5.00% APY Guaranty Bank Advantage Checking

Bank Champ — Tue, 31 Mar 2009 11:25:54 +0000

If you happen to live in Missouri and near a Guaranty Bank, you might want to take advantage of a great reward checking account promotion going on in your backyard. Guaranty Bank has a Guaranty Advantage Checking that offers a 5.00% APY yield on balances up to $30,000 and a 0.50% APY yield on balances above $30,000. If you fail to meet the qualifications, the base rate is 0.50%. They also refund ATM fees up to $5/month.

The requirements? A little on the heavy side – 15 debit card purchases (usually it’s more like 10-12), one ACT direct deposit, and you must use online banking and e-statements. $50 minimum deposit, no minimum balance requirement.

One little benefit they do offer that I haven’t seen elsewhere is that you earn five cents for every signature-based debit card purchase.

You’ll have to visit a branch to open this account.

High Yield Reward Checking Accounts

Bank Champ — Thu, 26 Mar 2009 14:50:29 +0000

If you’ve been reading the news lately, you’ve probably read about the latest “fad” in bank accounts – the high yield reward checking account. A high yield reward checking account is a basic checking account that, if you fulfill its requirements, offer an interest rate that makes high yield savings accounts look pathetic. Malvern Federal Savings Bank, an FDIC bank located in Chester County, Pennsylvania, now offers a Reward Plus Checking account that pays out 5.01% APY.

You read that right, 5.01% APY. Online banks like ING Direct, once leaders in interest rates, current have rates under 2.00% APY! Malvern FEderal is offering double that on a checking account, which usually offers more flexibility than an online bank’s saving’s account. In addition to the phenomenal rate, the account has no minimum balance and no monthly fee.

So what’s the catch? There are several requirements you have to fulfill, many of which are standard for these types of accounts:

10 debit card transactions at POS per statement cycle;
One direct deposit or ACH debit per statement cycle;
Access free online banking one per statement cycle.

If you satisfy those three, you earn 5.01% APY on savings up to $35,000 and then 1.01% on balance above that. If you fail to satisfy them, you earn 0.20% APY; which probably still beats your current bank’s rate!

Bank Champ » Reward Checking Accounts

5.00% APY Guaranty Bank Advantage Checking

High Yield Reward Checking Accounts