If you live in West Virginia, here is another bank that you can consider for a checking account: MVB Bank. It seems to offer an incredible deal on a checking account rate at 4.5% APY as long as you satisfy each of the following conditions:
- direct deposit
- 10 purchases with VISA check card
- electronic statements
Once you set up the direct deposit and electronic statements, the only other effort involved is to remember to use your check card, which is not that hard.
A more detailed examination shows that the offer is a bit less impressive than might seem at first glance. The 4.5% APY is only paid on the balance up to $25,000. Anything above that amount receives a more reasonable 1.01%. Still, 4.5% is a solid 3.5% above the going market rate, and so with $25,000 in the account you would gain 3.5% times $25,000 a year, which comes to $73 a month. Not bad at all.
With no monthly fees and virtually no minimum balance requirement, this account is certainly worth looking at.
