Published on March 31st, 2018 | by William Charles18
[VA only?] MainStreet Bank – 3% APY Rewards Checking – Direct Deposit Not Required
Offer at a glance
- Interest Rate: 3% APY
- Minimum Balance: None
- Maximum Balance: $15,000
- Availability: All branches are in VA, but looks like you can open nationwide?
- Direct deposit required: No
- Additional requirements: 10 debit card transactions, eStatements and log into online banking
- Hard/soft pull: Soft
- ChexSystems: Unknown
- Credit card funding: At least $500
- Monthly fees: None
- Insured: FDIC
- MainStreetBank is offering 3% APY on balances up to $15,000 on the Kasasa Cash checking account when you complete the following requirements:
- Have at least 12 debit card purchases post and settle
- Be enrolled in and agree to receive e-statements
- Be enrolled in and log into online banking
The Fine Print
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
This account doesn’t have any monthly fees, unsure if there is any early account termination fee or not but shouldn’t matter as if you’re opening it you’ll likely want to keep it long term.
There are accounts that offer higher APYs than this, but 3% with no direct deposit is competitive and tempting. We need to know more about this bank including if it’s a soft or hard pull to open, if it’s actually available nation wide and if you can initially fund it with a credit card or not. If anybody signs up then please share your experiences in the comments below.