If you live near an East Carolina Bank, they are offering a checking rewards account that is paying 4.01% APY on any balance up to $25,000 and 1.01% APY on balances over $25,000. I believe you have to be a resident of North Carolina, where you will find these banks. If for some reason you do not meet the requirements for this rewards account the interest rate falls to 0.05% APY. The rewards checking account also comes with $20 in refundable ATM fees per statement cycle.
Here is what you need to do to qualify for the reward interest rate on a monthly basis:
- Make 10 debit card purchases
- 1 direct deposit or bill pay
- Receive e-statements
Many banks who offer these high reward accounts usually require you to actually use their bank for most of your transactions. This keeps people from just opening accounts, placing funds in the account and leaving it alone while you earn the higher interest rates. This will also help the bank generate funds.
The minimum deposit required for this account is $100.
The East Carolina Bank has a savings account that is offering 1.5% APY on any balance up to $50,000. The portion of your account balance over $50,000 will be paid 1.01% APY. The savings account has a minimum $200 balance to avoid the $2 monthly service charge.
To find a branch near you, visit the East Carolina Bank site. These banks are located in Washington, Leland, Morehead City, New Bern, Currituck, Hatteras, Engelhard, Williamston, Wilmington, Hertford, Greenville and Columbia, North Carolina.
East Carolina Bank has a 2 of 5 star soundness rating from Bankrate and is FDIC insured