NewportFed is offering their eLoop Checking account that currently has an 5.51% APR for balances under $50,000. The minimum opening balance for this high yield checking account is $50. Any portion of the balance over $50,000 only earns a 1% APY. NewportFed is based in Newport RI, has been around since 1888 and is FDIC insured. You can open a checking account online or by calling (401)847-5500

Here are the requirements to qualify for the checking account rate.

1. Make at least 10 NewportFed Visa® Check Card purchases
2. Have one direct deposit or automated clearing house (ACH) debit transaction*
3. Receive statements electronically

You will need following information to open the account:

• Driver’s license or State ID
• Previous home address (if you have lived at your current home address for less than 2 years)
• Social Security number
• U.S. checking or savings account to fund the account.  This account requires an initial deposit between $50 and $75. After your account is opened, you will be able to transfer additional funds into it.
• You must be a U.S. resident
• You must be a U.S. citizen or a U.S. resident alien
• You must be at least 18 years of age

NewportFed eLoop Checking Account Application: