OnPath FCU: 5.00% APY Elite Money Market + 7.00% APY Rewards Checking ($100 Bonus)

Updated to add new Elite Money Market. OnPath Federal Credit Union now has two accounts that are competitive in the high-interest cash landscape:

• Rewards High-Yield Checking at 7.00% APY on up $10,000 if you make qualifying transactions each month. $100 new checking bonus via referral.
• Elite Money Market at 5.00% APY ($25,000 minimum balance). Three withdrawal allowed per month without penalty. Funds must be new money to OnPath. NCUA-insured up to $1,000,000.

Credit union membership requirements (easy). OnPath FCU is based in Louisiana, a their field of membership starts with people that live and work in that area. However, anyone nationwide can join OnPath FCU with a $5 donation to OnPath Foundation. I did not experience a hard credit check, which was nice.

5.00% APY Elite Money Market details. This is a new account type, and it looks like they are looking to pull in some big deposits. (OnPath has been growing, recently merging with Louisiana Federal Credit Union.) You have to open with at least $25,000 and maintain at least a $25,000 balance to earn the 5.00% APY. Funds must be new to OnPath. This account offers NCUA excess-share insurance up to $1,000,000.

It’s a little hidden on their website, but you it’s in the Savings section and look for “Elite Money Market” on the left menu.

7.00% APY High-Yield Rewards Checking details. Their High-Yield Rewards Checking earns 7% APY on balances up to $10,000 and .50% APY on balances over $10,000, if you meet these three qualifications per monthly cycle.

• Have 15 or more debit card purchases post and settle.
• The primary owner must log into online or mobile banking at least once.
• Be enrolled in and receive electronic statements.

Qualification cycles start on the last day of each month and end on the second to last day of the following month. Here are the exact dates for each cycle [pdf]. They will e-mail you at the end of each month to confirm if you’ve met the qualifications. All balances for non-qualified accounts earn .01% APY.

Out-of-network, domestic ATM fee rebates ($10 max per month) are also included if you meet the qualifications. No monthly service fee, no minimum balance requirement, and $25 minimum deposit to open.

OnPath has been pretty reliable and hasn’t given me any problems. There are no minimum debit purchase amounts, although I still try to vary the amounts. I also avoid waiting until the end of the month, because it says you have to post and settle, which might take a couple business days.

$100 Refer-a-Friend Bonus. This bonus is independent of the checking account qualifications above, but you need to pick a checking account and I picked the one above since it stacks well. Note that this refer-a-friend bonus has a $10 minimum per transaction, but the ongoing requirements for the 7% APY do not include the minimum.

• First, register your information at member’s $100 bonus referral link (that’s mine). I have already registered on my end, and successfully referred members in the past.
• Become an OnPath FCU member and open a new OnPath FCU personal or business checking account.
• Within 60 days of account opening, make at least 15 debit card transactions of $10 or more (excluding ATM transactions), AND have one (1) or more direct deposits totaling at least $250.
• Both referring and referred parties will receive a $100 Visa Reward card mailed to them upon completion. I got my prepaid Visa in the mail with no issues. You can cash out the Visa Reward card by purchasing an Amazon gift card, or buy using it as a funding source for the Cash App (via PayPal) or Apple Cash.

Here’s a quick screenshot of the OnPath FCU user interface. They use the same backend provider as many other credit unions.