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My Bellco Boost Checking Account Yields 2.25% APR!
Old 09-26-2016, 03:59 PM   #1
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My Bellco Boost Checking Account Yields 2.25% APR!

I'm a retired AT&T Bell Labs/Lucent Technologies/Avaya software engineer and I've been a member of the Bellco Credit Union, in the Denver area, since 1982. Although Bellco was created for Bell System employees, now they let everybody join. A week ago, I learned about Bellco's Boost checking account, which yields 2.25% APR, on the first $25K, and 0.25% on the balance greater than $25K! The 2.25% yield beats the other Bellco accounts, that are available to me, by a factor of ten! However, it may not make sense to keep much more than $25K in a Boost account.

My Boost account doesn't have a minimum balance but, if I don't jump through a few hoops each month, there isn't a penalty fee, but my account will yield only 0.05% APR for that month! Here's what I need to do each month:
  1. I need to make at least 15 debit card purchases. Until a week ago, I've never owned a debit card and, after what happened at Target, I did some research and learned that, if I use my debit card like a credit card, no PIN is required and the transaction is as secure as using a credit card. My Bellco debit card has the same security chip technology that all credit cards are required to have today. For the last week, I used my debit card for all purchases that I used to make on my Discover card and I haven't had to enter my PIN! However, I'll continue to use my Discover card for online purchases and for in-store purchases that require a PIN with my debit card.
  2. I need to make at least one electronic deposit into my Boost checking account. So I'm having my pension deposited into my new account.
  3. I need to log-in to my Bellco account online (I already do this).
I read that high-yielding checking accounts, like my Bellco Boost account, are widely available. So those of you outside of the Denver area might be able to find a similar checking account!

Good Luck!
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Old 09-26-2016, 04:18 PM   #2
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I know an easier way to get the same or more, $562.50, that you would get from the account each year. Instead of using a debit card, use a 2% cash back credit card for those same 15+ transactions a month. We bank about $1000 a year without the downside of if you miss a month.
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Old 09-27-2016, 12:33 AM   #3
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I really hate those games of make X debit card purchases per month.
Makes me want to go the the grocery store and buy a dozen donuts and 3 cupcakes one at a time...

I closed a bank account because of that stupidity..
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Old 09-27-2016, 07:43 AM   #4
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Originally Posted by Sunset View Post
I really hate those games of make X debit card purchases per month.
Makes me want to go the the grocery store and buy a dozen donuts and 3 cupcakes one at a time...

I closed a bank account because of that stupidity..
Yep. I closed a local credit union account because I was making more with the cash back credit cards. A lot more, if you included the sign-up bonuses. I was also offended by their relationship with a small, high fee financial services group. The CU advertises these salespeople as "financial advisers."
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Old 09-27-2016, 02:26 PM   #5
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We have two of these accounts from two credit unions right now. I like to say we earn the money. LOL But if you are only doing one I guess it would be easy.
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