Bank Deals Blog: Checking & Reward Checking Deals

Currently available to all Michigan residents, Oxford Bank’s Kasasa Cash earns 2.50% APY on qualifying balances up to $50k. Qualifying balances over $50k earn 0.35% APY, with all non-qualifying balances earning 0.05% APY.

The rate is a little low for Reward Checking Accounts, but the $50k cap is way above the typical $25k cap and makes the account noteworthy.

The Kasasa Cash was added to the product line two years ago, with an initial...

Liberty First Credit Union (Liberty First CU) has increased both the rate and the balance cap on its Kasasa Cash, which now earns 4.00% APY on qualifying balances up to $40k. Qualifying balances over $40k earn 0.15% APY, with all non-qualifying balances still earning 0.05% APY.

The Kasasa Cash was added to the product line in July 2014, with an initial 2.50% APY...

Now through January 31, 2019, Greenville Heritage Federal Credit Union (GHFCU) is offering a 15-month CD Special, which earns 3.299% APY. This limited-time offer can be opened with a $1k minimum deposit and there is no stated balance cap.

While the 15-month CD Special is advertised through the end of January, the fine print on the promotion page also states,

As stated on the Truth-in-Savings disclosure, the Early Withdrawal Penalty reads...

Michigan-based The State Bank is offering a nationally available Kasasa Cash Checking, which earns 2.50% APY on qualifying balances up to $50k. Qualifying balances of $50k+ earn 0.15% APY, with non-qualifying balances earning 0.05% APY. The Kasasa Cash Checking account can be opened with a $25 minimum deposit.

• At least 12 debit card transaction
• Sign up for and access Online Banking at least once
• Sign up for...

It’s been more than two years since I last wrote about Orion Federal Credit Union’s (Orion FCU) Premier Checking account which is a high-yield reward checking account. At that time, qualifying balances up to $20k earned 3.00% APY. Orion FCU has raised the rate to 4.00% APY and increased the qualifying balance cap to $30k....

Virginia-based MainStreet Bank raised the rates on all its CDs today. Following an increase of 80 bps, the 3-year CD (3.25% APY) is currently the most competitive CD in the product line. Any MainStreet Bank CD can be opened with a $500 minimum deposit, and there are no stated balance caps.

As stated in the Personal Fee Schedule, the Early Withdrawal Penalty for the 3-year CD reads as follows:

Funding and Accessing Maturing Funds

Kellogg Community Credit Union (KCCU) is hoping you’ll “feel the warmth” with the “hot” rates being offered on its Winter CD Specials: 29-month (3.15% APY), 19-month (3.00% APY), and 9-month (2.50% APY). Of the three, the 29- and 19-month CD Specials offer the more competitive rates. These limited-time specials require a $500 minimum opening deposit, with no stated balance cap.

UPDATE 12/17/18: Robinhood is no longer listing its Checking & Savings products. The founders provided a letter on Robinhood's blog explaining this change. Here's an excerpt:

The brokerage firm Robinhood has started promoting its new “Checking & Savings” with a 3% interest rate. News of these accounts has been grabbing savers’ attention with what appears to be checking and savings accounts that offer 3%.

It’s Not a Bank Account

The first important thing to note is that these are brokerage accounts and not bank accounts. There is no FDIC coverage. One of Robinhood’s...

Massachusetts-based Bay State Savings Bank (Bay State) unveiled its Smile Worcester County Consumer Money Market (SWCCMM) earlier this week. This nationally available money market earns 2.35% APY on balances of $5k and above.

$5k seems to be the “magic” number for the SWCCMM:

• $5k minimum opening deposit of new money
• $5k minimum balance to earn 2.35% APY
• $5k minimum balance to avoid the $7 monthly service fee

Texas Trust Credit Union (Texas Trust) recently increased the rate on its Power Checking account from 1.00% APY to 3.00% APY on qualifying balances between $5k and $100k. Balances below $5k and about $100k do not earn any interest. The minimum opening deposit is $5k.

Other than maintaining a minimum $5k balance, the only other monthly requirement to...