Who doesn’t want to be both richer and slimmer? Now, a bank is promising to help you work toward these two goals at the same time.
Open a Fitness Savings Account at FitnessBank, a division of Affinity Bank, and your interest rate will rise — to as high as 2.6% — with the number of steps you walk each day.
The Atlanta-based online bank calculates your return based on the average number of steps you walked each day during the previous month.
Annual percentage yields (APYs) for most account holders are based on the following ranges over the course of a month:
- 12,500 or more average daily steps: 2.6% APY
- 10,000 to 12,499: 2.34%
- 7,500 to 9,999: 1.75%
- 5,000 to 7,499: 1.25%
- 0 to 4,999: 0.5%
There are separate ranges for savers ages 65 and older — who don’t have to walk as far to earn the same interest rates as younger folks:
- 10,000 or more average daily steps: 2.6% APY
- 7,500 to 9,999: 2.34%
- 5,000 to 7,499: 1.75%
- 0 to 4,999: 1.25%
An interest rate of 2.6% is practically unheard-of these days. The average rate among savings accounts nationally is a mere 0.09% APY, according to the Federal Deposit Insurance Corp.
However, to earn the rates FitnessBank offers, you must link your savings account to the FitnessBank Step Tracker app, which is available for Android and Apple devices.
This app can grab data from any activity tracker connected to the Apple Health or Google Fit apps, and can pull data directly from Fitbit and Garmin devices.
During the first month after you open your account, you will earn interest at the highest level. After that, your steps will determine earnings.
Also, note that you must open your FitnessBank Step Tracker between the first and third day of each month so that the bank receives your latest step data. Fail to do so, and the bank will use the information from your previous updates to calculate your interest rate.
Have you found a great savings account? Let other savers know by sharing your favorite in comments below or on our Facebook page.