Checking Account with 2% APY and $50 Bonus at Level One Bank in Michigan - Local Only

Level One Bank has an interest checking account paying 2.00% APY along with a $50 gift card bonus for opening the account. Minimum balance of $1,500 is required to open the account, to receive the 2% APY and to avoid a monthly fee. The bonus requires one of the following activities be done within 60 days of account opening: 1) two direct deposits of at least $150, 2) two Online Bill Payments of at least $150, and 3) 10 debit card purchases of at least $30. The offer ends on 6/01/2009. This promotion and checking account rate are listed at the bank's home page as of 5/21/09.

I called the bank, and I was told that a branch visit is required to open the account. According to the CSR, they only use ChexSystem in the application with no hard credit inquiry. Regarding the interest rate, it is a promo rate. Before the promo, the CSR said the rate was 1.25%.

Branches are located in the Michigan cities of Farmington Hills, Novi and Wixom which are in the suburbs of Detroit. It's a fairly new bank that was established in 2007 (FDIC Certificate # 58604).

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Tags: Michigan, checking account, Level One Bank