Reward Checking Paying The Highest Interest

There are still banks out there paying 4% on high yield checking accounts and are open to anyone, anywhere.

It’s amazing to see these banks still paying 4% because you won’t find these kinds of returns with any top CDs, savings or money market accounts. It’s hard to find a better deal than with these reward checking accounts.

Most CD rates are paying significantly less than they were a year ago, September 2009 and yet these reward checking accounts have stayed the same or close to 4%.

If you are looking for the best rates then reward checking might be the way to go. The only problems you will face are their requirements for receiving the high interest rate.

These are banks paying 4% APY on balances up to:

  • $25,000 from First Clover Leaf Bank. The My Great Rate Checking is easy to obtain by meeting a few of their requirements. First Clover Leaf Bank has three branches in Edwardsville, IL and one in Wood River.
  • $25,000 from Danversbank. The Free Rewards checking account will pay 4.01% on balances up to $25,000. Be sure to read their monthly requirements for obtaining this great rate.
  • $25,000 from Baltimore County Savings Bank.
  • $10,000 from Capital Bank. Their Smart Checking account will pay you 4.01% and has 32 branches in North Carolina.
  • $10,000 from AmericanNet Bank. Find their Reward Checking account to view the requirements for earning 4%.

All reward checking accounts require you to follow a few rules to earn their high interest. Usually they want you to actually use their services, instead of just opening an account and stashing your money there.

Most reward checking accounts will have you using your debit card at least 10 times a month, opt in for online banking and will require you to have a direct deposit set up on a monthly basis. For any month you do not meet the minimum requirements your earnings will drop to their average interest rate, some are as low as 0.10%.

Reward Checking accounts are different than Checking Account Promotions.

All of these banks offer great Reward Checking and are available to all US residents in any of the 50 states.


Reward Checking From East Carolina Bank

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