Thanks to BankVibe reader Paul for pointing out a unique interest bearing checking account as well as a fairly decent online savings account being offered through CBDirect. Currently their online savings account has an interest rate of 2.00% APY while the checking account is yielding 3.00% APY. Both of these products are available nationwide. (Rates good as of June 22, 2009)

You may not think the 3.00% checking deal is that impressive when compared to other interest checking account yields, however, keep in mind this one has NO CAP on balance requirements.

Typically these products cap off the balance between 10k and 50k but offer yields of 4-5% APY. This one could be your best bet if you have a great deal of idle cash sitting around.

The requirements for CBDirect’s checking deal are pretty standard – make ten Visa Check Card purchases, receive one direct deposit and pay at least four bills using Centennial’s free online bill payment service each statement cycle (monthly).

The online savings account doesn’t come with any requirements, however they want you to contact a representative directly before opening the account.

CBDirect is a member FDIC and your deposits are insured up to $250k.

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