Raritan Bay Federal Credit Union’s rewards checking account
Raritan Bay Federal Credit Union out of New Jersey has a very nice Rewards Checking Account which is paying a whopping 5.01% APY on all balances up to $25,000 (earn 1.01% APY on balances above $25k). This currently smashes the national average for money market accounts, which currently sits at a meager 1.20% APY. However, like many other interest checking accounts we have covered in the past, this one comes with a few strings attached.
Thanks to BankVibe reader Tim for sending this one in!
4 monthly qualifications must be met to earn the advertised interest rate:
- 8 mastercard signature based purchases
- set up one recurring direct deposit or authorize and automatic monthly transfer from this account
- enroll and receive statements electronically (e-statements)
- access online banking and enroll in online bill pay
If you can meet the above requirements and have a large lump sum (less than $25k) in which you would like to have earn an optimal interest rate, then this account is probably your best bet.
Additional Account Features:
- free ATM use nationwide (ATM surcharge refunds every month from Raritan Bay Fed CU)
- No monthly service fees associated with this account
- earn 1.01% APY on balances above $25,000
- Average daily balance method used to calculate dividends
