bank rates

Rewards Checking Leader Still Pays 4.11%

If earning top dollar on deposits is your primary goal when deciding which bank or credit union to use, a high-yield checking account is a good option to consider.

But it will cost you some hassle.Lawton, Okla.-based Liberty National Bank has the best nationally available rate for rewards checking

Lawton, Okla.-based Liberty National Bank has the best rate for nationally available rewards checking accounts at 4.11% APY for balances of up to $10,000. It’s held onto that top spot for more than a month now.

Liberty’s rate easily beats any of those on our CD rates Leaderboard.

And while it falls short of the 7.0% APY offered by TrustBank of Olney, Ill., for its iChecking account, we disqualify TrustBank’s offer from consideration for the top spot because it only applies to balances of $1,000 or less.

The next best returns are:

3.75% APY from AmericaNet Bank and Evantage Bank, jointly owned Oklahoma-based banks, on deposits up to $10,000.

3.03% APY from Coulee Bank, headquartered in LaCrosse, Wis., on deposits up to $25,000.

3.01% APY from Danversbank, with 30 branches in the Boston area, and from Liberty Bank, with four branches in the Alton, Ill., area. Both apply to balances up to $25,000.

High-yield checking rates are down considerably from their recession peak, when dozens of banks were paying 4.5% to 5.0% on balances of up to $50,000. Now Liberty National has the only nationally available rate above 4% for balances topping $1,000, though several banks offer rates above 3%.

The lower interest rates and maximum balances makes these accounts far less attractive. And then there’s the hassle with rewards checking.

To qualify for Liberty’s offer, you need to make 12 debit card transactions and one direct deposit or automatic payment from your high-yield account each month, access online banking and sign up for eStatements. If you don’t meet those requirements, your earnings will fall to 0.10% for the month.

Most high-yield checking accounts enforce similar requirements.

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Comments (1)
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One Existing Comment
  1. NickelAndDimed said:
    on February 10th at 04:42 pm

    As of Feb. 10, AmericaNet Bank has stopped offering to new customers the 3.75% APY high-yield checking account, citing overwhelming demand.