Bank 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.
