Best Checking Accounts in California

June 10, 2009 2 Comments »

interest checking californiaIf you live on the west coast, particularly California, then you have a few decent options available as far as interest checking accounts are concerned. If you’re simply after a free checking account (perhaps one with an attractive sign-up bonus) then you can visit our checking account promotions page to find one that suits you.

Below we’ve listed the best interest checking accounts in California. The way we determined these to be the “best” were a combination of interest rates, low minimum balance requirements, as well as limited monthly maintenance requirements from the consumers’-end.

In most cases high interest checking accounts come with monthly requirements which need to be fulfilled before you can earn the advertised interest rate. These usually consist of monthly debit card usage requirements, direct deposit set-up and a number of other variables. These types of accounts can provide yields well above the national average for those that meet the requirements.

Check out the top 10 rewards checking accounts here.

Below are a few banks and credit unions in the southern California area that offer these products without the traditional requirements.

High Interest Checking in California

(Southern California)

State Farm Bank FSB:  1.55% APY

  • Minimum opening deposit is $100
  • Minimum balance to earn interest is $2,500
  • FDIC insured
  • 24-hour account access via phone and Internet
  • Initial package of 50 blue Specialty checks free
  • Overdraft protection available if you have a State Farm Bank Savings Account, Money Market Account, or State Farm Bank Visa®
  • All account holders must be at least age 13 and one person named on the account must be at least age 18
  • Interest compounded daily and credited to your account monthly

La Jolla Bank FSB: 1.74% APY on balances greater than $20,000 (1.50% APY on balances below)

  • Minimum deposit amount: $1,000
  • Variable interest rate
  • Interest will be credited to your account monthly on your cycle date
  • They use the daily method to calculate interest on your account. This method applies a daily periodic rate to the principal in the account each day.
  • There are no minimum balance or monthly fees associated with this account
  • First batch of checks are free

Baxter Credit Union: “Power Savings Account” 3.50% APY

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  • Blogging Banks

    Wow that Power Savings Account at Baxter CU sure sounds like a good deal. I hope these are not teaser rates. These days even rewards checking accounts are getting slammed with interest rates falling to one/two percentage points above the avg checking APY..

  • Rayle

    The LaJolla Bank FSB is a good recommendation. They often have competitive rates.