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High-Yield Reward Checking Account at Hyperion Bank in Philadelphia

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Hyperion Bank

Update 11/03/10: The account is no longer available for new accounts. Refer to the bottom of the post for the account history.

Hyperion Bank is offering a reward checking account called HyperInterest Checking that pays 2.51% APY on balances up to $25,000 (1.15% for above) and refunds up to $600 a year in ATM fees if the following monthly requirements are met:

  • 10 signature-based debit card purchases
  • one direct deposit or ACH payment
  • receive electronic statements

If these are not met, the rate falls to 0.25%. There are no monthly service charges and no minimum balance requirements.

The account page has an "Open Now" button, but according to the banking rep, you have to come into the bank's office to complete the application process. This account was started about a month ago so hopefully the high rates will last for a while, but there's no guarantee.

It's a small bank located in Philadelphia, PA. The bank has been FDIC insured since 2006 (FDIC Certificate # 58371).

Other Reward Checking Accounts

To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.

Account History:

11/03/10: 2.51% APY; 1.15% over (back on website)

06/04/10: 3.00% APY (not listed on website)

03/01/10: 4.26% APY up to $25K; 1.25% over

01/19/10: 4.26% up to $30K, 1.25% over
07/01/09: 5.01% APY up to $30K, 1.50% over
12/02/08: 5.01% APY up to $50K, 2.10% over, 0.25% base

  Tags: Pennsylvania, Hyperion Bank, checking account, reward checking account

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Comments
12 comments.
Comment #2 by Anonymous posted on
Anonymous
Got a letter from them yesterday...They will still keep 5.01 APR, but the maximum amount earning that rate is being dropped to 30K, anything above 30K will be also making a lower APR of 1.50 as opposed to 2.10 (I think) currently. Also, the 10 card purchases to satisfy the reqs now all have to be "credit-based", no pin number (debit) purchases. I actually thought that's how they had it set all along...

1
Comment #3 by Anonymous posted on
Anonymous
Changes mentioned above are effective July 1, 2009.

The letter from the bank president says "We are only able to afford this very high interest rate because our customers help us save or earn money in other ways. The more you use your debit card (and the greater the purchase amount), the more income you generate for the bank..."

1
Comment #4 by Anonymous posted on
Anonymous
Post 1: Your link did not work...

Definitely a narrow-minded bank; not only locality-limited, but has to go to the bank to suck up.

Not my cup of tea!

1
Comment #5 by Anonymous posted on
Anonymous
And the patronizing announcement from pres.: Indicates small debit transactions will not be tolerated!!!

1
Comment #6 by Anonymous posted on
Anonymous
Just got a letter from the President of Hyperion Bank - double whammy coming. Effective Feb. 2010 cycle, interest rate drops to 4.26%/1.25% for up to/over $30K. Effective March 2010 cycle, the cap drops to $25K. All other benefits remain the same.

He repeated a line he wrote the last time the rate dropped - "The most important thing you can do to help us maintain this high rate of interest is to help us in generating income for the Bank by your use of 'credit-based' debit card point of sale purchases. The more you use your debit card (and the greater the purchase amount), the more income you generate for the bank, especially when you select or say 'credit' when prompted, rather than 'debit'."

4
Comment #7 by 51hh posted on
51hh
4.26% as of 1/19/10.

1
Comment #8 by Anonymous posted on
Anonymous
Just got off the phone from the bank. I called to check on the number of POS transctions that I had done. They have just informed me that they are changing their criteria for transactions for the high yield account. Effective (?) they will no longer honor the monthly high rate unless your debit transactions are each in the amount of at least $5.00  They said that transactions in the amount of $1.00 are considered abuse. When I asked about a letter in writing stating these new terms, they said they would get back to me. No return call as of yet.

Can you say "FDIC complaint" ?

1
Comment #9 by Anonymous posted on
Anonymous
newer info... was just told by the bank that terms (on the hyperinterest accounts) have not changed. so, i will just have to see what happens next month.

1
Comment #10 by Anonymous posted on
Anonymous
HyperInterest checking account is no longer advertised on the bank's website.

1
Comment #11 by iamlost26 (anonymous) posted on
iamlost26
Just checked this morning, current ITR is 2.479%

1
Comment #12 by Anonymous posted on
Anonymous
As of Dec 1, 2010 Hyperion lowered rate to 2.01%.

1