According to the U.S. Commerce Department on Wednesday, the personal savings rate surged to 5% in January. As consumers frantically try to save their money as the economic outlook continues to look bleak throughout much of the country, they could be making up to 6% APR on their checking account.
A “personal financial stimulus package” starts with the basics—your banking relationship. Community banks are still offering the best interest rates on free checking accounts:
Florida Central Credit Union 6.01
First Robinson Savings Bank 6.01
Communications Federal Credit Union 5.25
Connexus Credit Union 5.15
Community Bank of Pleasant Hill 5.01
Three Rivers FCU 5.01
Union State Bank/Bank of Atchison 5.01
Beacon Federal Credit Union 4.51
In over 4000 community financial institution branches across the country, consumers are receiving from 3% to 6% interest rates on free checking with no minimum balance and reimbursed ATM fees. And these are NOT teaser rates.
With a history of delivering value and customer-centric service, selected community banks and credit unions are offering free checking accounts with CD-like yields. The bank or credit union realizes operational savings when account holders accept eStatements, utilize direct deposit, access online banking, and increase their debit card usage and returns it to the consumer in the form of higher yields.
To help consumers find community banks and credit unions with high-yield checking accounts, www.checkingfinder.com was created.