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.

Its 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.