Metabank started promoting its Preferred Checking Plus which promises excellent yield percentage for its depositors. Prospective consumers need to calculate their interest rate earnings against a possible monthly fee. Due to the yield, investors deem the new service by Metabank worth risking monthly dues for. The set target figures for the reward checking are as follows:

• Annual Percentage Yield of 4.25% for deposit balances of $25,000 and below.
• Balances exceeding $25,000 get a 0.60% APY on part of the amount.
• Accounts which fail to meet the target figures get 0.10% APY.

Customer need to meet the following targets:

• 15 transactions using the debit card.
• A salary deposit of $100 or above must be made by the applicant’s company or another institution.
• Customers must sign into Metabank’s online banking site.
• Depositors need to enable their e-statements.

Customers can save $7 a month by getting the monthly service dues waived by reaching the monthly targets or keeping a $10,000 balance in their checking accounts or maintain a balance of $25,000 in deposits/loans. Aside from this, bank customers will get the fee waived by signing on for the Preferred Checking Account. The only caveat is that its APY is only 2.00%.

Interested parties must be market area residents of Storm Lake and Des Moines for Iowa and Brookings and Sioux Falls for South Dakota. A visit to a physical branch of the bank is needed to open an account.

MetaBank has been in the FDIC since 1955 with a certificate of 30776. BauerFinancial rates Metabank 3 and ½ stars and Bankrate.com gives it 3. DepositAccounts.com goes out with a 4.