Update 2012: The Community Bank of Raymore still offers this account but it features an APY of just 1.75% as of 2012. The maximum balance for earning this interest rate has also been lowered to just $10,000. Interest rates in general are forecasted to remain at these near zero levels until 2014 in an attempt by the FED to stimulate borrowing. If you’d like to review today’s top rewards checking account offers visit our 2012 rundown here.
A high interest checking account is being offered through Community Bank of Raymore, Missouri (just outside of Kansas City, MO) with fairly impressive yields current our current savings landscape.
Currently Community Bank of Raymore’s Rewards Checking Account is offering a lucrative 5.01% APY on all balances up to $25,000 (0.50% APY on balances over $50k), while the national average for checking accounts sit at around 1.0% APY. As with most of these products, you’ll likely need to make it your primary checking account to receive the advertised interest rate. Complete terms and conditions for earning the 5 percent APY are highlighted below.
As an extra incentive they are providing free ATM use nationwide and free online banking and bill pay.
Bank of Raymore Interest Checking Account Requirements:
1) Minimum of 10 debit card purchases (ATM withdrawals do not count)
2) Receive 1 direct deposit or have 1 ACH automatic debit
3) Receive your bank statement electronically
Unlike some interest checking accounts, this account has relatively easy requirements to meet. Most of us use a debit card with a frequency of at least once every three days (which essentially what is required here). And as far as the direct deposit or ACH automatic debit is concerned, this can be used to make any sort of monthly payment you incur (ie auto payment, credit card payment, insurance, etc). You will also want to pay attention to your regular E-statements as this rate is subject to change.