Add a new bank to our list of the top-paying, high-yield checking accounts.
It’s Royal Banks of Missouri, a 40-year-old institution with six branches in the St. Louis area.
It’s Majestic Checking Account is offering 4.30% APY on balances up to $25,000.
That’s the second-best rate we know of on a nationally-available checking account, topped only by Bank of the Sierra, which pays 4.51% APY.
If you’re not familiar with how these accounts work, “The ABCs of High-Yield Checking Accounts,” will fill in the details.
If you know all about high-yield or reward checking accounts, you’ll find the terms from Royal Banks are pretty standard.
To qualify for the 4.30% rate you must make 10 point-of-sale debit card transactions and one direct deposit or automated payment every month. Customers are reimbursed for up to $25 in service charges for using other banks’ ATMs.
If you fail to meet the requirements you’ll earn only 0.15% for that month and ATM usage will not be reimbursed. Your privileges will resume the next month that your obligations are met.
Balances over $25,000 earn 1.40% APY
Online applications through the bank’s Web site are available to some, depending on zip code. Others will be sent to: CheckingFinder, where you put in your zip code, find Royal Banks in the Missouri listing, and hit “learn more.” You’re in.
As with any deposit account, the 4.30% interest rate is variable, but Royal Banks of Missouri have offered this rate since May 7, 2009.
(5 votes, average: 4.60 out of 5)
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