There are a lot of banks right now that are trying to gain back their leverage after falling prey to the recent global economic crisis. To gain their clients back, most of them are giving away bonuses as well as the most competitive interest rates.

Small banks are pulling twice the legwork, as can be seen by the most recent checking account offered by the Bank of Greene County. Not only does is give the best interest rate in the area, earning 5.00% APY. It also comes with a free gift.

The high yielding checking account, which can be considered the best checking account in the county, is an electronic account, though. That’s probably the only thing going against it right now. Not everyone is comfortable about having a wholly electronic account.

However, if you can get past the fact that you’ll be doing most of your transactions online and though a check card, this is one of technology’s greatest banking gift to mankind. If it earns up to 5.00% APY, there’s no reason for you to complain—unless you’re unhappy about the low cap deposit.

According to their website, only up to $1000 of your deposit earns this interest. The funds exceeding $1000 still earns interest, but the rate drops down to 0.50% APY. Another slight setback is that although there’s no advertised limit to who can open the account, it’s going to be very inconvenient for you to maintain it if you live in south-central NYC. The drive can be grueling.

Those who live in Greenville, Hudson, and Catskill are in luck, though. Branches of the Bank of Green County are situated there. The bank’s ratings are pretty impressive. It received a five out of five rating from both BauerFinancial.com and bankrate.com. It is a member of the FDIC and is federally insured under FDIC Certificate #21591.