We’ve got a new leader in high-yield checking accounts.
The Extra-Mile Choice account from Randolph Bank is paying 4.75% APY on balances up to $25,000.
Only a few banks are still paying that much on high-yield checking accounts limited to local customers. It’s been a year since we’ve seen a nationally-available account offer this kind of return.
The five banks that had led our rankings of the best nationally available high-yield checking accounts are only paying 4% APY.
Local customers can open an account at any of Randolph’s seven locations in Asheboro, Burlington, Mebane and Randleman, N.C.
Savers who live in other parts of the country can fill out the form on the Extra-Mile Choice home page. A customer service rep will contact you to complete the application process.
Randolph Bank says a fully-automated online application should be available on Aug. 2.
The monthly requirements to earn the top rate are fairly typical for reward or high-yielf checking accounts:
- Make at least 12 debit card purchases.
- Make one direct deposit or automatic bill payment.
- Receive your monthly statement electronically.
The account comes with all the usual perks, including free nationwide ATM withdrawals and no monthly fee.
If you fail to meet all of the requirements, you’ll earn only 0.10% APY for that month and you’ll have to pay any ATM fees you incur.
Balances over $25,000 earn 1.00% APY, which is often very common for these kinds of accounts.
If you’re unfamiliar with how these accounts work, “The ABCs of High-Yield Checking Accounts” will explain all of the rules.
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