Bank2 is offering an interest online checking account offering 5.01% APY on balances up to $25,000. It’s called the Great Rate Checking Account. The rate on balances over $25,000 is 1.01% and they refund up to $50 in ATM fees. There are a number of monthly requirements including making 10 check card purchases, having direct deposit, getting e-statements, and access online banking. If these requirements aren’t met the rate drops to .01%. The minimum opening deposit is $100 and there’s no minimum balance requirement and no monthly service fees. Their checking rate is guaranteed through 2010 and is available nationally. update: This promotion seems to have ended and accounts have been limited to Oklahoma residents.
Bank2 has two branches in Oklahoma City and has an online application available for their checking account. Bank2 has a 4 out of 5 star soundness rating at bankrate.com and is a FDIC insured bank.
Have this account & absolutely love it. Could not resist the guaranteed rate in this interest rate enviroment!
Thanks for sharing your experience with bank2 Lisa!
I don’t see a rate guarantee to 2010
Also,
From their website:
Changes as of 5/6/09 – This account is limited to 2 accounts per customer and/or household. Additionally, the account is limited to Oklahoma residents only.
Thanks for the update Devon
Even though the account is now limited to Oklahoma residents, and a rate reduction is likely, existing customers still get the guaranteed rate. Here’s a link to the info. The blog entry has many updates.
oops. here’s the link:
http://bankdeals.blogspot.com/2009/03/501-reward-checking-account-at-bank2-in.html#comments