GalaxyOne is a fintech super-app that combines a checking account, stock trading, and crypto. Checking account is through Cross River Bank, FDIC. Brokerage is through FIN2, a FINRA/SIPC member firm. Digital assets are held in custodial wallets with Paxos Trust Company, a New York State-chartered trust company. Previously known as Fierce App.
Right now they are offering a $1,000 new customer bonus. Hat tip to DoC. You must open a new account using promo code AUGUST1000 and deposit $10,000 or more in cash or crypto within 30 days, and hold it for 120 days to earn the $1,000 sign-up bonus. Must open by August 31, 2026, and then you have 30 days to make the deposit. You get the bonus 30 days after meeting these terms.
The fact that this is a fintech makes it a little concerning, and I don’t keep my money long-term in fintechs, but might be okay with the short-term since the bonus is effectively 30% annualized. You can hold your deposit at Cross River Bank and earn an additional 3.50% APY (would be my choice), or go nuts and hold it in crypto earning 8% yield (backed by Galaxy Digital).
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Be ready to take picture of your DL and be on camera for vetting process.
My account is approved but so far no email about promotion confirmation email. Still waiting. As a data point my chexsystems is frozen.
Any idea how complicated and invasive the sign up process is? Are they going to require my drivers license and proof of home address and all of that?
I got notice of this Donovan. Thanks.
For the crypto, can you hold stable coin which “should” inherently maintains its one dollar/share?
If that’s a risk, then holding cash probably is the smartest thing
Sorry, that was a dictation error. That was supposed to be. “I got notice of this Jonathan.”
jonathan, curious if you are doing this one…thanks!
Hi,
GalaxyOne insists on using Plaid. I do not trust Plaid and have asked them to delete all my information they have collected about me numerous times (from both of their companies…beware, more than one). Not going to get into why I refuse to have anything to do with Plaid. Great deal, but I’m sure Plaid is involved more than they are letting on. Will have to pass on this one.
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As a suggestion, in the future please state if bank insists on using Plaid to open an account. Thanks, Saul
Wants mobile number, uses Plaid on phone with biometric data. Wants a government ID on the phone after scanning QR code on PC. Used Safari on phone, Chrome on PC. Worth a shot for $1k. On the other hand, very creepy and maybe giving up privacy for a few coins.
If it verifies, you get back on PC “Now fund your account”. Bank, Wire, or new crypto account. Uses plaid.
“Deposit Limits: $25,000 daily and $125,000 monthly.
Wires accepted with no limits. Instructions.”
I don’t have Chex frozen, I do have my credit reports with a 7 year alert.
Also
“Premium Yield accounts do not have their own account number. All transfers must be managed through your cash account.”
You can only send money back to whether it came for 60 days.
“Use Plaid to connect an external bank account and transfer funds via ACH. Funds available within 3 business days. Once complete the funds can be used on GalaxyOne or withdrawn back to the originating bank account. Funds cannot be moved or withdrawn to a different bank account for 60 days.”
Also
“You can’t cancel this transaction after you’ve confirmed your transaction.” But that’s probably pretty typical everywhere.
Good luck to everyone! This took about 5 minutes for me.
You can hold TBIL or SGOV via their brokerage, that MAY be safer, especially if you are holding whole shares rather than fractional shares.
The long story is that I already had a Fierce account so they wouldn’t let me sign up for a new account (forgot they turned into GalaxyOne). I thought about it, and decided to try using spouse account and the added complexity that involves, ha. $1,000 is $1,000. Yes, Plaid for ID verification (ID photo and selfie) and bank transfer management. Moving money around to do bonus, make sure you add that promo code.
Interesting idea about holding SGOV in SIPC instead of cash in FDIC via fintech. May be slightly more complicated at tax time.
i want to do this as it would the hugest bonus for the smallest amount of deposit. $1k for $10k. the old lesson tho if it’s too good to be true is warning me and im worried about something happening. sounds like u have experience with fierce who is this same company tho.
Galaxy Premium is an unsecured note backed by Galaxy Digital Holdings LP, a subsidiary of Galaxy Digital Inc. It is for accredited investors only, and I am not touching it with a 10 ft pole.
GalaxyOne Cash — one question before I sign up
I’m considering putting $10,000 into GalaxyOne Cash for 120 days to get the $1,000 bonus.
GalaxyOne is a fintech, not a bank, but says the Cash account is held at Cross River Bank, Member FDIC, and is FDIC-insured up to $250,000.
My biggest concern is this: What actually happens to my $10,000 if GalaxyOne suddenly goes out of business or shuts down?
Would my money still be safe and accessible through Cross River Bank because the deposit is legally held there, or could I have problems getting my money back?
I’d really appreciate answers from anyone who understands fintech/FDIC banking or has actually used GalaxyOne.
Well it certainly hasn’t worked out for other fintechs that were utilizing banks.
Too risky IMO.
Galaxy premium also has a “30-day redemption notice period”. Nope.
Everybody should do what they feel is appropriate. I can only share what I have decided for my own situation. Based on reading the legal disclosures during the application process, GalaxyOne opens an individual demand account at Cross River bank with your name on it, as opposed to “FBO” accounts that some fintechs use. For 100% safety I do think you should avoid fintechs, but in the end I am okay with this for the purposes of this bonus period of 120 days. This bonus is more of a short-term investment bet, like an odd lot tender, than just a savings account. I view the risk/reward as acceptable. That’s what this blog is for, to share my own thought process and decisions, and I’m not trying to persuade anyone else. I have no affiliation with GalaxyOne. I am not doing their “premium yield” thing.
Galaxy is also publicly traded on the NASDAQ under the ticker GLXY, so you can looking into their audited financials if you wish.
Any idea if this is still alive? It is still up but clearly says August 31st.
And if you had taken the time to click on the link, you would see that it clearly says the offer ended Aug 31.