Published on June 12th, 2017 | by Chuck8
[Iowa] Premier Bank 5% APY Checking on Balances up to $5,000
Offer at a glance
- Maximum bonus amount: 5% APY on $5,000
- Availability: Must open in-branch in Iowa
- Additional requirements: 20 debit card purchases
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: None (must open in branch)
- Monthly fees: None with paperless
- Insured: FDIC
- Premier Bank offers a 5% APY on balances up to $5,000 with their Life Checking account. The even guarantee the rate through at least December 2018.
To be eligible for the 5% rate you need to make 20 debit card purchases each statement cycle. Signature and PIN-based transactions both qualify.
The account doesn’t have any monthly fees. The only thing to look out for is the $2 paper statement fee. Be sure to signup for online banking and electronic statements.
They reimburse up to $20 of ATM fees each month.
The Fine Print
- All consumer checking accounts have a minimum opening deposit of $25.
- ATM refunds up to $20 per month. Does not include foreign currency charge.
- On daily balances up to $5,000.00 or less earn an interest rate of 4.90% with an Annual Percentage Yield (APY) of 5.00%. The initial rate on your account for this tier will not drop below the floor rate of 5:00% APY through 12/31/18.
- On balances $5,000.01 or greater earn a rate of .25% APY.
- Must make 20 debit card purchases per statement cycle; signature or PIN based transactions qualify.
- Debits are determined on the date it is posted to your account and not the date of the transaction/purchase. Debit purchases at or near the end of the month may post in the next month’s statement cycle.
- If requirements aren’t met earn a base rate of .01% APY on all balances.
- Limit one Life Checking account per household.
- No minimum balance required.
- ATM transactions do not count as debit transactions to qualify for the preferred rate.
Nice to find another 5% account on $5k. Unfortunately, they require opening the account in-branch which limits this to people in the area of their three branch locations in Iowa (Locations).
This sounds like a solid option for those in the area; hopefully, they don’t do a hard pull for opening the account. We’ll add this to our list of Best High Interest Savings Accounts.
Hat tip to reader Calvin