East Carolina Bank is offering an extraordinarily high yield of 4.01% APY on its Reward Checking account with all the typical requirements of a reward checking account.

East Carolina Bank Reward Checking

With the Reward Checking account from East Carolina Bank, customers enjoy exceptional interest earnings of 4.01% APY on balances of up to $25,000. Balances of more than $25,000 earn 1.01% APY – still beating the returns on many savings accounts. Other features of the account include:

  • No monthly account fee
  • No minimum balance requirements
  • $100 minimum to open
  • Free online bill pay
  • Free debit card
  • ATM fee refunds up to $20 per statement cycle when requirements are met

The Reward Checking account is free even if you don’t meet the qualifications but the interest yield drops to 0.05%.

On balances of:$0 - $25,000Over $25,000(Requirements not met)
APY4.01% APY1.01% APY0.05% APY

East Carolina Bank’s Reward Checking accounts requires the standard qualifications to obtain the high-yield interest. In each monthly statement cycle, the customer needs to do the following:

  • Make 10 debit card transactions
  • Opt to received statements electronically
  • Have at least one direct deposit, automatic debit, or bill pay online

Limited to North Carolina Residents

Because the Reward Checking account doesn’t have any monthly account fee, customers may treat it as a standard basic checking account and any interest earned would be considered a bonus. It may not be such a good idea as customers must meet the requirements to receive ATM fee refunds. It would work if the customer uses a East Carolina Bank ATM exclusively.

With a yield of 4.01% APY on a checking account, plenty of people would scramble to become customers, but East Carolina Bank is only accepting account applications from residents of the state of North Carolina. If you live in North Carolina, you can apply for an account online or at a local branch.

If you would like to find and compare more rewards and interest checking accounts, visit the checking rates page.

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Simon Zhen

Simon is a research analyst for MyBankTracker. He is an expert on consumer banking products, bank innovations and financial technology.
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