Posted by Chuck on June 12, 2017
Checking Accounts

Published on June 12th, 2017 | by Chuck

8

[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

The Offer

Direct Link to offer

  • 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.

Avoiding Fees

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.

Our Verdict

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



8 Responses to [Iowa] Premier Bank 5% APY Checking on Balances up to $5,000

  1. Wong says:

    Time to get a mailing address in Iowa. Anyone have a good site? I’m looking for an NJ one to qualify for M&T bonuses too.

  2. joE says:

    I think the better question is, where is Iowa?

    Also lets hope these guys don’t start asking Northpointe for advice, it’d be like a kid asking his dan on advice on how to wrong people in life.

    • Wong says:

      Better yet, let’s hope they don’t hire Bill Clancy. From a look at his Linkedin profile, he apparently worked at LMCU and created several initiatives for attracting customers. My guess is that he created the 3% APY at LMCU as well, but I’m guessing his superior there was sane enough not to let him do a bait and switch 😉

  3. Wizewun says:

    I opened an account in branch here last year and immediately deposited $5000. I made the required 20 debit card purchases for the first 2 months then had my account closed because I wasn’t using the account in the manor they were looking for. I was making 20 small transactions a month and they didn’t like that I was using it as an investment tool to generate the 5% interest and not as my main checking account.

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