Choice Financial offers a very attractive high yield savings account that has a 1-month introductory rate of 2.76% APY. This money in the bank deal is dubbed Rate Builder Account and is available nationwide.

After the 30-day promo period, the interest rate reverts to the normal applied earnings. The savings account has a tiered structure and has the current interest rates:

Interested individuals from any state can apply online. It takes $5000 to open an account. It will be best to stay above this line all the time to avoid a monthly service fee of $2. Funding an account can be done via ACH transfer or by sending in a check.

It will also be best to call the bank first before signing anything since the rates posted on their website may change any time. You can reach them through 877-380-3623.

The earnings of the account are compounded and credited on a quarterly basis. This might be a downside because you may lose your earnings in case you decide to close the account and they have not been credited yet.

If you decide to close the account with the first 3 months, the bank will be charging a $50 fee. Withdrawals are also limited to 6 per month as required by banking guidelines.

According to a customer service representative, Choice Financial does not do a hard credit inquiry when you open an account.

Choice Financial is headquartered in North Dakota. The bank is doing okay based on the reviews of bankrate.com and BauerFinancial which issued 4 stars and 3.5 stars, respectively.

The bank is insured with the FDIC through certificate # 9423.