5.25% Interest on "Bank of the Wichitas" Checking Account

March 21, 2009 5 Comments »

bank of wichitas rewards checkingBank of the Wichitas is offering new and existing customers a very impressive 5.25% APY on balances up to $10,000 which are deposited into their “Rewards Checking Account.”

Requirements – Make 10 Bank of the Wichitas VISA CheckCard sales transactions per month

Unfortunately for most of us, this offer is only available where local Bank of Wichitas are present. This would mean if you reside in the Oklahoma, Kansas, Missouri area you may be eligible to sign up and receive their advertised rates. As for the rest of us, unless we have family members banking with them or residing in their territory, then we are likely ineligible.

Interest checking accounts yielding 4-6% are still relatively new and seemed to have come on the scene as CD rates and high yield savings account rates began to fall off the face of the earth. Local banks and credit unions are able to offer very high rates in exchange for you, the customer, to do more monthly transactions with them, as all of these high interest checking accounts require a certain amount of monthly debit card transactions, ACH transfers etc.

Our Take:

This is a solid rewards checking offer, although there are a number of banks offering higher interest rates with similar monthly requirements. These accounts feature the best rates in the midwest and the south and southeast. If you live in any of those regions you should stop by your local credit union and ask about their rewards checking accounts. In general, these accounts are receiving loads of popularity lately especially in the online world. With the FED lowering key rates and yields on bank deposits and money market accounts on the rapid decline, these accounts are looking more and more attractive in comparison. Keep in mind the rates are variable though and can change at anytime without notice.

“Rewards Checking” accounts are insured by the FDIC or NCUA. If you review the comments made on the top 5 rewards checking accounts you will see that some people are simply using these accounts as savings accounts rather than traditional checking.

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  • Carole Rains

    Bank of the Wichitas’ online affiliate is Redneck Bank, and I opened a Mega Money Market account at 3.1% interest with them 2 weeks ago with no location restriction (I am from New Jersey). The high interest checking account on their website is also available nationally.

  • BankVibe

    Thanks Carole,

    I will certainly feature this rate on my next post! That is an extremely competitive MMA that you found. How did you find this rate? Google, print ads, blog?

    PS. I love their rates but can’t say I’m a fan of the name they chose :)

    Redneck bank?!? Really??

  • Carole Rains

    GoTalkMoney.com posted the Redneck info on one of their daily emails. I just received my ATM card, it’s got the bigmouth horse photo on it. Finance is always so serious, I think it’s kind of nice to have a little humor once in a while. And hey, the 3.1% rate is still holding, so yes, “bankin’s funner” at Redneck.

  • BankVibe

    Lol. Keep us posted on your experience with them, and thanks for giving us the heads up!

    Redneck Bank:

    http://bankvibe.com/earn-310-in-mega-money-market-account-from-redneck-bank/

  • sunita yadav

    could you tell me what need to do to open the account to get high interest rate like 5.06 % apy ?I am in the NJ still could get the interest rate or not.