Update – Royal Banks “Majestic Checking” account is paying 2.67% APY on all balances up to $25k as of 2012. There are just 2 banks in the US offering these accounts with APY’s above the 4 percent mark. We’ve covered them in our 2012 rundown of the best rewards checking accounts.
We like these products in our current interest rate environment simply because they are the only FDIC (or NCUA) insured savings product with yields above the current rate of inflation (1.60% as of July 2012). They also provide much more liquidity then standard certificates of deposit – allowing you relatively easy access to your funds in case of an emergency or future investment opportunities.
- Offer from Archive -
After proclaiming Rewards Checking Accounts as the best interest-earning savings-vehicles of 2009, Royal Banks of Missouri comes out with a fantastic checking account offer which they refer to as “Majestic Checking.”
With a majestic checking account you will be able to earn 4.30% APY on your balances up to $24,999. The minimum balance required to open is $100.
Like all rewards checking accounts, Royal Banks of Missouri’s Majestic Checking requires a certain amount of monthly commitments from you to earn the advertised rate.
Requirements (per statement cycle) to Receive 4.30% APY
- 10 Point of Sale Debit Card Transactions
- 1 Direct Deposit and/or ACH Debit/Credit
- E-Statement (must provide valid e-mail address)
- Royal Banks MasterCard Debit Card
- FREE Royal Banks Online Banking and Bill Pay
- No annual fee Royal Bank’s Credit Cards (subject to application and approval)
- access to free ATMs nationwide
- Online Statements (E-Statements)
Another added benefit to the account is that you will be refunded on all of your ATM withdrawals from non-network ATM’s so long as you meet the monthly requirements (up to $25 per month refunded in foreign ATM fees). If you don’t meet the monthly requirements, all ATM fees are on you.
The maximum balance allowance on this account is $25,000 for the 4.30% annual percentage yield to be applied. All balances over this amount will earn just 1.40% APY.