bank rates

Florida Bank Pays 3.04% On Checking

Old Florida National Bank offes this deal on balances of less than $25,000.There’s a ray of sunshine for Orlando-area consumers who are looking to open a rewards checking account.

In a state where checking, savings and money market rates have been quite dreary, Old Florida National Bank, a community bank based in Orlando, pays 3.04% APY on its Optimum Checking account.

And the top rate is available on balances of less than $25,000, which is a higher balance limit than many other banks and credit unions across the country have in place these days.

There’s no minimum deposit amount required to open an account, and you don’t need to have a certain amount in your account to earn interest (

You’ll need to meet the monthly rewards checking requirements to earn the top rate. Otherwise, you’ll earn 0.50% APY for the month.

That’s not unusual.

But here’s the twist.

If your balance is $25,000 or more, you’ll earn the lower rate as well — on your full balance.

That is unusual.

The fee-free checking account requires that you make 10 debit card transactions per month, use online bill pay each month, have at least one direct deposit and sign up for eStatements.

You’re also limited to 10 paper checks per month, but if you’re making use of online bill pay and use your debit card, that’s unlikely to be an issue.

You’ll need to stop into a branch to open an Optimum Checking account.

Old Florida National Bank has nine locations, primarily around the Orlando area.

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