Posted in Checking Accounts by DealMaven

July 7, 2009

This high-yield checking account doesn't offer one of the best rates.

Centennial Bank in Orem, Utah, is paying 3.00% APY on the Smart Checking Account through its online division, CBDirect.com.

But unlike almost every other high-yield checking account around, there's no $25,000 or $50,000 limit on how much money you can have on deposit and earn that rate.

That's more than you can earn with all but the best 36-month certificates of deposit without having to lock your money up for at least three years.

That's more than you can earn with all but the best 36-month certificates of deposit without having to lock your money up for at least three years.

Of course, you have to jump through all the usual hoops to qualify for that 3.00% - make 10 check card purchases a month, receive one direct deposit and pay at least four bills online each month.

But there are the usual perks, like free use of 37,000 Allpoint ATMs and three free bank-to-bank transfers per month.

(If you're unfamiliar with these, take a look at our ABCs of high-yield checking accounts.)

Compare this to the high-yield checking account from Ouachita Independent Bank, which has 11 branches in northern Louisiana.

It's paying 4.01% APY, but only on balances up to $25,000. Anything above that earns a much more modest 1.01%.