A 2.51% APY Rewards Checking Account!

For those of you looking for immediate access to you money, you basically have two options. The first is to hide a wad of cash in your house (under your mattress, in a home safe or buried under your rose bush). The second is to put it into a checking account. Since the money in the checking account is FDIC insured and able to be accessed Most ‘on demand’ accounts offer no interest as the bank is acting as a secure holding institution, with no guarantee as to how long you will keep your money there.

With all of this said, the small regional bank, The Provident Bank of NJ, a wholly owned subsidiary Provident Financial Services, Inc. (NYSE:PFS) and serves its customers through an extensive network of more than 80 branches throughout New Jersey, is offering a checking account interest rate that rivals and exceeds most savings accounts. Their $mart Checking product is offering a 2.51% APY yield.

The checking account offers to refund ATM fees from accredited financial institutions and credit unions throughout the USA. It does not refund international ATM fees. One also receives a free VISA debit card, free online banking and free online Bill Pay Services. There are also no monthly fees and no minimum balances required. Only $50 is required to open the account.

While this all sounds absolutely fantastic, there are requirements and limitations. To begin, the 2.51% APY is for balances up to $25,000. A 0.65% APY is paid on the balance difference above $25,000.01. To receive the high interest one must also meet three requirements.

1) Within each month one must make 10 Signature based POS (point of sale) purchases.

2) One must receive 1 Direct Deposit or process 1 Automatic ACH Debit.

3) One must enroll in online banking and receive e-Statements.

If you miss one of the requirements you will only receive 0.25% for that month and will not receive ATM refunds for that month. While, like all banks, the rate is subject to change the interest is calculated on a Daily Balance Method. Even if you overdraw, as long as the closing balance of your account was positive for one day of the statement cycle and hit all three requirements you will still receive the high interest.

One may personally open 2 personal checking accounts, but to receive the high interest on both, the three requirements must be met on both accounts. For more information on Provident Direct of NJ, please refer here.

To see local checking rates in your area, please visit the BestCashCow.com local checking rates section.