WASHINGTON–A credit union has been named as offering the “Best Online Checking Account” in an analysis conducted by WalletHub.
The study was released in conjunction with Tax Day, 2017, as the average refund this year is expected to be $2,897. WalletHub announced its picks as part of its 2017’s Best Online Checking Accounts & Best Savings Accounts study, which selected from 500+ offers.
“These picks yield up to seven times as much interest (4.59% APY) as the average deposit account market-wide,” the company said.
Winning the Best Online Checking Account honors was Consumers Credit Union’s Free Rewards Checking. Anyone can join the Waukegan, Ill.-based credit union with a $5 one-time donation and receive an APY of up to 4.59% on balances to $20,000. “It doesn’t charge monthly fees or require you to maintain a certain minimum balance. But you will have to make at least 12 debit card purchases per month to earn the best return,” WalletHub stated.
In addition, the account pays up to 3.09% on up to $10,000 in balances if the member also makes at least 12 debit cards purchases per month and signs for those purchases at the point of sale each year. The account also requires paperless statements and online bill pay.
“That rate will apply to an additional $5,000 in balances if you spend at least $500 per month. And if you spend at least $1,000, you’ll earn 4.59% on balances of $15,000 to $20,000,” WalletHub said.
Other account offerings ranked by WalletHub, along with the company’s reviews:
- Best Savings Account: Salem Five eOne Savings – This is one of the highest-yielding savings accounts on the market, offering a 1.1% APY on all deposits. There are no monthly fees or withdrawal fees, either.
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Best Online Checking Account for Rewards: Bank5 Connect Checking–This account gives 1 point for every $2 in debit card purchases, which equates to 0.5% cash back when redeemed for gift cards, travel or merchandise. This account also has a 0.76% APY and charges neither a monthly fee nor an ATM withdrawal fee.
- Best No-Fee Online Checking Account: Bank of Internet USA X Checking – You won’t have to worry about monthly fees, ATM fees or overdraft fees with this account. BofI also reimburses accountholders for all domestic ATM-owner surcharges.