Update 3/30/20: Rate now 1.5%
Offer at a glance
- Interest Rate: 3.05% APY
- Minimum Balance: None
- Maximum Balance: $25,000
- Availability: NY & NJ, in branch only [Branch locations]
- Direct deposit required: Optional
- Additional requirements: See below
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: None
- Monthly fees: None
- Insured: 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% APY $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
