TnBank Super Interest Checking – May 2015 Rate 3.05%
TnBank, based in Tennessee, is offering a Super Interest Checking account which has a monthly tiered interest rate topping out at 3.05 percent. Any interest rate on a checking account is rare these days, but a checking account rate above 3.00 percent is even harder to come by.
The Super Interest Checking rate starts out at 1.00 percent APY through the end of March. The rate increases to 2.01 percent APY staring April 1, 2015. For May the rate increases to 3.05 percent APY. After May, the rate reverts back to 1.00 percent through the end of 2015.
You must open a account with a minimum balance of $5,000, make ten debit card transactions, have one posted ACH transaction, and enroll in e-statements.
If you go for this deal be sure to meet the requirements, failing to do so will cost you a $15 a month fee.
Overall is it worth it? If you ask me no. Getting a 2.01 percent rate for a month and then a 3.04 percent rate isn’t worth it. The annual rate of 1.00 percent is competitive but not higher than current savings rates or money market rates. The best 1 year CD rates are higher at 1.20 percent. I’d place my $25,000 in a certificate of deposit.