We were kicking trash cans around Bankaholic World Headquarters when Heartland Community Bank lowered the rate on its Interest Plus checking account from 5.06% to 4.02% the day after we wrote about it.
Banks are dropping rates on every type of deposit more and more often. It’s like a race to the bottom — and we’d sure like to think we’ll see what the bottom looks like this spring.
Until then, we have another recommendation for you.
Bank2, based in Oklahoma City and owned by the Chickasaw Nation, is still paying 5.01% APY on its Rewards Checking for balances up to $25,000.
It’s available nationwide and you get a generous $50 per month in reimbursed ATM fees.
You have to open the account with $100, but if your balance vaults over the $25,000 cap you earn only 1.01% APY on the overage. That’s low. What’s even lower is the 0.01% APY paid if you don’t meet the monthly requirements.
Qualifications for the 5.01% interest rate are standard. You must make 10 check card purchases, have a recurring direct deposit linked to your account, receive e-statements and access the online bank once a month.
(If you’re unfamiliar with this kind of account, click here to learn how high-yield checking accounts work.)
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