Dedicated to Deposits: Deals, Data, and Discussion

5% Checking Account at an Oklahoma Bank (Legacy)


Update 11/18/07: Please refer to this post for the latest info on this checking account.

Legacy Bank is offering a checking account called the Win/Win Checking that pays 5% APY on balances up to $50K. It requires an opening balance of at least $100. It also requires direct deposit and the use of the check card at least 12 times per month for purchasing goods or services.

I've been seeing more banks trying this high yield checking account model. The check card usage requirement is similar to the checking account City National Bank offers. City National Bank only pays 4.03% APY, but it is available to people from any state. This Legacy Bank checking account is also similar to what Presidential Bank offers, but Presidential doesn't require the check card purchases. Currently, Presidential pays 4.50% APY on its Checking Plus account for balances up to $25K, and it's available to people in any state.

Legacy Bank has branches in the Oklahoma cities of Binger, Blanchard, Duncan, Edmond, Elk City, Hammon, Hinton, Marlow, Newcastle, Oklahoma City and Weatherford. It's FDIC insured.