6.01% Reward Checking Account at Charter Bank

Charter Bank is offering a new high yield checking account called Turbo Checking which appears to be open to all. This account also offers unlimited ATM rebates if the following conditions are met:

• Make at least 10 debit card transactions monthly (excluding ATM transactions)
• Receive one direct deposit or ACH auto debit monthly
• Receive your monthly statement electronically (e-statement)
• Access on-line banking at least once a month

If you use your debit card a lot this should be pretty easy to hit the 10 per month, if you don’t you can always pay your a utility bill online 10 times for $1 or something using the debit card. Comcast and T-Mobile let you do this.

You will receive 6.01% APY on balances to $25,000, anything over $25,000 will get you 1.01%. You will receive .25% APY and no ATM refunds if the above requirements are not met. So make sure you have done everything necessary prior to your next statement closing.

Some other features they offer are Overdraft Privilege and Free Online Bill Paywhich are pretty standard for reward checking accounts these days.

You need to Open The Account with at least $100.

This looks to be a good deal. One issue is that there are no branches located near me, so I would have to deal with mail deposits or see if they have ACH capabilities to pull money from my local bank. I will give their CS rep a call and report back.

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