Charter Bank began offering its Premium Rewards Checking (PRC) account about 18 months ago. Qualifying balances up to $15k earn 2.02% APY, with qualifying balances of $15k+ earning 0.10% APY; non-qualifying balances do not earn any interest.
While the APY and the qualifying balance cap aren’t exceptional for reward checking accounts, the one unique feature of the PRC is the lack of required debit card usage. There’s only one qualifying requirement to earn the stated APY – a recurring Direct Deposit, which must be established within 60 days of account opening.
A PRC can be opened with a minimum opening deposit of $50. Unlimited check writing is available and checks are provided free of charge. A $6 monthly service fee will be assessed “if the balance falls below $1,500.00 any day during the statement cycle.” Non-Charter Bank ATM fees will not be reimbursed but,
Charter Bank partners with networks of ATMs including MoneyPass, Cirrus, and
Pulse to provide surcharge free access to your account when and where you need it!
Headquartered in Eau Claire, Wisconsin, Charter Bank offers its product line to all U.S. citizens/residents aliens (18 years or older) who live in either Minnesota or Wisconsin.
Opening a Premium Rewards Checking account can be done online, or at either of the two MInnesota branches located Chanhassen and Chaska, or the Eau Claire, Wisconsin branch. While all branch lobbies are open for walk-in traffic, scheduling an appointment can be done on Charter Bank’s Locations at a Glance page.
Charter Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.58% (excellent) based on June 30, 2020 data. In the past year, the Bank has increased its total non-brokered deposits by $70.09 million, an excellent annual growth rate of 10.75%. Please refer to our financial overview of Charter Bank (FDIC Certificate # 23137) for more details.
Charter Bank recently celebrated its 40th anniversary. Originally known as Charter Bank Eau Claire, the Charter Bank rebrand occurred in 2015, following the acquisition of the Community Bank Corporation (Chaska, Minnesota). Currently the 27th largest bank headquartered in Wisconsin, Charter Bank has $1.03 billion in assets and nearly 20,000 customer accounts.
How the Premium Rewards Checking Compares
When compared to the High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available to all Minnesota and Wisconsin residents and have maximum qualifying balances of at least $15k, Charter Bank’s Premium Rewards Checking APY currently ranks seventh. (The following table lists the top three APYs plus Charter Bank’s Premium Rewards Checking.)
The above rates are accurate as of 11/2/2020.
To look for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.