Banks paying 6.00% and higher on checking accounts
July 25, 2007
Checking account with annual percentage yields (APYs) of 6.00% or higher are very rare, but a few exist. Special terms or restrictions can apply for a rate this high so read the terms and restrictions closely before investing. All banks listed are FDIC-insured.
(1) Salem Five Bank (FDIC# 23296) located in Salem, Massachusetts is offering a 6.10% APY on their eOne checking account on their website.
*No monthly fee
*No minimum balance
*Free use of any ATM, anywhere, anytime*
*Free online bill payment
*Unlimited checking, debit card and ATM transactions
*One time $25 bonus when you enroll in direct deposit
Balance / APY
$0-$9,999 5.00%
$10,000-$24,999 5.10%
$25,000-$99,999 5.20%
$100,000-$999,999 6.10%
$1,000,000 or more 0.50%
(2) FirstBank with branches located in Kentucky and Tennessee is offering 6.17% on their FirstRewards checking account. The following information is posted on their website:
FirstRewards is an account that lets you earn sky high interest (currently, 6.17% annual percentage yield) on balances up to $25,000 (1.00% on balances above $25,000) and refunds all domestic ATM surcharges. The minimum opening balance is $0. Sky high Interest is earned by completing a few tasks between statements (from the 4th Wednesday of one month to the 4th Tuesday of the next). If you complete all of the tasks, you earn the sky high interest, it's that simple. In the event you do not complete the required tasks your account will earn .20% annual percentage yield. The tasks that will allow you to earn your accrued interest are: ?? At least 10 check card transactions (excess transactions will not carry over to the next month and ATM transactions are excluded) ?? Direct Deposit or at least One ACH Credit or Debit ?? Access Online Banking (by any joint account holder) ?? Receive Electronic Statements
(3) Everbank (FDIC#34775) offers their FreeNet checking account with an introductory 6.01% APY. After 90 days the rate falls to the following tiered rates:
$100,000 and Up 5.01% apy
$50,000 - $99,999 4.15% apy
$25,000 - $49,999 3.65% apy
$10,000 - $24,999 3.45% apy
$9,999 or less 3.41% apy
EverBank's site lists the following features of the FreeNet checking account:
Our Yield PledgeSM1, where we pledge your yield will be within the top 5% of competitive accounts available from leading banks.
Complimentary online account management with the EverBank Online Financial Center.
Optional Online Bill Pay2 with no fees when you maintain a minimum $1,500 balance in your FreeNet Checking Account ($4.95 monthly fee applies to balances below minimum).
Free unlimited check writing (we'll even send your first set of 50 checks free).
No EverBank ATM surcharge fees and we'll even reimburse you up to $6 per month in ATM fees charged by other financial institutions.
Tony Roberts
4 June 2008 at 7:58 am
Coulee Bank ( http://www.couleebank.net ) offers an incredible 6.01% APY with their Rewards Checking account. The rate is easy to earn. All you have to do is make 10 check card transactions a month, use e-statements, and do 1 automatic payment a month (they call it ACH). Coulee Bank pays 6.01% on the first $25,000 and 1.01% on anything above that. The best thing about this account besides the rate is it is FREE, you can apply online, and it is from a great bank with real people that answer the phone. And as they like to say, Banking Green has its Rewards. The Rewards Checking account saves paper and preserves our natural resources. No wonder I feel good about recommending this to everyone I know. Check it out. I guarantee you will love it.
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