Update 3/30/20: Rate now 1.5%
Offer at a glance
- Interest Rate:Â 3.05% APY
- Minimum Balance:Â None
- Maximum Balance:Â $25,000
- Availability:Â NY & NJ, in branch only [Branch locations]
- Direct deposit required:Â Optional
- Additional requirements:Â See below
- Hard/soft pull:Â Unknown
- ChexSystems: Unknown
- Credit card funding:Â None
- Monthly fees:Â None
- Insured:Â FDIC
The Offer
Direct link to offer (shows rates) and more information here
- Kearny Bank is offering a high yield checking account that earns 3.05% APY on balances up to $25,000 when the following requirements are met:
- 10 debit card purchases
- eStatements
- One direct deposit or automatic payment
- Additionally reader Brian was told that customers who opened this account in NY can also open a savings account:
- 2.28% APY with no requirements or cap
- 2.58% APYÂ $10,000 minimum required no maximum cap (I think no requirements?)
The Fine Print
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
This account has no monthly fees to worry about.
Our Verdict
Always nice to see a rewards checking account without a direct deposit being required. It’s not a huge difference between this rate and the best basic high yield savings accounts though (2.25% vs 3.05%). What’s really interested are the two other accounts that don’t have requirements.
Hat tip to reader Brian
Do not use this bank whatever you do. Worst customer service. They never get back to you and when they do, they screw you. I had a bounced check and they thought it was a mistake so deposited it twice, charging me $20 each time. They refused to refund. I have never in my life with any bank not gotten a fee refunded, yet they charged me $40! They also lowered the rate to the point everyone is higher now. And to close the account you need to send a notarized letter. Morons, go anywhere else that gives a better rate.
FYI high yield checking is now 1%
Looks like 1% https://www.kearnybank.com/rates/personal-rates
Chuck 
William Charles
The rate on High Yield Checking has dropped… 2.75, then 2.15, now down to 1.50%. The Relationship Builder Money Market and 5-Year CDs are at 1.15%, so I won’t be surprised to see the rate drop yet again on the High Yield Checking, and it can do so at any time.
The annual yield changed on the checking account.
https://newapp.kearnybank.com/P3sTcjWqiHqK8Bk/getting-started/landing-page
Its letting me open the account online.
Open is EZ. Getting approval might not be…….
It’s now 2.75% according to the front page
FYI High-Yield Checking can now be opened online.
Is the 10 debit and the direct deposit a one-time requirement or is it every month?
Every month. You can automate a $1 billpay, no need for DD, but yes, 10 debit transactions as well (I do as low as $.02)
How do you do such low debit card transactions? Do the debit card transactions need to be in store or would amazon gift card reloads online be sufficient to meet this requirement?
Transactions do not need to be in-person.
Hey Brian. A bit confused about your DD comment. The offer page states that 1 DD per month is required for the higher APY, but you say “no need”. Do you mean a Billpay will satisfy the need for a DD? If so, I’m not not sure how that would work, and have never seen that work with other banks. Please explain what you do. Or did I read your comment wrong? Thanks!
Seems from the T&C direct deposit and 2 other conditions are required for getting the 3.05%. I am confused why doc mentions it as optional. Seems to me one won’t be eligible for the high interest rate of 3.05% merely by depositing 25k ? Any dp what their rate is if I only make 25K deposit ?