Most coffer accounts pay little or no absorption these days. Consumers gluttonous an added (or any) acknowledgment on their money could, however, analysis out high-yield blockage accounts, some of which pay 2%, 3%, alike 6% APY. But such accounts tend to appear with appropriate requirements and restrictions—mandatory acceptance of a debit agenda 10 times a month, for example, or aerial absorption ante alone for deposits up to $500 or $1,000. Now, there’s addition befalling to acquire able-bodied aloft boilerplate allotment on a accumulation account, admitting it too is accompanied by limitations and hoops to jump through.
The annual comes from Union Plus, and the capital aberration is that in adjustment to acquire 5.1% APY, the accumulation annual allegation be affiliated to a prepaid Visa debit card. The agenda allegation be initially loaded via absolute drop with at atomic $500, and you allegation additionally be enrolled in alternating absolute drop (from your employer, typically) in adjustment to annual the aerial absorption rate. Finally, that 5.1% APY is alone becoming on balances up to $5,000; any bulk in balance of that will acquire a paltry 0.10%, which is abundant added archetypal for accumulation accounts nowadays.
Prepaid debit cards are belled for actuality riddled with fees, but Union Plus’s artefact has a fee anatomy that’s far added reasonable than most: There are no activation fees or transaction fees, no fees for calling chump annual (some allegation for this, accept it or not), and a $2 annual aliment fee is waived if the agenda is loaded with at atomic $500 anniversary month. An ATM abandonment from a non-partner academy incurs a accepted $1.50 fee.
(MORE: Added Banks Hop on Debit Fee Bandwagon. Will It Last?)
Why would a banking academy action a accumulation annual that pays an APY upwards of 20 times the civic average? Clearly, the advance is on to get barter in the addiction of application prepaid debit cards. Union Plus is additionally aggravating to allure new customers—ones who will stick with their accounts alike if the accumulation annual APYs are tweaked downward—and back the 5.1% ante are belted to balances alone up to $5,000, the bulk paid out to barter in above-average absorption ante is limited.
Finally, as Union Plus’s name indicates, its articles are about accessible alone to associates of a best of about three dozen above unions. The StarTribune, however, addendum that there’s a way about this requirement: Any customer can be acceptable for the Union Plus high-yield annual and prepaid agenda by selecting the “Working America” advantage in the sign-up page’s “Choose Your Union” drop-down menu.
(MORE: Archetypal Blockage Accounts Pay 0% Interest. But One Earns Upwards of 6% APY?)
Brad Tuttle is a anchorman at TIME. Find him on Twitter at @bradrtuttle. You can additionally abide the altercation on TIME’s Facebook folio and on Twitter at @TIME.
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