Focus Bank’s Free Checking with 4.51% APY

Just got tipped off on another high yielding checking account with free ATM use nationwide. This checking account comes from Focus Bank and carries an interest rate of 4.51% APY on all balances up to $25,000 (1.01% APY on balances above $25k).

Benefits of “MAXimum Free Checking” with Focus Bank:

• 4.51% APY* on balances up to $25,000
• 1.01% APY* on balances over $25,000
• If monthly qualifications still aren’t met, you still earn 0.10% APY
• ATM Fee refunds up to $25 per statement cycle
• $100 Opening Deposit
• Free Checks
• Free ATM/Debit Card
• Free 24-Hour Telephone Banking
• Free Online Banking
• Free Bill Pay
• Free Image Statement
• Free Direct Deposit/Automatic Drafts
• 50% Discount on Personal One-On Style
• $500 Overdraft Privilege

Requirements to earn 4.51% interest rate:

• Make 10 purchases every month with your debit card (size of purchase is irrelevant)
• Log-in to your online banking account at least once per month
• Receive E-Statements (you will want to do this regardless as this is a variable interest rate and can change without notice)
  

Unlike most of the high interest checking accounts we’ve covered this one does not come with the requirement of making one “auto debit” or auto payment, therefor those without recurring monthly payments can still experience the benefits of this account.

Learn more.

6.01% Checking with Global Credit Union

Global Credit Union out of Washington state is offering potential customers 6.01% APY in their “eVelocity” checking account.

While this ties for the number 1 spot in BankVibe’s “Top 10 interest checking accounts list,” it comes with some hefty membership restrictions. Mainly, if you don’t live or have family members in Washington state you will likely be declined (to see all of their membership eligibility requirements, click here).

“eVelocity” Checking Account Benefits:

• 6.01% APY on all balances up to $10,000
• Free ATM use including refunds of ATM charges
• debit card and online banking options

Requirements to earn the high interest rate:

• Sign up for eStatements and opt-out of paper statements
• Provide them with a valid email address
• Log in to eBranch (online banking) at least once per cycle
• Receive an automated deposit or withdrawal to this checking account of at least $100 per cycle
• Use your debit card for at least 12 purchases per cycle (all purchases must post to your account by the last day of the cycle)

Olmsted National Bank offers 5.01% Checking Account

Lately BankVibe has kept a narrow focus on finding the best savings rates possible, whether it be from certificates of deposit, money market accounts or interest checking accounts. What has typically transpired from digging for the top savings rates has been that local geographically exclusive credit unions and banks usually top the list, which in turn, makes the top rates insignificant to the greater portion of BankVibe readers.

Today, we have found an extremely high yield checking account available to EVERYONE nationwide! It comes with a few requirements that must be met in order to keep the rate.

Olmsted National Bank is now offering customers a whopping 5.01% APY on all balances up to $25,000, 1.01% APY on all balances above $25k.  The national average for interest bearing checking accounts currently sits at a pathetic 0.76% APY, which needless to say, makes this account pretty substantial.

Requirements for 5.01% Checking through Olmsted National Bank

I spoke with a representative from their institution yesterday via email who informed me on this rate and it’s national availability. The other requirements they noted are as follows:

1) You must receive E-Statements

2) There has to be one reoccurring direct deposit or one reoccurring ACH debit

3) You have to make 12 debit card purchases per statement cycle (this can be a soda, bag of chips, tank of gas, round of beers, etc.)

One more notable feature with this checking account is that your ATM withdraw fees will be reimbursed up to $25.00 per month. With most ATM’s I encounter, competing bank accounts are usually charged 2.00 per withdraw. Therefor, if you can keep your withdraws under 12 per month (3 per week) then you should be good to go.

Earn 3.10% in Mega Money Market Account from Redneck Bank

Much thanks to BankVibe reader Carole for pointing out an astounding “Mega Money Market Account” yielding 3.10% APY through Redneck Bank (yes that is their real name). They also have an interest checking account yielding 5.25% APY on all balances up to $10,000 with a respectable 2.25% APY on balances above $10k.

Perhaps the best part of this deal is that it is available nationwide! Many of the other rewards checking accounts BankVibe has covered lately come with geographical restrictions.

I have to say that not only do these guys offer some of the highest rates available for interest checking and money market accounts, they also love to embrace the redneck name along with all of the assumptions that come with it.

At the top of their site, they have tabs with such titles as “Check Yer Balance,” and “Yep We’re a Real Bank.” And guess what? As far as the FDIC in concerned, they ARE a real bank. Your money is federally insured up to $250k, so enjoy their rates while they last!

Here are the features and specifics of their Mega Money Market Account:

- Earns interest of 3.10%  APY* calculated on your daily balance of up to $35,000.
- Amounts over $35,000 earn 1.65%  APY*
- Includes 6 FREE withdrawals per month
- $5 fee for each additional withdrawal

Here are the features and specifics of their Rewards Checking Account:

- FREE Online Banking
- FREE Checking
- FREE Redneck Bank® VISA® CheckCard
- FREE Customer Service
- FREE Daily Email Notification if Overdrawn
- FREE ATM Transactions Worldwide
- NO MINIMUM BALANCE

Requirements for earning 5.25% APY: Make 10 Visa CheckCard transactions per month and receive all bank statements electronically.

Redneck bank is an online affiliate of The Bank of Wichitas.

5.25% Interest on “Bank of the Wichitas” Checking Account

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.

“Rewards Checking” accounts are insured by the FDIC or NCUA. If you review the comments made on the Top 10 Rewards Checking Accounts you will see that some people are simply using these accounts as savings accounts rather than traditional checking.

