We now have a full year of experience with our high interest, rewards checking account. Regular readers may recall that we began the process of severing our long-time relationship with Bank of America in May of last year. So far our experience with our new community bank has been excellent.
The requirements for earning the high interest rate have not changed. They have been easy to achieve: 10 debit card transactions per month, one automatic bill pay or direct deposit, and use of online banking. No problems there.
All ATM fees are 100% refundable and there has been no delay in having these refunds posted to our account.
The online banking features are not as sophisticated as those offered some “too big to fail” banks but everything we need is available, including automated bill payments, account alerts by email, and custom categorization and reporting of expenses and income. Indeed, I have successfully weaned myself from Quicken and now use a Google Docs spreadsheet exclusively to track our spending, income, investments, and net worth. Any reports I need I can print from our community bank’s online software.
Customer service has been excellent. I don’t have anything to complain about. And I really enjoy seeing those large (relatively speaking) interest payments deposited to our account each month.
Have any of you switched to a bank to access a checking account that pays high interest? If not, here is some information on where you can find rewards checking accounts.