Several weeks ago we noted First Robinson Savings Bank and their checking account which is yielding an abnormally high interest rate. We would like to make a few updates to this rate as it is currently the best one available.
First, their “Rewards Checking Account” is NOT available nationwide. There has been some controversy in the past regarding who can apply for this checking account. I have contacted a representative and it is only available to those in their specific marketing region. See comments below.
What do you get with this checking account?
You get the highest interest rate offered by any savings, checking, money market, or certificate of deposit. A savings rate of 6.01% APY! Before you get too excited though, you should know that these “rewards checking accounts” almost always come with significantly higher APYs in exchange for the customer meeting several monthly requirements.
What is required of you?
- Ten Debit Card Transactions (excluding ATM transactions)
- Process one of the following: Online Bill Pay, ACH Auto Debit or ACH Direct Deposit
- Receive Account Statement Electronically via Netteller EZ-Notice
Keep in mind that if you can not or do not meet these requirements First Robinson Savings Bank will lower your interest rate to 0.25% APY. Also note that the 6.01% interet rate is only paid on balances up to $25,000.
Additional perks come with this rewards checking account from First Robinson Savings Bank. First, you get full reimbursement of all ATM transactions nationwide. Depending on where you live this could be hugely beneficial. I encounter transactions fees racking up to $40 per month (or $4 per withdrawal) where Im from. You can also have access to your account online 24/7 to make payments and review expenses.
With interest rates on the decline, these types of variable rate checking accounts will likely hold their annual percentage yields at a much higher level than typical deposit or money market accounts in the coming months. If you’re not wiling to make the account your primary checking account, however, then the monthly requirements may be too much to handle.