Rewards Checking Account through Heritage Bank: 2.24% APY
Heritage Bank out of Minnesota has an interesting “Rewards Checking Account” which is available to everyone nationwide. It’s only yielding an APY of 2.24%, which when compared to other interest checking accounts, isn’t that substantial. However, if you are looking at stashing a large chunk of change in an FDIC insured investment, than this may be the best account for you as there is no maximum balance. Typically these rewards checking accounts, or high interest checking accounts provide lucrative returns but only for a predefined sum of money (ie earn 3% on balances up to $25,000). Heritage Bank’s rewards checking account has no limit.
Rewards Checking Account Features from Heritage Bank:
(as seen on their website)
- Interest paid on balances of $.01 or greater
- Free Visa Check Card
- The Annual Percentage Yield (APY) is in effect as of Thursday, July 02, 2009. Rates may change without notice after account is opened. Fees may reduce earnings
- If you do not meet the requirements during a monthly statement cycle you will earn the Standard APY of 0.10% and will not receive ATM refunds for that time period
- Available to personal accounts only
- Variable interest rate may change daily; Interest calculation is based on average available (collected) balances and is compounded monthly
- If you close your account before interest is credited, you will not receive the accrued interest
- Overdrafts and NSF: $27 per item
- $25 fee if account is closed within 90 days of opening
Requirements to earn advertised interest rate:
- Make 10 or more check card transactions (excluding ATM transactions)
- Have at least one direct deposit or automatic payment (ACH)
- Receive a monthly E-Statement
