A new service recently launched that helps you find 'rewards checking'. These accounts pay a high yield on balances while letting you write checks. CheckingFinder.com tells you where you can find a deal that fits. To get the return, you have to agree to certain criteria such as:
- Minimum number of debit card transactions each month
- Minimum ACH deposit or direct deposit
- No paper statements
- Login to your account regularly
- Open the account in person
For a completely independent list of rewards checking accounts, you can also visit HighYieldCheckingDeals.com, which is run by Ken at BankDeals.
[via NetBanker]
I would like to correct some inaccurate information in this post. First, CheckingFinder allows all consumers to sign up for these high-reward checking accounts online without having to sign up in person at a branch location. Online account sign-up is a key feature of CheckingFinder.com, unlike most other checking account search engines. The secure account opening process is controlled by Andera.
Second, CheckingFinder exclusively features community financial institutions that offer BancVue’s REWARDChecking products because they are the only accounts on the market that offer the highest-rewards. Other ‘reward-checking’ accounts are either not supported by BancVue’s consulting or are offered at a lower rate.
Check out the best rates on short term deposits at big banks versus those at select community banks from CheckingFinder.com. Community banks continue to offer higher yields on short term deposits to serve as economic engines.
COMMUNITY BANKS
Florida Central Credit Union 6.01 FL
First Robinson Savings Bank 6.01 IL
Union State Bank/Bank of Atchison 6.01 KS
Communications Federal Credit Union 5.25 OK
Connexus Credit Union 5.15 WI
Keystone Bank 5.15 AL
First New England Federal Credit Union 5.15 CT
Three Rivers FCU 5.01 IN
Legence Bank 5.01 IL
Community Bank of Pleasant Hill 5.01 MO
Community Bank of Raymore 5.01 MO
United Heritage Credit Union 5.01 TX
MEGA BANKS
• ING decreased their highest rate offered by 25 basis points, from a 2.50% APY on a 1 year CD to a 2.25% APY on a 4 year CD.
• Schwab decreased their 18 month CD rate by 15 basis points, from a 2.65% to 2.50% APY.
• E*Trade decreased their 5 year CD rate by 30 basis points, from a 1.70% to 1.40% APY.
• E-Loan increased their 6 year CD rate by 50 basis points, from a 3.50% to 3.70% APY
• Washington Mutual decreased their 5 year CD rate by 50 basis points, from a 3.00% to 2.50% APY.
• AARP Financial Savings Center decreased their savings rate by 50 basis points, from a 2.00% to 1.50% APY.
• Wachovia increased their 17 month CD rate by 15 basis points, from a 1.85% to 2.00% APY.
• E-Loan currently has the highest rate at 3.70% APY on a 6 year CD.
• E*Trade currently has the highest savings rate at 3.01% APY.
Courtesy of BancVue.