Missouri Bank offering 5.01% APY Rewards Checking Account

Community Bank of Pleasant Hill, out of Pleasant Hill Missouri, is offering new and existing customers a checking account yielding 5.01% APY on all balances up to $25,000 (0.50% on balances exceeding $25,000).

Some of the additional perks offered with this checking account include: Free ATM use nationwide, online banking and bill pay, no minimum balance required and opening balance of only $100. Absolutely no maintenance fees are associated with this account, plus you get a free visa check card.

Here is what is required of you to receive the advertised interest rate:

• Make at least 10 debit card transactions (Point of Sale) per statement cycle
• Have at least one monthly ACH direct deposit or ACH auto debit
• Receive your statements electronically (NOTE – You will want to pay attention to your e-statements as your interest rate is subject to change.)

You may wish to compare this high yield checking account offer with BankVibe’s top 10 interest checking accounts to receive the best rates.

Top 10 checking accounts with highest interest rates

Lately, many investors (and BankVibe readers) have opted to swap traditional CD’s (certificate of deposits) for Rewards Checking Accounts or “high interest bearing checking accounts.” The reason is simple – Better Interest Rates.

In the past, individuals on the hunt for conservative (FDIC insured) investments flocked towards CD’s because of their relative safety and lucrative returns. Today, CD’s are yielding rates lower than most people have ever seen which leaves these same individuals searching for alternatives.

I have included two charts below illustrating the competition of rates among CDs and Interest checking accounts. As you can see there is a clear superior.

Compare the above rates with the following 12 month CD rates. Keep in mind the following CD rates are available nationwide, whereas the “Interest Checking Accounts” above have geographical restrictions.

In all instances the interest checking accounts have accompanying rates that simply demolish the annual yields of 12 month CD rates. And if you take a look at some of the comments BankVibe readers have left regarding the interest checking accounts you will see that some people are simply using these accounts as savings/deposit accounts rather than having them function as checking accounts.

Pay Attention to the TERMS AND CONDITIONS

I cannot stress this enough. None of the mentioned checking accounts above come without strings attached! In most cases you must make regular purchases via a debit card (usually between 10-20 per month) to keep your savings rate active. You must also set up recurring monthly withdraws (ie auto payments, utility payments, etc) and receive E-Statements or your advertised savings rate may drop as well.

If you abide by the terms and conditions of these accounts, then achieving their rates is pretty easy, but it takes a pro-active approach each month.

BankVibe readers also suggest that these are simply teaser rates which draw you in to their bank and require you to open additional accounts. In most cases, this is a valid argument, however if you max out the allowed balance you still stand to make a healthy return.

4.25% APY checking account through Altra Fed Credit Union

Altra Federal Credit Union currently has a phenomenal savings rate of 4.25% APY for their “A+ Checking Account.” As always there are a few strings attached. See below for details.

Here is what you have to do to be eligible for this savings rate:

• Receive your e-Statement and A+ Checking Report card at a valid email address
• Sign on to Altra’s Free Online Banking
• Make a Direct Deposit into your A+ Checking account($50 minimum required)
• Make 10 Altra Check Card purchases/transactions (ATM withdrawals do not qualify)

Basically you have to do the majority of you’re daily banking with Altra Federal CU to earn this abnormally high interest rate.

This rate is good on all balances up to $25,000 (1.0% APY on all balances exceeding $25k). There are also no monthly fees with this account and ATM reimbursement (up to $20  per month).

This rate became effective on March 1st, 2009 and is subject to change without notice.

Midwest America Federal Credit Union: 5.11% Checking Account

Midwest America Federal Credit Union has some astounding savings rates which became effective 3/1/09.  Currently, with their Rewards Checking Accounts, you can earn 5.11% APY on all balances up to $25,000 (1.50% APY on all balances above $25k). The national average for interest checking account rates sits at around 1.0% APY.

There is no minimum balance required to open one of these accounts and you’re interest is compounded monthly as is the dividend period.

5.11% APY Checking through MAF Credit Union

To Obtain the featured interest rate you must do the following…

• make 10 cleared MidWest America debit card purchase transactions on your MidWest Reward Checking Account per “qualification cycle”
• receive your monthly statements electronically through CU Anywhere
• set-up one direct deposit or one auto debit monthly to MidWest Reward Checking

Also note that before qualifying you must fill out the “Truth-in Savings disclosure form”

You may find local branches within various counties of Indiana, Illinois and Kentucky.

High Yield Savings Account with a 7.50% APY!

Well it officially looks like the highest yielding savings account may have just been discovered by BankVibe reader Kirk over the weekend. Apparently Peoples Community Federal Credit Union out of Vancouver, Washington is offering their customers a high yield savings account with an interest rate of roughly 7.50%. However, if you’re looking to invest a large sum of money, you may want to hold back your excitement because this savings rate only applies to balances up to $750.00.

Peoples Community Federal Credit Union also offers it’s customers an extremely lucrative 4.0% interest checking account for balances up to $50k if all terms and conditions are met (see below).

Like most credit unions this one has a very exclusive eligibility checklist. Unless you reside in the southwestern counties of Washington State (from Tacoma down to Portland) you will most likely not be eligible. The only possible loophole would be if you have a family member residing in those counties.

High Interest Checking and High Yield Savings

Rates are subject to change without notification. Earn 4.0% APY on “Loyalty Checking Account” for balances up to $50,000. Terms and conditions must be met or interest rate drops to 0.25% APY.

ATM reimbursements (up to $100 per month)

All savings/checking accounts through PCFC are federally insured by the NCUA.