Heartland Community 5.06% Checking

If you’ve been following the discussion here on Bankaholic, you know that checking accounts are paying the highest interest rates right now.

Not the poorly-paying checking accounts from the big national and regional banks.

But the high-interest checking accounts available from hundreds of community banks across the country.

Many of those banks only accept deposits from local customers. But some will accept applications from customers nationwide.

Unfortunately, Malvern Federal Savings Bank in suburban Philadelphia was swamped with applications after we wrote about it and is now limiting new accounts to residents of Delaware, Maryland, New Jersey, New York, Pennsylvania, West Virginia, and Ohio.

So here’s another suggestion.

Heartland Community Bank, based in Bryant, Ark., is paying a better-than-average 5.06% on its Interest Plus checking account.

Heartland offers that rate on balances up to $30,000, which is higher than the typical cap of $25,000, and will refund all the ATM fees you incur at other banks. Unlike most of these accounts, there’s no $20 or $25 limit on those refunds.

The qualifications to earn that rate are standard: 10 check card purchases and one direct deposit or automatic debit payment per month.

If you fail to live up to these requirements, the interest you’ll be paid for that month is a measly 0.30%. And you won’t get reimbursed for ATM use. Those are two good reasons to live up to your commitment.

(First State Bank of Kansas City continues to offer a similar deal.)