State Exchange Bank High-Yield Savings: 4.10% APY + Up to $500 Bonus

If you're on the hunt for a high-yield savings account that actually pays, State Exchange Bank might have just the ticket. Right now, they're offering a solid 4.10% APY—and for a limited time, new customers can snag a cash bonus of up to $500 just for moving some money in. Let's break down what's on the table, how to qualify, and what to watch out for.

What’s the Deal?

State Exchange Bank, a small community bank with roots going back to 1901 in Oklahoma, is now offering a high-yield savings account with a very competitive 4.10% APY. That’s well above the national average, and it’s available to anyone in the U.S., not just locals.

On top of the rate, there’s a limited-time bonus for new customers who open the account through the Raisin platform. Depending on how much you deposit, you can earn $75, $250, or even $500. The bonus tiers are: $10,000 to $24,999 gets you $75, $25,000 to $49,999 gets you $250, and $50,000 or more gets you the full $500. Just remember to use the promo code BOOST when you sign up, and get your first deposit in by June 30, 2025.

How to Qualify for the Bonus

The bonus isn’t automatic—you need to follow a few steps. First, you have to be a new customer to State Exchange Bank via Raisin. Then, you need to enter the code BOOST at sign-up. Your first deposit must be initiated by June 30, 2025, at 11:59 PM ET. Any funds you want to count toward the bonus need to be deposited within 14 days of that first deposit, and you have to keep that money in the account for 90 days.

After you meet all the requirements, Raisin will drop the bonus into your linked external bank account within 30 days. It’s a straightforward process, but don’t miss the deadline—once June 30 passes, the offer is gone.

One more thing: this bonus can’t be combined with any other offers, and Raisin can change or cancel the promotion at any time. So if you’re interested, don’t wait too long.

Digging into the Account Features

The account itself is pretty straightforward. There’s no minimum balance to open or maintain, no monthly maintenance fees, and no early termination fees. You can start with just $1, which is nice if you want to test the waters before committing a larger sum.

You’ll get an ATM card if you request one, but note that the initial deposit has to be made via ACH transfer from an external account. After that, you can add more money using the ATM card or ACH, and you can withdraw the same way. The account is FDIC-insured up to $250,000, so your money is protected.

Everything is managed online, which means 24/7 access to your funds and statements. It’s a simple, no-frills savings account that focuses on earning a good rate.

• No minimum balance requirement
• No monthly fees
• FDIC insured up to $250,000
• ATM card available on request
• 24/7 online access

What to Watch Out For

The 4.10% APY is variable, so it can change at any time—don’t assume it’s locked in forever. Also, the bonus is tied to the Raisin platform, which means you’ll be dealing with a third-party intermediary. Make sure you read the fine print about how the bonus is paid and the 90-day holding period.

Another thing: the opening deposit must be an ACH transfer, so you can’t fund it with a check or wire. And while the ATM card is handy, it’s not a debit card for everyday purchases—it’s mainly for withdrawals and deposits.

Finally, remember that this is a savings account, not a checking account. You’ll want to keep your everyday spending separate to avoid any transaction limits or fees.

Is It Worth It?

If you have a chunk of cash sitting in a traditional savings account earning next to nothing, this offer is definitely worth a look. The 4.10% APY is competitive, and the bonus can add a nice chunk of change on top—especially if you can swing the $50,000 deposit for the full $500.

Even if you don’t have that much to park, the $10,000 tier still gets you $75, which is a decent little perk. And with no fees and no minimums, there’s not much downside to trying it out.

Just be sure to act before June 30, 2025, and use the code BOOST. If you miss the deadline, you’ll still get the great rate, but you’ll lose out on the bonus.

Bottom Line

• Earn 4.10% APY with no monthly fees or minimum balance.
• New customers can get up to $500 bonus with code BOOST and a deposit of $50k+.
• Bonus requires first deposit by June 30, 2025, and funds must stay for 90 days.
• Account is FDIC-insured and available nationwide.

Common Questions