COLESBURG, Iowa–Credit unions know all about how competitive the rate environment has become, but one small bank here has upped the game by dangling a 9.01% APY on checking—but there is a catch.
Farmers Savings Bank is offering the eye-popping APY on balances up to $4,000 for customers who open a Star Checking account, according to Forbes.
The Farmers Savings Bank Star Checking account has no monthly fees or minimum balance requirements, and anyone with a Social Security number and driver’s license can apply.
“However, to earn the impressive APY, you must meet monthly requirements—and be willing to visit one of the bank’s four branches,” according to the report.
The bank has four branches and the account can’t be opened online. After opening an account, a customer must use the linked debit card to pay for at least 15 purchases each month.
Starting Over
If at any point a customer doesn’t meet the requirements in the qualification cycle, they will earn an APY of 0.05% on all balances. But the customer will again be eligible to earn the full 9.01% APY on balances up to $4,000 during the following month if the criterion is met.
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