High Interest Checking without Debit Card Requirements at Carthage Federal in NY - Local Only

If you want a high-yield (relatively speaking) from a checking account these days, you typically have to rely on a reward checking account which requires monthly debit card usage. There are a few exceptions (see our checking rates table). The High Interest Checking Account at Carthage Federal Savings and Loan is another exception. This account has a yield of 2.05% APY for balances from $2,500 to $25,000. The portion of the balance above $25K earns 0.10%. These rates are listed in the bank's rates page as of 7/16/2010.

Details of this High Interest Checking Account are listed in this bank's page. Based on the info I received from the bank's rep, this account does not require any monthly activity to get the high rate, but it does require e-statements. Some perks of the account include:

• Free nationwide ATMs
• Receive $0.10 per signature based debit card transaction
• Free Checks
• Free Online Banking with Bill Pay

The one downside is that it requires a minimum balance of $2,500 to avoid a $8 per month fee.

According to the CSR, a branch visit is required to complete the application process. Branches are located in the New York cities of Carthage and Watertown.

The bank's ratings for safety and soundness are strong: 5 stars (superior) at BauerFinancial, 4 stars (sound) at Bankrate.com and an overall health score of 4 out of 5 at DepositAccounts.com (see our financial overview of Carthage Federal Savings and Loan Association). These ratings are based on 3/31/10 data except for Bankrate which is based on 12/31/09 data. The bank has been a FDIC member since 1951 (FDIC Certificate # 28942).