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Porte Bank - 3% APY Online Savings Account (Up to 15k)

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Porte Bank is a new mobile bank account that offers 3% APY on up to $15,000. This payment rate is much higher than the .8% offer by many of the other major banks: Discover, Simple, Ally, etc.

To qualify for the 3% online savings account rate, you need to transfer at least 1k in direct deposits into a Porte Bank Spending account.

Rather than switch your direct deposit from your employer, a $1,000 deposit from Chase into the Porte Spending account is confirmed to satisfy the direct deposit requirement.

There is an additional referral bonus of $50 with $500 in direct deposits into the Porte Spending account.

Additional information can be found at the following link:
https://www.portebanking.com/feat...s-account/

PM if you have any questions regarding the signup process.
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Created 09-24-2020 at 10:20 AM by Troblin
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#2
its higher APY, but due to $15K limit you only earn $37.5 per month.
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#3
Quote from SDkimchi
:
its higher APY, but due to $15K limit you only earn $37.5 per month.
Correct. I would deposit up to the limit, then keep the remaining money in an Ally or Simple, or Yotta.

The .8% interest rate offered by a majority of the reputable banks is abysmal. It would take a 56k deposit to equal the same interest rate on the 15k at Porte.
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#4
$1,000 or more per month with Direct Deposit
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#5
Quote from SDkimchi
:
its higher APY, but due to $15K limit you only earn $37.5 per month.
Still ~$30/month more than the typical high yield savings accounts right now(0.8% with Ally) at $15k balance.
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#6
Quote from sleepybubba
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$1,000 or more per month with Direct Deposit
It's a one time push from Chase, Wells Fargo, etc. of 1k to The Checking Account. This qualifies as a "direct deposit"

This unlocks the Savings account with the 15k - 3%, as described above.
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#7
Quote from Troblin
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It's a one time push from Chase, Wells Fargo, etc. of 1k to The Checking Account. This qualifies as a "direct deposit"

This unlocks the Savings account with the 15k - 3%, as described above.
This would be nice but the requirements clearly stated: "$1,000 or more per month with Direct Deposit". Not sure how to reconcile this with your statement.

Quote :
Qualifying for an optional Savings Account is as easy as 1, 2, 3.
The 3.00% APY1 High-Yield Savings Account is only available to members who have received a qualifying Direct Deposit to their Porte account.
  • Set up Direct Deposit
    $1,000 or more per month with Direct Deposit
  • Open Savings Account
    Get started at the click of a button
  • Move money to savings
    Start earning up to 3.00% APY1
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#8
Quote from sleepybubba
:
This would be nice but the requirements clearly stated: "$1,000 or more per month with Direct Deposit". Not sure how to reconcile this with your statement.

[/LIST]
It says to setup a direct deposit of 1k/more per month.

The chase external push satisfies this requirement.

After the chase push of 1k or more, you can create the savings account and discontinue the direct deposit
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#9
Looks cool. Ally just lowered to 0.6% interest, just saw an email from this AM.
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#10
Any hard pull for opening a new a/c? Looks like no minimum duration to get this rate..?
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#11
So I set auto transfer from chase $1000 each month and set auto withdraw of $1000 the day after to maintain the $15K without wasting money?
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#12
Ally just dropped their rate to .06%
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#13
Quote from sleepybubba
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This would be nice but the requirements clearly stated: "$1,000 or more per month with Direct Deposit". Not sure how to reconcile this with your statement.[/LIST]
OK I think I am starting to get it...
1) Open a checking account with Porte
2) Fund it with 1k external transfer from any other bank (Chase in your case) which would qualify as direct deposit.
3) Open the optional HY savings account with 3% and fund it with 15K

If this is all correct, doesn't checking account have fees that are usually covered by monthly direct deposit???
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Last edited by sleepybubba September 25, 2020 at 07:29 AM.
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#14
Quote from spam
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Any hard pull for opening a new a/c? Looks like no minimum duration to get this rate..?
Just a soft pull I believe. I opened my account in link 5 minutes
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#15
Quote from LeviathanUltima
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So I set auto transfer from chase $1000 each month and set auto withdraw of $1000 the day after to maintain the $15K without wasting money?
Just a one time push of 1k or more from an external bank. This allows you to create the savings account with the 3%APY 15k max.
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