Competitive Interest Rates for a Reward Checking Account at Reliabank South Dakota
The Reliabank Dakota is offering one of the best reward checking accounts launched this banking year. The account is called Ultimate Checking and it pays a competitive 4.07% APY on balances that amount to $25,000 and below.
In any event that the balance exceeds $25,000, the depositor will be paid 1.01% APY, which is still a competitive rate, for the amount that exceeds the cap balance limit. Of course, three conditions need to be met before the 4.07% high APY is paid:
The account holder needs to make monthly 12 check card purchases.
The account holder needs to make one ACH auto debit, bill pay, or direct deposit every month.
The account holder should enroll on an online banking scheme so s/he will be able to receive electronic bank statements instead of paper banks statements.
If one or more conditions are not met, the APY will roll back dramatically to its original 0.25% rate.
To open the account, a minimum of $50 needs to be deposited. This is a fairly small sum compared to other banks that require at least $500 to open a checking account. As in other checking accounts, this account has no monthly service charge and minimum balance requirement.
Although the 4.07% is lower than most 5.00% APY offered by other banks, it’s still a very competitive rate given today’s economic climate.
Take note, though, that reward checking accounts are liquid accounts. Their APYs and interest rates are not fixed, and they may change anytime within the year.
As in most reward checking accounts, you should be careful about exceeding the cap balance limit. Only a maximum of $25,000 will be credited when they’re computing your high annual yields. With a 12 check card purchase requirement every month, it’s easy for you to go beyond your limit.
To open this checking account, you need to visit one of the bank’s branches. Reliabank has branches scattered across South Dakota cities including Estelline, Hayti, Hazel, Watertown and Hartford.
Incidentally, this is also the first reward checking account being offered in South Dakota.
The Reliabank Dakota has been insured by the FDIC since 1945 under FDIC Certificate # 16221.
You can be earning hundreds or even thousands of dollars a year in CD investments, money market, and cash back credit cards. Subscribe to our free newsletter below to learn how to maximize your rewards, improve your credit, and make money!
That’s a good one, but check out these latest rates from http://www.CheckingFinder.com.
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Grand Bank of Texas - Grand Prairie, TX 5.02
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Malvern Federal Savings Bank - Paoli, PA 5.01
Union State Bank - Everest, KS 5.01
United National Bank - Cairo, GA 5.01
First Banking Center - Lake Geneva, WI 5.01
Noble Bank & Trust - Anniston, AL 5.01
The Community Bank - Brockton, MA 5.01
Bank of Little Rock - Little Rock, AR 5.01
Community Bank of Pleasant Hill - Pleasant Hill, MO 5.01
Community Bank of Raymore - Raymore, MO 5.01
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Royal Banks of Missouri - St. Louis, MO 4.78
Texas Citizens Bank - Pasadena, TX 4.76
Courtesy of BancVue.
Comment by Erik — March 2, 2009 @ 12:34 pm