements, in the form of daily step counts, to qualify for its high interest rates. There are no monthly fees or minimums to worry about, and your money is FDIC-insured up to $250,000.
To open an account, you need to deposit at least $5,000. Once you're a member, you can download the Step Tracker and Mobile Banking apps to start counting your steps and earning interest. The more steps you take, the more interest you earn.
Now, here's the part about referring friends and family. FitnessBank offers a $25 bonus when you refer a friend or family member who opens a savings account. This bonus is not available if the referred person already has an active account or has had one within the past 12 months. To qualify for the bonus, the account must be in good standing.
Additionally, if your referred friend or family member opens a checking account, you can earn a $100 bonus. This is a great way to earn some extra money while also sharing the benefits of FitnessBank with your loved ones.
It's important to note that FitnessBank does not charge for ATM usage, and they will even reimburse up to $10 in ATM fees per statement period charged by the ATM owner. They also offer free incoming wire transfers, and if the incoming wire is above $15,000, they will reimburse the fee charged by your other bank.
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A $100 minimum deposit is required to earn interest
Fitness Bank is an online bank that offers a unique savings account with a high APY rate. The bank encourages its customers, known as Member Athletes, to stay active and meet their fitness goals. The more active you are, the higher your interest rate will be.
To open a Fitness Savings Account, you must deposit a minimum of $5,000. There are no monthly fees or minimum balance requirements to maintain, and your money is FDIC-insured for up to $250,000.
Now, here's the part about earning interest: a minimum deposit of $100 is required to start earning interest. Interest is compounded daily and credited monthly. The rate of interest is based on your average daily steps from the previous month. The more steps you take, the higher your interest rate will be. This incentivizes you to stay active and offers a rewarding banking experience.
To track your steps, you can download the Step Tracker and Mobile Banking apps provided by Fitness Bank. These apps will help you count your steps and monitor your progress towards your fitness goals. By integrating your fitness journey with your savings account, Fitness Bank offers a unique and engaging way to grow your wealth while improving your health.
It's important to note that interest rates may change daily without prior notice, and fees may reduce your account earnings over time. However, with no monthly fees, high APY rates, and the ability to earn interest on a $100 deposit, Fitness Bank offers a compelling option for those seeking to combine their financial and fitness goals.
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Frequently asked questions
Fitness Bank does not charge any monthly fees or have minimum balance requirements. However, fees may reduce account earnings, and a $10 fee is charged for each additional withdrawal over the six permitted.
There is no monthly fee, but there is a $100 minimum balance requirement to start earning interest.
Incoming wire fees are waived by Fitness Bank.
Fitness Bank offers a $25 or $100 bonus when you refer friends or family to open a new account.
