Best Interest Rates on Reward Checking Account at Franklin Bank & Trust Company in Kentucky
Franklin Bank & Trust Company offers one of the best reward checking accounts quoted this banking year. This is called the Free Bonus Checking Account and it pays the account holder up to 5.00% APY on balances worth $25,000 and below. It also refunds ATM fees if the account holder meets the following monthly requirements:
A total of 12 debit card purchases
At least one automatic payment or deposit
An agreement to receive electronic instead of paper statements
Should the reward checking account holder meet all the requirements but go beyond the cap balance of $25,000, only $25,000 will paid with 5.00%, and the remaining balance will be given 1.00% APY. If one or more of the following conditions are not met, the APY of the checking account will drop back to 0.25%.
This reward system, however, is still one of the best checking accounts available today because of the high annual percentage yield it offers. The conditions listed to reach the higher yielding APY are also very feasible.
Take note though that these checking accounts are liquid accounts, and their APYs can change any time. A significant average 1% drop in APY was noted among reward checking accounts in general since May 2008. It’s possible that this 5.00% APY offer will drop to 4.00% by the end of this year.
Whatever happens, the reward APY is still bound to be significantly higher than the original APY indicated in the free checking account. It’s all a matter of keeping good electronic banking habits, and stopping yourself from spending beyond the cap balance.
There is no minimum balance required for this reward checking account, so it’s alright to spend any amount as long as you don’t go beyond $25,000. You need to make an initial deposit of $100 to open this checking account, and there are no other fees indicated aside from that.
Presently, there are no online applications available for this reward checking account. If you’re interested in opening a reward checking account with this company, you will need to pay one of its branches a visit.
Franklin Bank and Trust Company has numerous branches scattered all over Kentucky cities and Bowling Green. This bank has been an FDIC insured member since 1958 under FDIC Certificate #17937.
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Courtesy of BancVue.
Comment by Erik — February 23, 2009 @ 9:55 am
Do you know if there are any branches in Paducah, KY?
Comment by Non Chexsystems Bank — February 23, 2009 @ 6:50 pm