OnPath Federal Credit Union: 7.00% APY Rewards Checking + $100 Refer-a-Friend Bonus

OnPath Federal Credit Union has a High-Yield Rewards Checking account that pay the top 7.00% APY on balances up to $10,000 if you satisfy the qualifying activities each month, as well as an improved $100 refer-a-friend bonus. I’ve mentioned this offer in my past monthly best rate updates, but I ended up opening an account so I have more details to share. Please note that each offer has its own separate set of requirements.

Membership requirements (easy). OnPath FCU is based in Louisiana, a their field of membership starts with people that live and work in that area. However, anyone nationwide can join OnPath FCU with a $5 donation to OnPath Foundation. I did not experience a hard credit check, which was nice.

7% APY High-Yield Rewards Checking. Their High-Yield Rewards Checking earns 7% APY on balances up to $10,000 and .50% APY on balances over $10,000, if you meet these three qualifications per monthly cycle.

• Have 15 or more debit card purchases post and settle.
• The primary owner must log into online or mobile banking at least once.
• Be enrolled in and receive electronic statements.

Qualification cycles start on the last day of each month and end on the second to last day of the following month. Here are the exact dates for each cycle [pdf]. They will e-mail you at the end of each month to confirm if you’ve met the qualifications. All balances for non-qualified accounts earn .01% APY.

Out-of-network, domestic ATM fee rebates ($10 max per month) are also included if you meet the qualifications. No monthly service fee, no minimum balance requirement, and $25 minimum deposit to open.

OnPath has been pretty reliable and hasn’t given me any problems. There are no minimum debit purchase amounts, although I still try to vary the amounts. I also avoid waiting until the end of the month, because it says you have to post and settle, which might take a couple business days.

$100 Refer-a-Friend Bonus. This bonus is independent of the checking account qualifications above, but you need to pick a checking account and I picked the one above since it stacks well. Note that this refer-a-friend bonus has a $10 minimum per transaction, but the ongoing requirements for the 7% APY do not include the minimum.

• First, register your information at member’s $100 bonus referral link (that’s mine). I have already registered on my end, and successfully referred members in the past.
• Become an OnPath FCU member and open a new OnPath FCU personal or business checking account.
• Within 60 days of account opening, make at least 15 debit card transactions of $10 or more (excluding ATM transactions), AND have one (1) or more direct deposits totaling at least $250.
• Both referring and referred parties will receive a $100 Visa Reward card mailed to them upon completion. I got my prepaid Visa in the mail with no issues. You can cash out the Visa Reward card by purchasing an Amazon gift card, or buy using it as a funding source for the Cash App (via PayPal) or Apple Cash.

Here’s a quick screenshot of the OnPath FCU user interface. They use the same backend provider as many other credit unions.

My take. I haven’t opened a new Rewards Checking account in a long time, as I don’t really like the monthly hoops myself, but this one is not a bad deal for the balance required. It’s nice to know you’re earning 7% interest. On a $10,000 balance, 7% APY is a nice, round $700 in interest over a year. That’s $200 more than a 5% APY savings account, plus there is the $100 upfront bonus and there is no hard pull required. Some of their other products like CDs and loan rates can be competitive.