2014 high-yield checking: Farmers Bank & Trust
Farmers Bank & Trust in Magnolia, Arkansas, offers True Rewards checking, with an above-average annual percentage yield, but is open only to residents of seven states. Bankrate's 2014 High-Yield Checking Survey breaks down the returns you can get with each account and the hoops you'll have to jump through to get them.
Farmers Bank & Trust
Location: Magnolia, AR
|Nationally offered? N||APY: 2.01%||APY if conditions not met: 0.05%||Monthly debit transactions required: 10||Bill pay or automatic withdrawal required? Y*||Direct deposit required? Y*||Balance cap: $25,000|
- True Rewards: Available only to residents of Arkansas, Texas, Louisiana, Mississippi, Tennessee, Missouri and Oklahoma.
- Either one direct deposit or automatic credit/debit payment is required per month.
- Must enroll and receive e-statements and access online banking.
- Balance above $25,000 yields 0.51%, if qualifications are met.
- ATM refund: $25 cap on ATM fee refunds per statement cycle, if qualifications are met.
*See notes section for more details.
Bankrate.com canvassed banks, thrifts and credit unions March 10-13 and reports data on 56 high-yield checking accounts offered by 54 institutions.