A few months ago, Eclipse Bank (Eclipse) added the 2% Ultimate Checking account to its product line. At first glance, I thought it was a rewards checking account (RCA), but it’s more like “RCA light.” To qualify for the 2.02% APY (up to $250k), the only requirement is a Direct Deposit, which must start within 60 days of account opening; there is no debit card transaction requirement. Qualifying balances above $250k earn 0.10% APY, as do non-qualifying balances.
Note: there is no rate guarantee. This seems more like an introductory offer than anything else. I would be surprised if the rate is greater than 1% by the end of the year. With online savings account rates dropping below 1%, I can’t see the Ultimate Checking rate remaining this high for long, particularly with a $250k cap. There is a $40 early closure fee for any account closed within 90 days of opening.
According to the 2% Ultimate Checking landing page, the account details include,
- No monthly service fee
- No minimum balance requirements
- Unlimited check writing
- First box of checks free
- Free digital banking services, including:
- Free online banking & bill pay
- Free mobile banking with mobile deposit
- Free e-statements
- Free ATM transactions worldwide
- $100 minimum deposit to open
Headquartered in Louisville, Kentucky, Eclipse Bank’s market area is the greater Louisville metropolitan area, with Zip Codes used to determine eligibility.
Opening an Ultimate Checking account can be done online. If you prefer to open an account in person, the lobby of the sole Kentucky branch (3827 Shelbyville Road, Louisville) has reopened to walk-in traffic.
Eclipse Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 2.42% (excellent), based on March 31, 2020 data. In the past year, the Bank has increased its total non-brokered deposits by $7.88 million, an excellent annual growth rate of 6.57%. Please refer to our financial overview of Eclipse Bank (FDIC Certificate # 58049) for more details.
Eclipse Bank was founded in 2005. In 15 years, Eclipse has grown to become Kentucky’s 78th largest bank, with assets in excess of $181 million. Last month, Eclipse announced the upcoming opening of a second branch location, as it expands its Louisville community banking footprint into East Louisville. The new branch in the North Hurstbourne corridor should be opening soon, as the previous tenant was an Old National Bank branch location. All that needs to be done is the installation of Eclipse’s signage and IT systems. According to Eclipse President and CEO, Andrew Pyles,
This property was really a no-brainer for us. It already has proven results as a bank branch, it’s essentially move-in ready, it checks our traffic count and ingress/egress boxes, plus the size allows more room for our growing team.
How the Ultimate Checking Compares
Since the Ultimate Checking account doesn’t easily fit the description of any of the standard deposit accounts, structuring a precise comparison isn’t going to happen. I’ve chosen to use all the types of liquid accounts tracked by DepositAccounts.com, comparing the top rated accounts available in the market area.
The above rates are accurate as of 8/10/2020.
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.