ATLANTA–In keeping with its name, Fitness Bank is offering higher yields on various deposit accounts to customers who meet requirements for being active, including how many steps a person gets in everyday.
Rates are tiered by activity level, topping out at 4.45% for savings and 5.25% for checking, with a 0.25% savings boost available when a customer maintain both accounts and meet the requirements.
Step averages reset monthly, and customers 65 and older qualify for the same top rates with lower daily step goals.
The bank’s Step Tracker app syncs with Apple Health, Google Fit, Fitbit, or Garmin to record a customer’s daily activity. The average daily step count for the previous month determines the customer’s new rate for the following statement cycle.
Highly Ranked
Fitness Bank’s savings account offering is ranked as the second-highest rate in the top high-yield savings accounts.
The bank sets step goals of 10,000 or 12,500 per day, depending on the account type/
Fitness Bank is an online division of Affinity Bank,
Tiers (and Maybe Some Tears)
There are three tiers to choose from, according to the bank.
Option 1: Fitness Savings Account
A customer can earn up to 4.45% when their average is at least 12,500 steps a day for the previous month. If the customer only manages 10,000 steps on average, they will still earn 3.00%. Below 10,000 steps, the APY will fall to 1.00% or lower.
Option 2: Elite Checking Account
A checking account can earn up to 5.25% by averaging just 10,000 steps a day, but the customer will also need to make 15 debit card purchases during the statement cycle. That rate applies to balances up to $25,000. A balance above that threshold will earn 0.10%. If the customer misses the activity or debit card requirements, the overall rate will drop to 0.10% for that cycle.
Relaxed Step Goals at Age 65+
For Fitness Bank customers who are at least 65 years old, the savings and checking step goals are reduced by 2,500 steps. That means the 10,000-step requirement is just 7,500 for older customers, and the 12,500-step requirement is 10,000.
Option 3: Both Accounts Together
To qualify for Fitness Bank’s top savings rates,
the Elite Checking requires the costomer to maintain an average balance of at least $5,000 to earn the Ultra Savings Rate of 4.75% with just a 10,000-step average.
If the customer meets the step and debit requirements but keeps less than $5,000 in their checking account, the savings rate is 3.25% with 10,000 steps, or 4.70% if they average 12,500 steps.
While the 4.75% Ultra Savings Rate is slightly below the 5.25% Elite Checking APY, it’s a good option if the customer plans to keep more than $25,000 at Fitness Bank, since the top checking rate only applies up to that amount, the bank said.
What to Know
Each statement period ends on the 10th of the month, and the average daily steps from that period determine the rate the customer earns for the next one, according to the bank.
Customers must install the FitnessBank Step Tracker app and to ensure it syncs your steps, must open the app between the 1st and 3rd of each month. The app connects with Apple Health, Google Fit, Fitbit, or Garmin to automatically pull the totals. The bank noted that a wearable device isn’t required, but if the customer relies on the phone’s tracker, it may record fewer steps than you actually take.
As for fees, both accounts may charge a $10 monthly maintenance fee, but it is waived in the checking account if you have an average daily balance of $10, while a $100 average balance is required to waive the fee in the savings account.
