Fitness Bank is Offering 3% to Depositors Who Can Record 12,500 Steps a Day

Fitness Bank is Offering 3% to Depositors Who Can Record 12,500 Steps a Day

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Fitness Bank is a new subsidiary of Georgia-based Affinity Bank and has unveiled a savings offer that will be interesting to some.

The bank aims to encourage a healthier lifestyle and therefore will reward savings customers based on their daily average steps. You must download their app which will record the number of steps you take each day from your iPhone or Android device. If you average above 12,500 steps per day, their current savings rate is 3% APY. If you are just below that and above 10,000 steps a day, the rate falls to 2.50% APY. And, if you average below 10,000 steps, this program is not for you as the rate can get down to 0.50% APY.

Those over 65 can open an account that has step numbers that are a little more generous. They can achieve the 3% level with only 10,000 daily steps and the 2.50% level with only 7,500 steps.

The account requires only a $100 minimum to avoid fees, and the bank even has a leaderboard so you can compete against others to see how fit you are compared to them. It is worth noting that the bank currently has very few customers or at least very few who are reaching the 12,500 step number (right now, there are only 11 customers at that level).

While it remains to be seen whether Affinity Bank can retain the 3% rate as interest rates fall through the remainder of 2019, I personally find this offer to be interesting. If the rate holds, the account can be an attractive way to earn an above-market rate and improve your health at the same time. For example, on $200,000, you could earn $500 more over the next year than you would make were you to lock into a 1-year CD now at 2.75%.

But, I would note that the 12,500 step number can be tough to reach or exceed on a constant basis. I am very active and I currently have a health insurance program that gives me $1 for each day that I reach that same number. Since I do not always like to carry my IPhone with me when I am working out, running or biking (and I don’t wear an IWatch), this program really wouldn’t work for someone like me (it might have worked well back when I had a small IPhone SE). For some, however, I can imagine it will work very well.

Editor's Note: Following the publication of this article, BestCashCow received user feedback indicating that inbound tranfers are limited to $2,500 per day and outbound transfers are limited to $15,000 per day. This restriction is not disclosed in the bank's literature and is only apparent after you have opened and funded an account and try to use the transfer system. This restriction, a requirement that transfers be scheduled a week in advance and an interface that is unduly dififcult to use have caused us to determine that this account will be inappropriate for most and not to list it as an online bank account in our tables.

Editor's 2nd Note: On September 1, 2019, Fitness Bank lowered its top tier rate from 3% to 2.75%.

Ari Socolow
Ari Socolow: Ari Socolow is the Chief Economist and Editor-in-Chief at BestCashCow. He is particularly interested in issues relating to bank transparency and the climate crisis. Since co-founding BestCashCow in 2005, Ari has been frequently cited in the media as an expert on local and national savings accounts, CD products, mortgage and loan products and credit card rewards products.

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  • Suzanne

    September 13, 2019

    And if you are disabled?

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