Berkshire Bank has currently made some changes on their rewards checking account. This new version is what they call the Super Power NOW Checking and some of its perks include a good 1.20% interest rate. Most checking accounts don’t have an interest rate, so for those who make it a practice to keep money in their checking account, having an interest would really help boost your earnings. Aside from the rate, an interesting thing to note is that Berkshire Bank has decided to eliminate the need of debit card usage.
What Are The Requirements?
Before, the checking account used to require 6 debit card purchases that amount to the total of $100 per statement cycle. Today, this requirement is eliminated and all consumers have to do is make a direct deposit of at least $500 either from a salary or pension. If these terms are not met, then the interest rate may be waived. A downside to the checking account is that if the minimum balance of $1,500 is not maintained, a monthly fee of $10 will be imposed.
In order to open an account, a visit to any of their branches must be made. Berkshire Bank Branches can be found in New York City, Brooklyn, Bloomingburg, Harriman, and Goshen. Branches can also be found in some locations in New Jersey such as Ridgefield and Teaneck.
How The Rate Compares
The rate on this promotional checking account is announced to last until April 30, 2012 so it’s best to take advantage of the rate at the earliest time possible. This account is ideal for those who don’t like using debit cards. This rate is also competitive to other banking institutions such as Flagstar bank with a 1.25% rate, and UFB Direct with 1.30%. This annual rate from Berkshire is higher than the highest nationally available among CD rates which is 1.15% from CIT Bank. Berkshire bank is an FDIC Insured bank that has roots since 1871.