Update 2012: This product and the advertised rate are no longer available. We recommend you stop by our top rewards checking offers of 2012 page to get a better idea of where these types of products stand today. You can also track down local offers in your area.
Interest rate outlook 2012: Interest rates a whole are projected to stay at their current levels through 2014. Rewards checking accounts such as this offer by Malvern Federal Savings will likely remain available by many local credit unions, however you should expect their annual percentage yields to be significantly lower than they have been in the past while still requiring the same monthly commitments from the account holder(s).
Malvern Federal Savings Bank Rewards Checking Account:
Malvern Federal Savings Bank of Pennsylvania is offering a “Rewards Plus Checking Account” yielding an extremely impressive 5.01% APY on all balances up to $35,000 (1.01% interest rate on balances above $35K).
This is just one of the dozen high interest checking accounts BankVibe has covered over the last month and the number of these offers seems to be growing. Essentially, an interest bearing checking account works the same as any money market account except it typically comes with precise terms and conditions that must be met. However, if you actively manage your monthly finances then these terms and conditions should not present too much difficulty.
As for the checking offer through Malvern Federal Savings Bank, you must abide by the following requirements in order to earn the 5.01% APY…
- Ten debit card transaction at POS per statement cycle.
- One direct deposit or ACH debit per statement cycle.
- Access Free online banking one per statement cycle.
If these requirements are met you will enjoy not only the 5.01% APY, but also free ATM usage nationwide (up to $25 per billing cycle). If they are not met, you won’t encounter any fees but you will only earn an interest rate of 0.20%.
Minimum deposit required to open the account is $200.00.
42 E. Lancaster Ave.
Paoli, PA 19301