It’s Thanksgiving eve, and we’ll spare you the jokes about giving thanks for all the great bank deals out there — because in all honesty, there are more turkeys than triumphs in the bank rate marketplace this holiday season.
But, as always, Deals of the Week finds a juicy drumstick or two. Let’s take a look.
We’ll begin down in Ozark country, at the Bank of Fayetteville, which has a 3.5% APY — yes, you read that right — on its free, high-interest checking account with no minimum deposit.
Just how good is 3.5%? Compare it to the average U.S. bank checking account rate this week, as measured by BankingMyWay.com’s Weekly Interest Checking Rate Tracker. This week, the tracker is at a lowly 0.13%.
Here are the benefits, in addition to the great 3.5% rate:
- 3.5% APY* on balances up to $50,000
- 0.4% APY* on amount of balance more than $50,000
- $100 deposit to open
- Unlimited check writing
- No minimum balance
- No monthly fees
- ATM fee refunds (up to $25 each month)
- Free Visa Check Card
- Free Online Banking with Bill Pay
- Free eStatements
- Direct deposit available
- FDIC insured up to $250,000
- 0.15% APY* if qualifications are not met
A review of the Bank of Fayetteville Web site reveals no fees or restrictions, but there are a few hoops you’re going to have to jump through to get the big rate.
- Make 10 Visa CheckCard transactions (excludes ATM transactions)
- Make one direct deposit or ACH auto debit
- Sign up for and receive eStatements
- There’s an 0.15% APY if checking account qualifications are not met
Check out the Web site for more details, and how to open an account.