Rewarding Checking Account through Malvern Federal Savings Bank

February 27, 2009 7 Comments »

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.

Contact Info:

42 E. Lancaster Ave.
Paoli, PA 19301

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  • Ricky N

    I signed up, but then noticed something in the terms… it says that unless a $5,000 balance is maintained, there is a $10 monthly fee for the account.

  • Frank Lapido

    Ricky N,
    I think you’re mistaken. For another account (Premier Rewards), there is a $5k minimum for no fees. That’s the checking account with a free safety deposit box and other stuff.

    This is the Rewards Plus Checking and it says there are no monthly service fees and no minimum balance.

    Frank Lapido

  • mitch

    Apparently, there’s no ACH transfer at this bank (according to customer rep). Which is strange, because one of the requirements is “one ACH debit”.

    Customer rep said the requirement could be satisfied by “having your utility company debit the account every month,” but that there was no way of transferring money out except for wire transfer… And no way of transferring in except for sending a check.

    Bummer, if true. Can anyone who has one of these accounts confirm that’s it’s possible to ACH push/pull from an external bank?

  • Eddie

    I use Etrade and transfer my money around with their Max-Rate checking. Free checks, ATM’s and you can transfer in and out of any Bank if you have direct deposit.

    I just signed up for Malvern and will let you know if that works.

  • Ken

    Has anyone opened a rewards checking acct w/ Malvern yet? Can you please share your experience with how it’s going so far? Thanks

  • Lee

    Is there a hard credit pull for this account or do they use Chexsystems?

  • Dave

    I opened a checking account at Malvern, Ken.

    The 5.01% Interest Rate Advertised On This Page Is No Longer Valid. The Interest Rate Is Now 3.5%.

    The account was pretty easy to open online, but getting a response from their PA branch is very difficult. I left a message with an employee there twice, and didn’t receive a return phone call either time.