Local Bank Offers 5% APY on Checking Accounts. Should I be Skeptical?

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by userrnam

So this bank has existed for longer than I have. My parents used to many decades ago and have said good things regarding it. I plan on opening an account with them, but 5% APY seems insane and I wanted to rule out any possible issues.

Terms:

  • Required 15+ transactions per month
  • Minimum average daily balance of $300
  • Opening deposit of $100
  • Must be a local resident
  • 5% APY only applies to a balance of $2500 and below

None of this would be an issue for me. I usually keep around $1000 in checking, but I might consider keeping $2500 due to the fact that 5% APY is higher than my savings return.

So, am I missing something? If anyone wants to look over the website, here it is.

 

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