There is a unique bank in the US that rewards customers not for how much money they save, but for how much they move. Fitness Bank offers an innovative savings program that links interest rates to daily step counts. Using its Step Tracker app, which syncs with Apple Health, Google Fit, Fitbit, or Garmin, the bank tracks customers’ physical activity and adjusts their annual percentage yield (APY) accordingly. The more steps you take, the higher the interest you earn, with rates reaching up to 5.25 per cent APY, one of the most competitive in the nation’s high-yield savings market.
How Fitness Bank’s step-based interest rates work
Fitness Bank offers three ways for customers, or “Member-Athletes,” to earn higher interest: the Fitness Savings Account, the Elite Checking Account, or a combination of both. Rates depend on average daily steps, tracked monthly.
- Fitness Savings Account: Customers can earn up to 4.45 per cent APY with an average of 12,500 steps a day. Those averaging 10,000 steps still earn 3.00 per cent APY. Falling below 10,000 steps lowers rates to 1.00 per cent or less.
- Elite Checking Account: The top rate of 5.25 per cent APY is available for balances up to $25,000, with a requirement of averaging 10,000 steps and completing 15 debit card purchases per statement cycle. Balances above $25,000 earn 0.10 per cent APY. Missing step or debit requirements drops the rate to 0.10 per cent.
- Combining Accounts: Member-athletes who maintain a $5,000 minimum balance in Elite Checking while meeting step requirements qualify for the Ultra Savings Rate of 4.75 per cent APY. Even without meeting the balance threshold, customers can earn up to 4.70 per cent APY with higher step counts.
For customers aged 65 and above, step goals are lowered by 2,500 steps, allowing high rates with fewer steps.
Benefits and conditions of Fitness Bank accounts
Fitness Bank accounts come with several perks but also certain conditions. Key points include:
- Available to US citizens aged 18+
- $100 minimum opening deposit
- $10 monthly maintenance fee (waived with $100 minimum daily balance)
- Interest compounded daily, credited monthly
- $250,000 account balance cap
- Six free withdrawals per month, with a $10 fee for each additional withdrawal
- No step requirement for the first month, with initial rates set to the top tier until the first adjustment cycle
- Free online banking, e-Statements, and external transfers
Fitness Bank’s tiered APY rates incentivize daily activity, offering up to 5.25 per cent APY, the second-highest among high-yield savings accounts, for those who meet the step and debit requirements, as per Investopedia.