The State Bank of Toledo, Iowa, is offering a semi-decent checking rate with a very substantial maximum balance allowance. Right now you can earn 3.01% APY on all balances up to $70,000. Although the interest rate associated with this account isn’t as high as some other rewards checking accounts (see – checking accounts with highest interest rates), the maximum balance allowance makes it well worth it.

This is an ideal account for someone who has a large chunk of idle cash (no greater than $70k) and is looking for a decent FDIC insured savings rate. Currently, 3.01% APY will beat any interest rate obtained by current CD’s, money market accounts or traditional savings accounts.

I have contacted a bank representative to see if this deal is available nationally or just in Iowa and will report back when I hear from them. The last few times BankVibe has reported on these high interest checking deals they have come with geographical restrictions, however a BankVibe reader pointed out to me that he bypassed this restriction by simply paying $5 for a membership fee (as well as filling out some paper work). Needless to say restrictions will vary for each bank or credit union and it certainly never hurts to contact a representative.

State Bank of Toledo Checking Account Requirements:

• 10 monthly debit card transactions (just use their debit card once ever 3 days for purchases over $1 and you should have no problems)
• 1 Direct Deposit
• Receive E-statements

This account comes with a savings rate of 3.01% APY and ATM refunds up to $25/month

Most Commented Posts

• Receive $125 for setting up a Chase Free Checking Account.
• An alternative to Bank CDs (certificates of deposit)
• Capital One Rewards Checking Account sign up bonus: $300?
• Receive $50 when you open a new checking account with Bank of America
• Credit Cards Featuring Cash Sign-Up Bonuses
• Connexus Credit Union Cd Rates – 7 month tiered certificate promotion
• WAMU Free Checking Account Bonus: $100
• Shore Bank Promotional 3 month CD Rate – 10% APY!
• Millenium Bank CD Rates and Bank Review
• Mexican Bank Certificate of Deposit Rates