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.
- 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.