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Earn 4.30% With Royal Banks Checking

Posted in Investing by DealMaven
October 4, 2009 09:00 AM - 5 Comments

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.

Royal Banks of MissouriIt’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.

Comments (5)
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5 Existing Comments

  1. rick@rickety said:
    on March 18th at 07:58 pm

    As you are probably aware Royal Banks now requires 15 transactions a month but has kept the rate at 4.3%. They are a very good bank to work with and have a minimum of fuss to open an account.

  2. Kevin said:
    on March 22nd at 08:26 am

    As of March, 2010, this offer is only available to MS residents.

  3. DealMaven said:
    on March 22nd at 03:28 pm

    We checked with Royal Banks and sadly they are now limiting their 4.30% APY on their Majestic checking account to Missouri residents. But this has been a popular program with our readers and Royal Banks had a good, long run since first offering it in May, 2009.

    Unfortunately, we often see national exposure of excellent programs lead to banks getting more business than they can handle. Then they decrease the rate or limit the marketing area limited, or both.

  4. John Nelson said:
    on March 29th at 03:32 pm

    Be very wary of giving your money to the Bank of the Sierra. They will ding your credit, collect private information above and beyond what is usually required, and DENY your application. Customer service is nonexistent and scoffs at any request for help. It appears to me to be a scam. There are banks with better service to deal with and that will not ruin your credit to boot. I agree with the last poster, BEWARE!

  5. Bob said:
    on October 12th at 10:11 am

    On a sadder note, South Division Credit Union, which had been offering 4%, just dropped their rate to 2%. They did not bother to send out messages, but it is now listed on their website.

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