After a temporary bump-up last week, interest rates are back down again, most likely victimized by continued skepticism by the American consumer that the Great Recession is really over, and affirmed policy by the Federal Reserve that it won’t raise interest rates anytime soon.
In such an environment, finding good bank rate deals is like finding an honest politician in Washington – it’s doable, but you really have to dig through a few haystacks to get the job done.
But this week, the deals are a bit easier to find – and are good for your wallet or pocketbook. Let’s take a look.
We haven’t written about NorStates Bank, but NorStates Bank hasn’t come across with many great rate deals – until now.
The bank is touting a – get this – 4.50% interest rate on its signature high-yield checking account. It’s a free checking account based on meeting some standard monthly banking requirements.
The bank offers a wrinkle we often don’t see at “Deals of the Week.” If you don’t meet the checking account requirements, you don’t lose the deal - and you still get the 4.50% APY.Here’s a summary of the deal, straight from the bank’s web site:
- Earn 4.50% APY on balances up to $25,000
- Earn 1.01% APY on portion of balance over $25,000
- ATM fee refunds nationwide
- No monthly service fee
- No minimum balance
- Free online banking with bill pay
- Free online statements with check images
- Unlimited check writing with no per-check fees
- Free MasterCard debit card with UChoose Rewards
- FDIC insured
Get a great rate, but check the fine print first here.
Staying on the checking account theme, Cross Key Bank has a nice deal on its Gold Key Reward Checking Account - a 4.05% APY on account balances up to $25,000.
With bank CD rates at historic lows, a 4.00% rewards checking rate is nothing to sneeze at. And, like the NorStates Bank deal, the penalties for falling short on the account requirements, aren’t really that onerous.