Lately BankVibe has kept a narrow focus on finding the best savings rates possible, whether it be from certificates of deposit, money market accounts or interest checking accounts. What has typically transpired from digging for the top savings rates has been that local geographically exclusive credit unions and banks usually top the list, which in turn, makes the top rates insignificant to the greater portion of BankVibe readers.
Today, we have found an extremely high yield checking account available to EVERYONE nationwide! It comes with a few requirements that must be met in order to keep the rate.
Olmsted National Bank is now offering customers a whopping 5.01% APY on all balances up to $25,000, 1.01% APY on all balances above $25k. The national average for interest bearing checking accounts currently sits at a pathetic 0.76% APY, which needless to say, makes this account pretty substantial.
Requirements for 5.01% Checking through Olmsted National Bank
I spoke with a representative from their institution yesterday via email who informed me on this rate and it’s national availability. The other requirements they noted are as follows:
1) You must receive E-Statements
2) There has to be one reoccurring direct deposit or one reoccurring ACH debit
3) You have to make 12 debit card purchases per statement cycle (this can be a soda, bag of chips, tank of gas, round of beers, etc.)
One more notable feature with this checking account is that your ATM withdraw fees will be reimbursed up to $25.00 per month. With most ATM’s I encounter, competing bank accounts are usually charged 2.00 per withdraw. Therefor, if you can keep your withdraws under 12 per month (3 per week) then you should be good to go.
Interest Rate Outlook:
Expect rates to fall steadily to near 1 percent over the course of our recession. The FED has stated they are aiming to stimulate borrowing and will drive rates down in order to do so. Once key rate hit their projected levels of between 0.25 and 0.50 percent, CD rates and money market accounts rates will likely follow.