bank rates

Earn 4.75% With Top Checking Account

We’ve got a new leader in high-yield checking accounts.

The Extra-Mile Choice account from Randolph Bank is paying 4.75% APY on balances up to $25,000.

Only a few banks are still paying that much on high-yield checking accounts limited to local customers. It’s been a year since we’ve seen a nationally-available account offer this kind of return.

The five banks that had led our rankings of the best nationally available high-yield checking accounts are only paying 4% APY.

Local customers can open an account at any of Randolph’s seven locations in Asheboro, Burlington, Mebane and Randleman, N.C.

Savers who live in other parts of the country can fill out the form on the Extra-Mile Choice home page. A customer service rep will contact you to complete the application process.

Randolph Bank says a fully-automated online application should be available on Aug. 2.

The monthly requirements to earn the top rate are fairly typical for reward or high-yielf checking accounts:

  • Make at least 12 debit card purchases.
  • Make one direct deposit or automatic bill payment.
  • Receive your monthly statement electronically.

The account comes with all the usual perks, including free nationwide ATM withdrawals and no monthly fee.

If you fail to meet all of the requirements, you’ll earn only 0.10% APY for that month and you’ll have to pay any ATM fees you incur.

Balances over $25,000 earn 1.00% APY, which is often very common for these kinds of accounts.

If you’re unfamiliar with how these accounts work, “The ABCs of High-Yield Checking Accounts” will explain all of the rules.

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Comments (13)
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13 Existing Comments
  1. RateRunner said:
    on July 22nd at 02:02 pm

    Don’t miss out on the best rates. We’ll send you an email right after posts like this go up on the blog. Click here to get on our “Deal Alert” mailing list.

  2. CrankySaver said:
    on July 22nd at 04:02 pm

    A year ago I said I understood the government’s desire to sell its 60% stake in General Motors as soon as possible. But “I wouldn’t invest a dime in the new GM” until someone got rid of “all those GM executives who wrecked the company.” Well, I’m here to tell you that someone did. GM’s post bankruptcy Chairman and CEO Ed Whitacre, Jr. Bring on the IPO. Read the entire post on our Personal Finance blog.

  3. professor said:
    on July 22nd at 06:09 pm

    All of these requirements aren’t worth the headache

  4. jose said:
    on July 22nd at 07:47 pm

    another zombie bank truing to prove they can still dance

  5. Don said:
    on July 23rd at 07:36 am

    This is a great deal, EXCEPT their web page does nto seem to be working to submit my information!

  6. DealMaven said:
    on July 23rd at 08:53 am

    Since we posted this deal yesterday, it has attracted a huge amount of attention. We suspect that Randolph Bank has been swamped with pre-application emails — probably way more than it can handle.

    The email form may have been overloaded, or the bank may have turned it off so it can catch up. Be patient and try again.

    We’ll keep you posted regarding the status of applications.

  7. DealMaven said:
    on July 23rd at 11:53 am

    We just spoke with a representative at Randolph Bank, and they are indeed snowed under with requests. They have instituted an automatic reply to the emails explaining the current situation and suggest that applicants wait until Aug. 2, when online application will be available.

  8. Atul Laddu said:
    on July 23rd at 03:52 pm

    I have personally checked the details of Randolph Bank, and they are true. The bank is FDIC insured. I talked with one of their agents, who has been very co-operative. I am going to go ahead with this product.

  9. Mary Ann said:
    on July 23rd at 09:15 pm

    Same message here, swamped, but reliable offer. I am waiting until August 2. One note: they may not have Saturday banking. And remember these rates are variable.

  10. Mary Ann said:
    on July 24th at 09:45 am

    Representative very knowledgable and friendly. They do have Sat. banking 8:30-12. Must make 12 debt card transactions of at least $5.00 or more, can not be small purchases. AND must have one of the following: direct deposit, auto pay or use of bill pay per month to receive the 4.75%. Rep said they hope to offer this at least until the end of the year.

  11. Julie Gee said:
    on August 3rd at 12:33 pm

    Just checked the bank’s website–they are suspending the offer to everyone except North Carolina residents, due to overwhelming demand. Tooooo bad…..

  12. DealMaven said:
    on August 3rd at 04:47 pm

    Yep. We are not happy about this. Randolph Bank has just posted the following notice on its site: “Due to overwhelming volume, we have restricted our Extra-Mile Choice high interest checking account to residents in North Carolina only. At this time our online account opening link has been suspended and will be available by August 17th for North Carolina residents.”

  13. Larry Kreitman said:
    on October 4th at 05:06 pm

    Don’t know what the big deal is with 1% – 3 month CD’s now. Suntrust Bank in my Clearwater, FL area has been paying 1% to 1.4% on money market accounts for several weeks now. Currently it’s at 1.2%….and you don’t have to tie up your money for 3 months if something better comes along.