bank rates

Top Reward Checking Rates Back To 4%

Randolph Bank’s run at the top of our rankings of the best nationally available high-yield checking accounts didn’t last long.

Randolph Bank's tenure at the top of our rankings of the best nationally available high-yield checking accounts did not last long.“Due to overwhelming volume, we have restricted our Extra-Mile Choice high interest checking account to residents in North Carolina only,” the bank says in a new notice on its Web site.

We’re gratified that savers who have already signed up will continue to earn the exceptionally good 4.75% APY Randolph is paying on balances up to $25,000.

But anyone looking for a high-yield or reward checking account this morning will have to settle for a considerably lower rate from our new leaders.

You can earn 4.01% APY on balances up to:

$25,000 with My Great Rate Checking from First Clover Leaf Bank, with three branches in Edwardsville, Ill., and one in Wood River — all just across the river from St. Louis.

$25,000 in the Free Rewards checking account from Danversbank, which has 30 branches in the Boston area.

$10,000 with a Smart Checking account at Capital Bank, which has 32 branches in North Carolina.

You can earn 4.00% APY on balances up to:

$10,000 in a Reward Checking account from AmericaNet Bank and Evantage Bank, two online banks owned by the same Oklahoma banking family.

These banks have the most lenient requirements to earn your rewards. You need to make 10 check card sales transactions per month and receive your statements electronically. That’s it.

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

All of the accounts in our rankings are open to savers in all 50 states and can be opened online.

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Comments (3)
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3 Existing Comments
  1. CrankySaver said:
    on August 4th at 05:05 pm

    We were smashing furniture around Bankaholic World Headquarters yesterday afternoon after Randolph Bank limited its high-yield checking account to North Carolina residents. But after we calmed down a bit, we reflected on how unfair it was to get angry at small banks like Randolph. They are not the ones to blame for the fact that it’s almost impossible to get a reasonable return on our savings. Where are all of the big banks with good rates? Nowhere to be found. Don’t miss this or any of the other new posts on our Personal Finance blog. You can always reach it by clicking on the “Finance” tab at the top of every page.

  2. Mary Ann said:
    on August 4th at 08:39 pm

    I agree. I called four times and was told to wait, wait. Then when I finally got in, I got rejected for living in Oregon!

    I will keep looking, the 4% is not bad given the rates everywhere else.

  3. Bob said:
    on August 15th at 10:32 pm

    I also failed to get the 4.75%. The reason was when I applied the first day, the final web page to validate who I was, included asking me what my phone number was at a place I lived 15 years ago (4 phone numbers ago). Since I no longer have that info, I failed the verification. Never mind that the web pages I had filled out prior to that had my SS#, my driver’s license, my address, my email, my phone, etc. etc. Since I did not know a 15 year old phone number, I guess I was a security risk. I was told that I could try again in 30 days. Since I was out of state, that opportunity never came up. I am curious if anyone else has had a similar problem with such security checks.