bank rates

A Winning Combo: Good Rate, High Limit

Westfield Bank’s Dream Big Checking has become the best high-yield checking account for many savers.

It offers the second-best interest rate on nationally available high-yield or reward checking accounts – 3.50% APY.
The Ohio bank is paying 3.50% APY on its Dream Big checking account.
That’s not quite as much as the top nationally available rate of 4.00% APY – soon to be 3.75% APY.

But the two banks offering that return – AmericaNet and Evantage – only pay that top rate on the first $10,000 in their reward checking accounts. (Balances above $10,000 earn 1.00% APY).

Westfield pays 3.50% APY on on balances up to $25,000.

So anyone with at least $11,000 to invest stands to make more with Westfield than with AmericaNet and Evantage.

The requirements to qualify for the account’s top rate are pretty standard for this kind of high-yield or reward checking account.

Each month you must make at least 12 debit card purchases, one direct deposit or automatic payment, and receive your statement electronically.

We’re disappointed that Westfield only reimburses its account holders for up $12 a month in fees for using other banks’ ATMs – that’s half as much as with most reward checking accounts.

But this is still a pretty good deal.

Westfield Bank has branches in Medina, West Akron and Wooster, Ohio, but this deal is open to savers in all 50 states and you can begin the application process online.

Thanks to Pete for calling Westfield’s high-yield checking account to our attention.

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Comments (2)
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2 Existing Comments
  1. Californian said:
    on November 12th at 09:40 am

    Applied online but received an email from Customer Service informing me that they were unable to open an account for me. They are “currently limiting the Dream Big Accounts to residents of Ohio or those persons affiliated with Westfield Group Insurance Company through the operation of their insurance agencies. “

  2. Deal Maven said:
    on November 12th at 02:27 pm

    We double-checked and you’re right. A bank representative said that Big Dream Checking is now limited to Ohio residents. The change was made last week.

    Unfortunately, this is a common occurrence. Often when smaller banks get national exposure on a good promotion, they are overwhelmed and have to either cut the rate or limit eligibility.