Bank of the Sierra is now offering one of the highest rates in the nation on it's rewards checking account.
The annual percentage yield is 4.09% for checking account balances of up to $25,000 and a 1.01% APY for account balances above $25,000.
Keep in mind these accounts come with monthly requirements which must be fulfilled each month in order to earn the lucrative interest rate. Good news is there is no monthly service charge, if you don't meet the requirements, you only earn .12% APY – so it would be more like a traditional checking account.
This offer is limited to two accounts per household and is presently available only to California and West Virginia residents.
Existing Bank of the Sierra customers can also sign up for this account. There is no minimum funding requirement for this account. You will be required to provide you name, address, social security number, contact details and identification (driver’s license). Once you open your account, you can fund the account by electronic transfer from your existing checking account.
Besides the high yield, other benefits include:
- Up to $25.00 reimbursements in ATM fees nationwide per statement cycle
- Free Sierra eStatement every month
- Free Sierra Bill Pay
- Free Sierra Check Card.
There are a certain number of monthly transactions that have to be done every month to qualify for the high APY.
These include:
- You must receive your monthly checking account statements electronically
- You must make one online bill payment per statement cycle
- You are required to make one direct deposit or automatic payment per statement cycle
- Have a minimum of 12 check card purchases per statement cycle.
- The purchases on your check card must be pinless transactions. If you enter the pin, the transaction will not qualify for the rewards. When a debit card transaction is pin free, the bank pays lower transaction fees. Bank of the Sierra will share this benefit with you.
Bank of the Sierra is a community bank headquartered in California and founded in 1977. It is a member of FDIC. Your deposits with the Bank of the Sierra are federally insured through the FDIC up to the maximum allowable amounts. FDIC deposit insurance has been temporarily increased from $100,000 to $250,000 through December 31, 2013.
Compare Bank of The Sierra with the nation's top money market accounts, CD rates and savings accounts.
