bank rates

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.)

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Comments (5)
1 Star2 Stars3 Stars4 Stars5 Stars (5 votes, average: 4.60 out of 5)
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5 Existing Comments
  1. Damien said:
    on April 15th at 09:36 am

    Interest rate is already down – “Earn: Bonus Rate 4.02%* APY On Balances from $0 – $30,000”

  2. DealMaven said:
    on April 15th at 11:11 am

    ARGH! This has got to be some sort of record. 4.02% is still pretty good. But it isn’t 5.06%. I’ll look again.

  3. Bob said:
    on April 16th at 09:35 am

    Is there some standard way people are meeting these requirements with the least amount of effort in order to get the 4% interest rate?

    “10 check card purchases and one direct deposit or automatic debit payment per month”

    Also, is a check card purchase simply a purchase with a debit card and is there any associated fee?

    Finally, I notice that even after a couple of weeks, Redneck Bank is still not accepting new applications.

  4. Christine said:
    on May 2nd at 03:08 pm

    I applied for this account the day before the rate dropped. Anyway, they are way slow in opening the account. It requires an online application, followed by photocopies of IDs, followed by signature card, then funding…and I am still waiting for my account number, etc. They do send polite “status” emails. But it will be a whole month before the account ever gets opened! And now that the rate dropped, I’m not sure I want to continue.

    I was more pleased with Coulee at 5%. Faster processing of application and I already have my first month’s interest in my account.

  5. walt said:
    on May 11th at 09:23 pm

    Thanks, Christine: I’ll pass on Heartland.