bank rates

5.01% APY Checking Account at Bank2

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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Comments (21)
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21 Existing Comments
  1. lee said:
    on April 21st at 08:29 am

    We’ve got the same thing going on at First State Bank in Lincoln, NE. But they never advertised online.

  2. lee said:
    on April 21st at 08:44 am

    By the way, I’m surprised that SmartyPig still hasn’t dropped its 3.05% rate.

  3. tim said:
    on April 21st at 02:58 pm

    I’m not sure Bank2 is FDIC insured–is it?

  4. DealMaven said:
    on April 21st at 04:26 pm

    Here’s what the FDIC Web site says:

    Bank 2 has been FDIC insured since January 1, 1934.
    It was established on January 1, 1903.
    Its main office (headquarters) is located at:
    909 South Meridian
    Oklahoma City, Oklahoma 73108
    County of Oklahoma

    We don’t usually recommend banks that aren’t FDIC insured. And when we talk about banks that arent’s, such as the Mexican bank we wrote about a few days ago, we make it clear that it’s not insured.

  5. Susanne said:
    on April 21st at 06:51 pm

    I have 75K…can I open 3 different accounts at Bank2 online? Thanks!

  6. g gesas said:
    on April 22nd at 01:02 am

    i know thbre must be some caveat. so what isit.

  7. lee said:
    on April 22nd at 08:49 am

    Susanne,
    I doubt you can do that and earn the high rate x 3. Also, remember not to put all eggs in one basket even though it’s FDIC insured.

  8. DealMaven said:
    on April 22nd at 10:10 am

    We contacted Bank2 and were told that three separate accounts can be opened in the same name. However, you will have to abide by the rules for each account. That means 10 check card purchases and one recurring direct deposit for each of the three accounts. If you can do that, you’re good to go.

  9. lee said:
    on April 22nd at 12:54 pm

    That’s sounds great. I was wrong then.

  10. BANK KID said:
    on April 23rd at 12:30 am

    I applied for a GMAC 3% APY savings account awhile ago and was shocked when I received a denial for a SAVINGS ACCOUNT! They stated it was due to the credit check (I’m guessing because I’m a bit younger and don’t have a large credit history), but I have 3 other online savings accounts and had no problem with their application process. Now I’m worried about applying for one of these high-yield checking account out of fear of receiving a denial and it going on my credit report. Can anyone offer any advice? I’m basically applying for this account just for the rate and planning on only doing the minimum number of purchases.

  11. Horseylady said:
    on April 23rd at 12:52 am

    Is that 10 ATM purchases a month or a year?

  12. vernon said:
    on April 23rd at 07:50 am

    To Bank Kid: Don’t guess…. Ask GMAC specifically what the problem is. It may be with something as spelling of you address. And for Pete’s sake go get your free credit report and check it out.
    If you believe the credit reporting agencies aren’t as screwed up as a governemnt agency….. please guess again. Good luck
    ps I found GMAC people very helpfull and their internet site is excellant.

  13. DealMaven said:
    on April 23rd at 10:06 am

    That’s 10 debit card purchases using a PIN a month. Always a month with these kinds of accounts.

  14. Bobkatt said:
    on April 23rd at 03:42 pm

    after reading your ad on high yielding checking accts.(spicificly the one on America Net bank—coowner of Redneck Bank) I am in the process of opening a “Rewards Checking Acct.”at ANB with a 5.25 intrest rate,Well needless to say, They just sent me an e-mail that they are lowering that nice FAT rate to 4%,and my deposit is already in route to them *LOL* OH ME!!!

  15. BANK KID said:
    on April 23rd at 05:26 pm

    Thanks for the input Vernon. The only problem I have with getting the free credit report is that I don’t want a it to lower my credit score even more. And GMAC did say it was my credit score that caused the denial. Which made absolutely no sense to me because I’ve never had bad credit and have several other online accounts that have never had any problems!

  16. Johns Wu said:
    on April 24th at 07:39 pm

    lol, Bankaholic World HQ… i like that

  17. professor said:
    on May 2nd at 02:38 am

    We have two bank in Chicago doing this crap.
    It is lame. Here you need 10 debit card transactions per CYCLE, which my not be monthly, you need at least $250 in direct deposit and first born… Otherwise you get something like 0.11% on your account. AND do the math, on 25k this isn’t such a big deal.
    Instead I found a 10 year cd at 5.85% APY

  18. Debbie said:
    on May 4th at 03:59 am

    Professor, Maybe you could share where you got a 5.85% CD which is unheard of at this time. I’d love to put my money there!

  19. Patrick said:
    on May 4th at 08:59 am

    bank kid- Getting a free copy of your credit report does not have an impact on your score. You can obtain a free copy through http://www.annualcreditreport.com... Plus you get copies from all 3 credit bureaus from this website.. It’ll give you a better idea of what lenders see when they pull your credit report.

  20. Bradley said:
    on May 8th at 01:59 am

    I just checked their site. There is now a limit of 2 accounts and you must be a resident of Oklahoma.

    Also, I was denied a checking account because I had too many inquiries to Chex systems. BECU told me I would have to wait 3 months. If that was why bank kid was turned down, you can get a free copy of their report. I hope this helps.

  21. bestdealman said:
    on May 9th at 12:00 pm

    Bradley’s right. They just updated it for residents of Oklahoma only 🙁
    On the plus side, check out http://www.highyieldcheckingdeals.com
    This website has tons of rewards checking accounts for each state, including ones that can be opened from any state, and lots of then have 5% interest. Enjoy!