Ohio-based Cortland Bank recently unveiled two new rewards checking accounts – Choice Premier Checking and Choice Interest Checking. While structured similarly, the Choice Premier Checking has the higher rate: 2.50% APY on qualifying balances up to $25k. Qualifying balances of $25k+ earn 0.25% APY, with non-qualifying balances earning 0.05% APY.
The cycle qualifying requirements for the Choice Premier Checking are basic.
- At least 15 debit card purchases.
- At least one online banking login per cycle.
The Choice Premier Checking has no minimum opening deposit requirement. There are no monthly service charges or fees to open or close the account, as long as e-Statements are received. Accounts that receive a monthly paper statement will be assessed a $2 fee per month. Unlimited nationwide ATM fees (no cap) will be reimbursed, if the qualifying requirement are met. All new accounts automatically qualify for rewards in the first statement cycle.
Choice Savings Account
The companion Choice Savings account currently earns 1.25% APY on qualifying balances up to $25k; qualifying balances over $25k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.
Earned interest from a Choice Premier Checking is automatically transferred to the Choice Savings account at the end of each cycle. There are no monthly service fees, no minimum balance requirement, and no minimum opening deposit.
Annual Earnings of Combined Choice Premier Checking/Choice Savings Accounts
The potential combined annual earnings of the Choice Premier Checking (2.50% APY/$25k) and the Choice Savings (1.25% APY/$25k) is approximately $935 (1.87% APY/$50k).
Headquartered in Cortland, Ohio, Cortland Bank’s primary market area is northeast Ohio, but its Choice Premier Checking account is offered to the residents of Ohio and the residents of Lawrence and Mercer Counties in Pennsylvania.
Opening a Choice Premier Checking account can be done online, but as stated on the first page of the online application,
You must be a US citizen to open an account online. Non-US citizens should contact your nearest branch location to open an account.
A Choice Premier Checking account can also be opened in-branch at any of the six Ohio branches (Bristol, Brookfield, Canfield, Cortland, Hubbard, and Warren) that were re-opened in June, albeit with restrictions.
In an effort to control the number of people in our lobbies at one time, entrance doors will be locked. A phone number will be posted on the door that customers can call upon arrival. A bank associate will verify your identity and grant access..
Cortland Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.70% (excellent) based on March 31, 2020 data. In the past year, Cortland Bank has increased its total non-brokered deposits by $43.96 million, an excellent annual growth rate of 8.32%. Please refer to our financial overview of Cortland Bank (FDIC Certificate # 2281) for more details.
Cortland Bank is currently the 37th largest bank headquartered in Ohio, with assets in excess of $709 million. In 128 years of continuous operations, the Bank has had three names: The First National Bank of Cortland (1892), The Cortland Savings and Banking Company (1911), and Cortland Bank (2016). Cortland Bank describes itself as a local community bank “striving to enhance the communities in which it serves.”
Cortland Bank has partnered with local schools, the YMCA and children’s centers to teach and grow financial skills and knowledge. These financial literacy programs will help students become stronger savers, enabling them to have a better tomorrow. To further their financial literacy initiative, Cortland Bank introduced a new Passbook Savings program in 2012 for children ages 0 - 18. This program is structured to help facilitate strong savings, while promoting financial literacy.
How Choice Premier Checking Compares
When compared to 99 High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available to Ohio residents and have maximum qualifying balances of at least $25k, Cortland Bank’s Choice Premier Checking APY currently ranks second.
The above rates are accurate as of 8/7/2020.
Searching for a competitive Reward Checking Account? Please refer to our High Yield Reward Checking Account Rates Table page for both nationwide and state-specific accounts.