bank rates

I-85 Deal: 5.01% On Reward Checking


CharterBank is offering local customers in western Georgia and eastern Alabama one of the best rates in the country on a high-yield or reward checking account.

CharterBank Checking AccountIts REWARDSChecking pays 5.01% APY on balances as high as $25,000, with no minimum balance required to qualify for that rate.

That’s better than the 4% you’ll earn with the best nationally available high-yield checking accounts.

But this is a strictly local deal. Accounts must be opened in person at one of CharterBank’s 15 branches in towns along I-85 south of Atlanta.

The requirements to qualify for the top rate are fairly typical for these kinds of accounts — 10 debit card purchases and one automatic bill payment or direct deposit per month.

(If you’re unfamiliar with how these accounts work, “The ABCs of High-Yield Checking Accounts” will explain all of the rules.)

If you don’t meet the requirements, your return falls to just 0.10% APY for that month.

Balances over $25,000 earn 0.80% APY – a little less than the 1% most banks pay on these types of accounts.

CharterBank also reimburses up to $20 in fees for using other banks’ ATMs each month you meet all of the requirements – a slightly less generous perk than most high-yield checking accounts.

But the exceptional interest rate more than makes up for those shortcomings.

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Comments (3)
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3 Existing Comments
  1. DealMaven said:
    on July 19th at 11:38 am

    We checked all of the banks this morning, and the CD Rates Leaderboard For July 18 is still good today.

  2. Jen Stryker said:
    on July 19th at 11:40 am

    They are being marketed as acount advances and peddled to customers whose paychecks are directly deposited into their checking accounts.Supposedly legitimate banks such as Wells Fargo, Fifth Third and U.S. Bank are getting into the payday loan racket. A new study by the National Consumer Law Center says they’re peddling these extremely expensive loans to customers whose paychecks are automatically deposited into their checking accounts.

  3. CrankySaver said:
    on July 19th at 02:57 pm

    Six failing banks — three in Florida, two in South Carolina and one in Michigan — were seized by regulators on Friday. There have now been a total of 96 bank failures this year.