3.50% APY Best Interest Rates for reward checking account with Westfield Bank
Westfield Bank, which maintains its headquarters in Ohio, launches a best rewards checking account for customers from various zip codes. Called Dream Big Checking, this service by Westfield awards these interest rates for customers that invest in their accounts to meet the targets:
- Annual Percentage Yields of 3.50% for deposits reaching $25,000 and under.
- Accounts exceeding the $25,000 benchmark will get an application of 0.75% APY on a percentage of the investment.
- Accounts which do not reach the targets get a base interest of 0.10%
- Monthly reimbursements of up to $12 for ATM surcharges.
Customers need to meet the following target activities or amounts:
- A purchase rate using the debit card at least 12 times a month.
- A direct deposit or payment should be made to the account.
- Electronic statements need to be activated.
Auxiliary benefits included in the account:
- A startup deposit of $100.
- Minimum balances are waived.
- Normal bank service charges are non-existent in this bank.
- Use of online bill payment services does not incur charges.
Normally banks offer promotions upon unveiling a rewards checking account to all states. However, there comes a point in the bank’s time table that the institution limits account applications to their home state. Customers outside of Ohio need to make a dive before the bank closes the window on check reward applications. Though the rates and ceiling are conservative, these numbers prevent a heavy influx of patrons that would otherwise strain the service.
Westfield Bank services its customers through its branches in Akron, Medina, Wooster and Westfield Center. The bank’s assets are moderate, reaching only $360 million as per FDIC statistics.
The security and stability of Westfield has been gauged to be 5 stars by BauerFinancial. Bankrate however only awards the bank with 3 stars. DepositAccounts.com gives the bank 4 stars. Westfield is relatively young, having only entered into the FDIC’s membership roster in 2001. The FDIC has given it a certificate number of 57077.
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Comment by Dan Raemer — August 5, 2010 @ 9:57 pm