EVB (East Virginia Bank) currently serves the greater Virginia area with 25 banking locations. What sets this bank apart from the rest of the regional banks in the area are its current IRA and checking account rates. Currently both of these products feature interest rates which demolish the national average.
Their two most popular savings products are highlighted below. Keep in mind, if you live outside the greater Virginia area and/or don’t have family members residing in that area, then you probably wont be able to take advantage of their financial products. Compare this to archived bank deals in Virginia.
Reward IRA Savings Account
EVB (East Virginia Bank) offers, sort of a hybrid banking product, called the “Reward IRA Savings Account” it functions as a high yield savings account WITHIN an IRA account. Therefor you can enjoy the high FDIC insured rates of a high yield savings account while simultaneously benefiting from the tax breaks provided with a traditional IRA account. The current rate on this savings account is 3.05% APY (national average sits at 1.95% APY). One thing to note with this savings product is that the rate is a variable one and is subject to change once the account is open.
Reward Checking Account
Much like the other rewards checking accounts and interest checking accounts in which BankVibe has covered, this account comes with monthly requirements. These requirements are 10 monthly debit transactions, 1 automatic ACH transfer payment (need a bank with no transfer limits?), and receive monthly E-Statements.
What is unique about this account is that you can earn 3.01% APY on all balances up to $100,000. Most of these accounts only provide a premium interest rate on balances up to $25k, making this offer more advantageous to people with larger chunks of idle cash. This account, like the IRA savings account, is FDIC insured up to $250k.