bank rates

Patriot Bank 4.01% Checking Account

Patriot Bank

Revolutionary Checking from Patriot Bank?

From the sound of that you’d expect this deal to be from Boston, or at least somewhere in New England. But it’s actually the work of a five-branch bank on the west coast of Florida, north of St. Petersburg.

While 4.01% APY isn’t the absolute best interest rate we’ve seen on high-yield checking accounts, you can earn that rate on balances up to $50,000 — about twice as much as the typical account like this.

The rules are pretty typical, too. (If you’re unfamiliar with this kind of account, click here to learn how high-yield checking accounts work.)

You must make 10 debit card purchases a month, sign-up for one automatic payment or direct deposit a month (most accounts like this require both), get all of your statements electronically and access your online banking account at least once a month.

Patriot Bank also picks up the tab for up to $25 a month in ATM fees if those requirements are met, and never charges a maintenance fee or requires a minimum balance.

If you miss one of the “must dos” you will only earn 0.15% for that statement cycle. Balances over $50,000 earn 1.01%.

The only downside is that you cannot complete your application online. After you fill out the information you will be mailed an additional form by the bank that requires you to send a copy of your driver’s license and your signature, which must be notarized.

But that’s better than the process at Provident Community Bank, which says it takes applications from anywhere in the country but requires you to sign the paperwork at one of its five South Carolina branches.

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